Hello! We’re growing!
Today, on June 25, Bitcoin has renewed its annual maximum: the price has reached $11414. Over the past few days, Bitcoin volatility has dramatically increased: on June 22, the cryptocurrency lost $1000 from its price, dropping from $11232 to $10346. Because of this, traders made losses with both short and long trades. Given the current situation, levels from $11730 to $11820 will serve as likely growth targets.
Technically, the signal to buy is maintained on the hourly chart. Moving averages are below the price. EMA50 is at $10917, serving as a local support level. EMA100 is closely behind at the $10313 level.
The daily chart also features indicators towards growth – this screenshot shows potential targets.
What is the reason behind the growth of the main cryptocurrency?
Most experts connect the rapid growth of Bitcoin with Facebook’s launch of their Libra cryptocurrency. This could certainly serve as an enormous push for the market: today, almost half the planet’s population does not have access to banking products, while migrants are forced to pay large commissions for transfers. The Libra project will capture all these categories of users. We will share the other potential reasons for growth in our cryptocurrency news digest.
Despite numerous positive signs, you should not forget about correction which often comes as a surprise for many traders. High volatility may force the price to drop from $11000 to the $10600 level. In that case, the market entry point will be dependent on the big picture.