01
Nov, 2019

Bitcoin : Weekly Analysis

News from China brought an uptrend to Bitcoin’s price and retain the positive signs in the market, pushing forward other cryptocurrencies also. Although, Chinese authorities make clear that support in blockchain technology doesn’t mean support to every cryptocurrency.

 

The other big announcement that seems to affect the Bitcoin’s price was Bakkt’s announcement to partner with Starbucks, to bring to market a commercial application for faster payments and loyalty program, based on Bitcoin. In parallel, IBM research shows that central banks recognize blockchain’s value and try to implement it in different solutions around them.

 

The last day's rally creates new resistances in $ 8,800 and $ 8,400, setting the base for new highs from $ 10,300 to $ 13,900. The situation is pretty unstable as a downward move (not highly expected) could drop the price to $ 7,200, where is the first downward resistance while the next one is at $ 5,500.