Bitcoin has been a hot topic over the month of July as we saw the cryptocurrency surge over the $8000/ coin mark. With the price currently consolidating between $ 7749 and $8520 as seen in the chart below.
Coming news events for cryptocurrencies might see the price action break through the $ 8520 resistance level, one of these events might be the first cryptocurrency focused merchant bank, Galaxy Digital LP making its debut. The cryptocurrency focused merchant bank lead by Mike Novogratz will start trading on Toronto’s TSX Venture Exchange in two days.
LedgerConnect, an IBM organized group initiative that includes Barclays PLC and Citigroup Inc will aim to streamline Bank operations and allow financial firms to share information quicker will also be finalized in the coming days.
Looking at the chart of Bitcoin
We can see the price action is still in an uptrend and needs to move lower from the $ 7749 support level to negate the move higher. The price action is trading well above the 50-day simple moving average (SMA) (blue line) that’s supports the move higher.
Source: MetaTrader5
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