We’re back at 13k, with correction breathing down the necks of all bulls.Today BTC has reached the $13125 mark and is currently in the process of installing itself

above 13k. If this is successful, the currency might reach this year’s high at the level of $13764.

From a technical perspective, the situation is moving into a favorable position for bulls. But it is important to exercise caution: sharp increases are often followed by a higher chance of correction, which can easily drop the price to $12k with a support level at $12044.

Hourly chart

Moving averages serve as resistance levels – EMA50 is at $12363, while ЕМА100 is at $11703. The MACD is in the positive zone.

Cryptocurrency market in review, July 10: China is pushing Bitcoin?

Daily chart

The signal to buy is maintained on the daily chart. EMA50 at the $9880 level serves as a support, and the top of the support level coincides with the hourly chart at the $12044 level. The MACD is in a positive zone.

Cryptocurrency market in review, July 10: China is pushing Bitcoin?

What are the reasons behind this sharp increase?

The market has been bringing overwhelmingly positive news lately. In yesterday’s digest, we shared some of them: cryptocurrencies from institutional investors, correlation between steady Bitcoin growth with the price of gold, and many more. Today, media sources have received news from China about the People’s Bank of China seriously considering launching their own cryptocurrency. According to Wang Xin, the head of the bank’s research bureau, this initiative was inspired by Facebook’s Libra project. Xin noted that PBoC was one of the first Central Banks to consider the idea of creating their own digital currency.

‘We had an early start, but lots of work is needed to consolidate our leadership,’ – the People’s Bank of China representative added.

He also noted that the Chinese government has already approved this initiative from the Central Bank. However, he has not clarified the current stage of development. The Chinese Central Bank first announced plans to launch their own cryptocurrency back in 2016. у.

Should you enter the market?

The price will consolidate after the sudden increase to $13125. We do not recommend entering the market at this time.

There are two viable options: either waiting for correction or making long orders starting at the $13100 level.

Wishing you profits!