Bitcoin price seems to be regaining its ground as it traded back above $1000 and is gearing up for a pullback from its climb.
Bitcoin Price Key Highlights
- Bitcoin price recently broke past the resistance at $1000, signaling that it’s ready to resume its climb.
- Price is pulling back to this area of interest, at which plenty of buy orders might be located.
- Technical indicators are also signaling that more gains are in the cards.
Bitcoin price seems to be regaining its ground as it traded back above $1000 and is gearing up for a pullback from its climb.
Market Events
U.S. markets are closed for the holiday today so liquidity could be low, which also opens up the possibility of volatile action in case there are any catalysts that spur a big move. For one, headlines that sound bullish for the U.S. economy, such as Trump’s tax reform plan could put downward pressure on BTCUSD.
On the other hand, subdued reports on regulatory action in China among bitcoin firms is restoring a bit of calm in the markets, encouraging investors to put funds back in the cryptocurrency once more. To top it off, unease about Italy’s political landscape and Greece’s debt troubles could also drive up demand for alternative assets especially if traders expect another round of capital controls in those nations.
Charts from SimpleFX
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