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BTCGBP Flirting with Weekly Highs Extra Gains Possible

Bitcoin BTC

BTC to GBP is trading 1.70% higher at $6704 as the bitcoin rebound continues for the second trading session. The pair is already 24.06% higher in 2020 outperforming the BTCUSD pair that is gaining 22%.

In a move that will further enhance the use of cryptocurrencies by traditional financial institutions the private banking and wealth management group Julius Baer, launched a digital assets trading and custodial service via a partnership with the regulated crypto-specialist Seba. Seba holds a securities dealer and banking license by the Swiss Financial Market Supervisory Authority (FINMA). Julius Baer will offer its clients, secure digital asset custody and cryptocurrency transaction solutions.

Read our Best Trading Ideas for 2020.

BTCGBP Technical Analysis

BTCGBP started the new year in the positive foot as the sentiment in cryptocurrencies market has improved. The pair hit the yearly high at $7051 but then started a correction that stalled at the $6300 area. The outlook is positive for BTCGBP as it holds above the 100-day moving average.

Now on the upside, immediate resistance will be met at $6710 the daily high. Next resistance level stands at $6920 the high from January 17th .  A credible break above the 200-day moving average at $7075 might be the start of another bull market for BTCGBP.

On the downside, first support for the crypto pair stands at $6555 the daily low. More bids might emerge at $8267 the low from January 24th. The 100-day moving average at $6168 is the next critical support area as a break below will cancel the recent positive momentum.

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