BTC/USD is hovering around the $6,400 level today, down just over 2% from yesterday’s rally to $6,600. Things are beginning to look better surrounding Bitcoin price as it has been able to hold well above the $6250 level for over two days now. The total market cap is back above 200 billion, currently sitting at 207 billion with a daily volume of 4.1 billion USD. BTC dominance is also holding up, coming in at 52% of the total market. I think we are beginning to see some resilience from the bulls, and if we are able to hold these levels for a few more days, I would expect to see a new leg up. Shorts are beginning to stack up again on BTC/USD so if the bears aren’t able to defend their position, a short squeeze to the high 6K level and beyond is likely.

BTC/USD Shorts:

Credit: tradingview

Alts:

The alt-coin market has made slight recoveries since the massive sell off on Monday. Most alts were down well into the double digits and stayed down through Tuesday. Wednesday we saw a tick up in most alt-coins, a move that wiped out a significant portion of the losses experienced from Monday’s selloff. This is not to say the downtrend is over. There is still much uncertainty around bitcoin price, putting most alts in the “no trade zone”. With that being said, there are some similarities to the current price action (The 6-6.5K) trading range to the 2014 $300-400 dollar range. If this comparison is accurate then we could be in for a lot more sideways movement in the coming months, although indicators show we could be near a bottom. This is nowhere near conclusive, and drops into the 5K range are not unlikely, but that certainly does not signal an “end” to BTC as we have heard from so many uniformed journalists recently.

Recent News:

Coinbase has announced their intention to list Ethereum Classic (ETC) on their Coinbase Consumer platform today at 5PM PT. This announcement of them listing a new asset ¼ of the price of their cheapest asset currently offered (Litecoin) will reach 20 million active users (mainly retail investors) across the globe. Over the past 24 hours it has reported double digit gains on the heels of this anticipated listing, a 100% increase in volume, as well a move into the Top 10 on coinmarketcap by market capitalization. ETC has likely witnessed a short-term bearish-to-bullish trend change this week and looks set to test the 50-day moving average hurdle of $16.15 in the next few days. Acceptance above the key MA would only bolster the bullish setup. Disclosure: We are Long ETC

USAA sends out informative email about investing in bitcoin and cryptocurrency to their 12 million users. This shows that more and more retirement funds, wealth management, and pension fund agencies are exploring means of cryptocurrency investing. However, more regulation over the markets will be necessary for any of these agencies to move forward. “So far, we’ve taken a pretty conservative view on investing in cryptocurrency, but the question keeps coming back as the markets for cryptocurrency have been skyrocketing. Cryptocurrency probably isn’t going away, and it will likely be more regulated” says Robert Steen, USAA advice director for retirement and complex financial planning. Although their outlook is basic, it is the spreading of awareness without a doubt. Link to article can be found here.

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