Bitcoin (BTC) and the aggregated cryptocurrency markets have been able to find some stability after their upwards surge yesterday, which may be a bullish sign that points to the possibility that further gains are imminent in the near-future.
Additionally, this upwards move has led multiple technical indicators to begin flashing bullish signs, and any bullish movement in the near-future may be bolstered by increasing institutional adoption through platforms like Bakkt – which will be launching testing for its Bitcoin futures product next month.
Bitcoin Finds Stability Above $8,000 After Yesterday’s Surge
At the time of writing, Bitcoin is trading up marginally at its current price of $8,170, up from 24-hour lows of $8,000 that were set late yesterday.
In the past couple of days, BTC was able to once again break back into the $8,000 region after facing increased selling pressure that sent it reeling back into the mid-to-upper $7,000 region.
The cryptocurrency’s latest upwards surge appears to be bull’s latest attempt to maintain the upwards momentum it has incurred over the past couple of months and may signal that further gains are imminent in the near-future.
Recent technical analysis from Fundstrat Global Advisors may confirm this postulation, as Rob Sluymer – a technical strategist at Fundstrat – explained in a recent interview with Bloomberg that Bitcoin’s relative-strength-index momentum has begun to turn bullish, which may lead BTC towards $9,000 before it faces strong resistance.
“Another upside attempt appears to be developing for most cryptocurrencies. Increase exposure… We expect Bitcoin to stage another rally from current levels toward next resistance between $8,800-$9,000,” he explained.
It is likely that a rising tide will lift all ships, so a Bitcoin price surge that takes it up towards $9,000 will probably lead most major altcoins to likewise surge higher.
What Could Help Fuel a BTC Surge?
One potential factor that could help lead Bitcoin significantly higher in the near future is the imminent launch of the ICE-backed crypto trading platform Bakkt, which announced in a recent Medium post that they will be initiating user testing for their BTC futures on July 22.
“Still, bitcoin price discovery, like a moonshot, requires diligent testing before launch. On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US,” Adam White, the COO at Bakkt, noted.
Despite this, some analysts don’t believe that the launch of this institutional-focused platform will help the markets, as its launch may already be priced in.
“Bakkt released a date for testing… Yes it’s a step forward but don’t get carried away on this news, it’s not going to move the market price of $BTC,” Josh Rager, a popular crypto analyst on Twitter, explained in a recent tweet.
https://twitter.com/Josh_Rager/status/1139176377092104192
As the week continues on and the markets get closer to having yet another entry point for institutional investors, it is likely that investors will gain greater insight into where the markets are heading next.
Featured image from Shutterstock.
