The Bitcoin market is supported by strong global news, so Technical Analysis goes sideways

The Bitcoin market is supported by strong global news, so Technical Analysis goes sideways
  • What we have seen in the last seven days on the Bitcoin market confirms the old well-known rule and the fact that the development of financial markets is mainly influenced by global important news.

Last week, the scenario we pointed out to you in our last analysis was confirmed again. If you remember, Bitcoin was still fighting in the $ 50K area where the bears were doing a great job, but we emphasized that if impulses came in the form of important news, it could succeed.

In the end, we didn’t have to wait long for these impulses when, just a few hours after the publication of our analysis, the first report came to confirm the rumors and PayPal officially confirmed the acquisition of the crypto company Curv. With this step, PayPal again accelerated the adaptation of cryptocurrencies, which was immediately revealed on the price of Bitcoin.

However, this was not the only news that pushed the price up. Right after that, we informed you about the Norwegian industrial investment company Aker, also known as the oil giant, that it had established a new company with the aim of investing in Bitcoin.

Bitcoin has already grown significantly under the influence of these reports, but there was another announcement from one of the oldest financial services companies in the world, namely JPMorgan on the establishment of a new investment product – a Basket of Companies with Exposure to Cryptocurrency.

After these reports, there was nothing stopping Bitcoin from growing and by the end of the week it was already above $ 60K.

Last week was more than clear proof that even though technical analysis is a great helper, global and significant news will always be in the first place that will most affect the price of your favorite cryptocurrencies, stocks or commodities.

Technical analysis:

  • New current support at $ 50K
  • Support in the area of ​​$ 42K – $ 43K
  • Key support in the area of ​​$ 28K – $ 30K
  • The $ 58,200 to $ 62,000 range is a reversal zone 

Read also: The Co-Founder of ARK created the petition proposing that the Banque de France be able to buy cryptocurrencies

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