RATE Group | Weekly Forecast: Bitcoin Bulls Left Empty Handed After ICE’s Foray Into Cryptocurrency
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Weekly Forecast: Bitcoin Bulls Left Empty Handed After ICE’s Foray Into Cryptocurrency

05 Aug Weekly Forecast: Bitcoin Bulls Left Empty Handed After ICE’s Foray Into Cryptocurrency

Posted at 21:18h in Cryptocurrency News by

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Bitcoin’s bullish breakout extended to two-month highs last week, as prices crossed $8,500 for the first time since May. However, the bulls were tested on Thursday after the U.S. Securities and Exchange Commission (SEC) denied a second application by Cameron and Tyler Winklevoss to list a bitcoin ETF.

Despite the SEC’s rejection, the cryptocurrency market remains in a firm uptrend. Over the next seven days, the key test is whether bitcoin can defend its current level and extend the breakout beyond the 200-day moving average, currently at $8,494.

Cryptocurrency Market Aims Higher

Bitcoin’s bullish outlook remains intact following the successful defense of $8,000. A combination of technical support and bullish bias suggest that further upside is likely in the near term.

The broader cryptocurrency market has more or less followed in bitcoin’s lead over the past four weeks. Since bottoming near $234 billion one month ago, the total market has recovered $63…

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