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Bitcoin Heading Northbound as BTC ETF Holdings Surge

·1 min read

There has been yet another update I’d like to point out, Square Financial, the owner of the Cash App which allows purchase and sell of Bitcoin, launches banking operations. Square in late February announced a purchase of Bitcoins worth $170 million. PayPal, which is expanding its crypto offerings in the UK, is assumed to purchase the crypto-custody firm Curv.

Bitcoin Purpose ETF surges for the 10th day in a row validating interest from institutional investors and as the crypto adoption surges among the financial organizations, so will the price of Bitcoin.

As per the technical analysis, it seems that Bitcoin has completed the formation of wave 4 and is forming wave 5 according to the Elliott Wave theory.

<a href="https://www.overbit.com/en/contracts/btcusd?utm_source=fxempire&utm_medium=post&utm_campaign=GuestPost" rel="nofollow noopener" target="_blank" data-ylk="slk:Bitcoin price on Overbit" class="link rapid-noclick-resp">Bitcoin price on Overbit</a>

As seen on a 4 Hour chart of BTC/USD, Bitcoin is supported by MA200, closed above MA100 and EMA50 and continues the uptrend. There is a resistance at $51130 – $51140 levels, if Bitcoin closes above these levels, it will jump towards the ATH at $58000 and further.

The pair has formed an ascending parallel channel as seen in the daily Bitcoin chart below.

<a href="https://www.overbit.com/en/contracts/btcusd?utm_source=fxempire&utm_medium=post&utm_campaign=GuestPost" rel="nofollow noopener" target="_blank" data-ylk="slk:Bitcoin price on Overbit" class="link rapid-noclick-resp">Bitcoin price on Overbit</a>

As the levels of the parallel channel suggest, the next resistance could be at $62000 and $63800 if the strong impulse remains.

This article was originally posted on FX Empire

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