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Bitcoin was climbing towards the 94k area during the week, more than 20k above the low point at the start of April. Reaching the recent highs aligned perfectly with the 161.8% Fibonacci extension from the initial bounce, fitting neatly into the pattern.
At the same time, it suggests a new short-term consolidation phase before an upward spurt. The technical target for a potential new rise is at 106,000, which is near the area of the first cryptocurrency’s historical highs. If the Fibonacci pattern works, we will see a third test of these levels.
Crypto News
Trump’s change in rhetoric has fuelled enthusiasm in the cryptocurrency market. According to Velo, total open positions soared 10% to $17.83bn. Funding rates also sharply moved from negative to positive.
Bitcoin will continue to grow if threats to the Fed’s independence persist, Standard Chartered expects. In such a scenario, the first cryptocurrency will play the role of a decentralised hedge against traditional financial systems.
According to the Financial Times, financial company Cantor Fitzgerald intends to create a $3 billion investment fund in Bitcoin. SoftBank, Tether, and Bitfinex are involved in the project, which aims to create a ‘public alternative’ to Strategy.
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