Bitcoin has had a correction into the bullish breaker from yesterday’s update, this was anticipated. Now it is time to monitor how price acton forms around this region, a bullish reaction will continue the trend.

Bitcoin in general is testing a key region on the chart that has been previous resistance. Holding this area will confirm a bullish retest, this will mean continuation in the current local uptrend.

In recent news events, Circle predicts stable-coins will become mainstream global payment method for internet firms and other financial services companies.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Bullish Breaker Being Tested

From yesterday’s update, price action was trading above market in a low time-frame consolidation. This local correction occurred just before the Asian Open - price action traded straight towards the bullish breaker,

It is expected the price action trades here for the coming hours, holding and consolidating above the bullish breaker is a sign of strength. Bitcoin can spike into the bullish zone where potential wicks can occur.

The overall objective still remains $68,000 on the higher timeframe, the current structure still looks good despite the recent pull back. Price action holding this region will confirm the bullish selling.

Range-Mid Dollar Retest

On the lower time-frame we can view the intra-day range, Bitcoin has respected the range-mid point to the dollar. Price action holding above this level will indicate more upside to come.

Price action is clearly in a trading range and is trying to create value at the top half of the range. Further consolidation in the upper region of the trading range will be considered yet another local bullish sign.

The lower timeframe structure needs to continue establishing higher lows and higher highs - this will spill over onto the larger time-frames where the overall objective remains the $68,000 region.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Latest Market News

Circle predicts stablecoins will become mainstream global payment method

Circle, the issuer of the world’s second-largest stablecoin USDC, feels “confident” that stablecoins will become mainstream money. Simultaneously, regulations should be harmonized globally to ensure compliance for all payment stablecoin issuers.

“Circle is confident that there will be mainstream adoption of stablecoins as the money for the internet age,” Dante Disparte, chief strategy officer and head of global policy at Circle, told Cointelegraph in an exclusive interview. 

“We expect there will be internet payments firms and other financial services companies that (will) attempt to enter or to expand in this space, which is a strong signal that stablecoins are here to stay,” Disparte pointed out.

However, Disparte feels it is equally important that rules and regulations be harmonized globally. He said that the essential principles of conservative reserving and financial crime compliance should be applied equally to any company claiming to issue a payment stable-coin.

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Daily Wisdom

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