Updating the next annual maximum of Bitcoin in the region of 9,500 USD is not surprising as the demand of institutional investors for cryptocurrency increases. Such a report was submitted yesterday by JPMorgan Chase, which believes that the Bitcoin industry has changed significantly since 2017 due to the increasing interest of institutional investors.
It is worth noting that the volume of trading in the spot bitcoin market was $725 billion in May, while the bitcoin futures operator CME Group announced that the volume of open bitcoin futures on CME reached a new maximum, exceeding $ 500 million in May.
Bitcoin Buy Signal (BTC)
Buyers failed to cling to the resistance in the region of 9,350 USD, however, they tested it. The main goal remains to breakthrough of this range with a maximum of 9,540 and 9,800, where I recommend taking profits. In the case of a decrease in cryptocurrency, support will be provided in the area of 8,960, while it is best to open long positions for a rebound near the minimum of 8,630.
Bitcoin Sales Signal (BTC)
I do not recommend opening short positions in Bitcoin in the current conditions since a new wave of growth may occur in the near future. Large resistance levels can be traced around 9,350 and 9,540, where it will be possible to observe the profit taking in long positions and will necessarily lead to a downward correction. The task of bears is to breakthrough and consolidate below the support of 8 960, which will increase pressure on bitcoin and lead to a minimum of 8,630 and 8,190.
The material has been provided by InstaForex Company – www.instaforex.com