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Bitcoin Rallies Across the Board, BTC to GBP At Four-Month Highs

BTC to GBP is trading 1.19% higher at $8039 as the bitcoin rally is intact after the bitcoin breached back above the $10000 mark against the US dollar. Digital currencies were higher today after crypto positive comments from Fed Chair Powell yesterday.

The BTCGBP pair is already 47.82% higher in 2020 outperforming BTCUSD that is gaining 44.93%.

The Financial Services and Markets Authority organisation in Belgium is pushing the agenda for the Belgian government to bring in regulations on cryptocurrencies. The chairman of the Belgian watchdog Jean-Paul Servais urging lawmakers to proceed with a legal framework for the purchase, sale and use of digital assets and cryptocurrencies in relation to financial products.

Read our Best Trading Ideas for 2020.

BTCGBP Price Analysis

BTC to GBP outlook is bullish as since the beginning of the year makes consecutive higher highs and higher lows.  The pair hit earlier today four-month highs and fresh yearly high at $8087.

On the upside, the initial hurdle will be met at $8087 the daily and yearly top. Next resistance area stands at $8210 the high from October 26th.  A credible break above that level might open the way for a move up to 8310 the high from September 19th.

On the other side, the first support for the BTCGBP pair stands at $7920 the daily low. Next level to watch on the downside is the 7526 low from yesterday’s trading session. More bids might emerge at 7000 the 200-day moving average.