Chinese Stocks Rally Helps Bitcoin Price

Bitcoin price
Bitcoin

Bitcoin price continues inside the consolidation area for the last two weeks, marking the longest period inside a narrow trading range just above the 9,000 mark and below 9,250 as we have discussed in our previous bitcoin technical analysis article that Bitcoin price is in consolidation phase above $9,000. The number one cryptocurrency lost the positive momentum in late June when it breached below the 50-day moving average. Today the rally in Chinese stock boost bitcoin to higher levels.

Singapore and Japan Blockchain Sector Continues to Grow

Singapore reported a massive growth of over 50% in the blockchain sector since the beginning of 2020. There are 234 blockchain companies today in Singapore. The blockchain sector in Japan has grown by over 30% since 2019. Japan has been witnessing rapid growth in the blockchain industry as it is among the few nations in the world to formulate and implement a regulatory framework for the blockchain industry. The friendly approach by Japan has boosted the rapid growth of this industry. 

Most of the cryptocurrencies trade higher with Ripple being the outperformer. Ripple (XRPUSD) is 3.29% higher at $0.1830 to the highest level since June 26. Ethereum (ETHUSD) is 2.32% higher at $233.06, Litecoin (LTCUSD) is 2.04% higher at $42.44, Lumen (XLMUSD) is 2.74% higher at $0.06902.

Bitcoin Daily Technical Analysis 

Bitcoin price is 1.24% higher at $9,189, in an attempt to break away from the recent narrow trading range. The technical outlook remains neutral for the short term. A break above the 50-day moving average for Bitcoin might signal a new leg higher to 9,500 mark.  

On the upside, the first resistance for Bitcoin price will be met at $9,238 the daily high. The next hurdle stands at $9,302 the high from July 1st. If Bitcoin breaks higher, then the next target stands at $9,389 the 50-day moving average. 

On the flip side, the initial support for bitcoin stands at $9,060 the daily low. A break below $9,060, might test the $9,000 round figure. If the sellers continue the pressure, then the next target will be met at $8,615 the 100-day moving average.  

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