(18 JULY 2018)DAILY MARKET BRIEF 1:Bitcoin crosses $7,500 as momentum builds up
Cryptocurrencies surged across the board on Tuesday evening as Bitcoin crossed the $7,000 threshold for the first time in the last four weeks. During the Asian session, the largest cryptocurrency by market capitalisation hit $7,543 as it added $780 (+11.60%) in less than 10 hours. Ethereum followed the lead and climbed to $514, up more than $45 on the day. Looking at the big picture, the total market capitalisation increased by almost $30 billion to reach $300 billion, its highest level since mid-June.
Given the lack of fresh news in crypto industry, the reason behind the rally remains unclear. However, there are a lot of moving pieces as investors await regulators to provide rulings on key topics. More specifically, the SEC will have to decide whether it approves the creation of a Bitcoin ETF. The Chicago Board Options Exchange (CBOE) has filed for a rule, which would enable the listing of such type of products. The SEC is expected to come with a decision on August 10; however, a 45-day extension cannot be ruled out. Finally, on the technical side, the price of Bitcoin seems to have reach the bottom. The $5,922 support (low from February 2) was broken on June 29 but bulls outnumbered bears as the price quickly bounced back. This morning Bitcoin tumbled on $7,560, which correspond to the top of March downtrend channel. Of break of that level would open the door towards $9,180 (200dma), the next resistance area lies at between $9,795 and $10,000 (high from May 4th and psychological level).
Given the quick appreciation of Bitcoin, a period of consolidation is more than likely. However, in the longer-run Bitcoin should continue to appreciate as the regulatory background improves.
By Arnaud Masset
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