Bitcoin price surged over 5% in less than two hours after breaking the resistance at $6,400. BTCUSD reclaimed $6,600 and even traded above $6,700 on Monday Evening. What next should traders expect? This 17 July Bitcoin Price Technical Analysis summarizes findings.
17 July, GKFX – Bitcoin, the largest digital currency by market value, is changing hands at $6,687, failing to break through 23.6% Fibo retracement.
The coin touched $6,753 during early Asian hours. While the downside momentum is not so active during Asian hours, but the correction after a strong Monday rally seems likely.
SEC receives record number of opinions regarding new Bitcoin ETF
Cryptocurrency community has been flooding SEC with messages in support for Bitcoin ETF. Three weeks ago the Securities and Exchange Commission sought for opinions on another Bitcoin ETF listing, since that time 90 individuals submitted their comments, which is 10 times more than during a previous case of gathering opinions on ETF back in April.
17 July Bitcoin Price Technical Analysis
On the intraday level, BTCUSD is supported by $6,483 (50-SMA, 1-hour chart), followed by $6,400 handle, which capped the upside since July 10. Once it is broken, the sell-off may be extended towards $6,360 (100-SMA, 1-hour chart).
On the upside, the nearest resistance comes at $6,761 closely followed by $6,800.
BTCUSD, the 1-hour chart
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