Bitcoin seems to start settling down after a rather busy week. Media suggest that a number of large institutional investors seem to be preparing to invest in the crypto market within the next 6-12 months. On the other hand, regulations seem to be tightening and a number of crypto exchanges eye Malta for their seat. Should there be further positive headlines for the crypto market, we could see a moderate rise of Bitcoin’s value.
Bitcoin opened above the 8895 support level today. We see the case for the cryptocurrency to remain on a sideways trading mode with some bullish tendencies as the cryptocurrency trades above the upward trend-line incepted since the 12th of April and for our opinion to change we would require a clear breaking of the before mentioned trend-line. Should Bitcoin come under selling interest we could see it breaking the 8895 support line and aim for the 7425 support barrier. Should it find fresh buying orders along its path we could see it aiming or even breaching the 9775 resistance hurdle.