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HSBC Opens Up Bitcoin Access
Following a sharp rally last week which saw Bitcoin prices breaking out to fresh highs for the year, the leading crypto asset has since cooled a little, falling back below that prior 2023 high. However, with price up more than 20% off the June lows, bullish momentum is still very much alive and the focus remains on further upside. The rally last week came in response to news that BlackRock will launch a Bitcoin ETF, throwing major mainstream support behind the crypto space. This week, there has been similar good news with reports that HSBC in Hong Kong will allow its customers to buy and sell Bitcoin and Ethereum, again opening up the market in a way which critics claimed would never happen.
Bullish Sentiment
As Bitcoin (and the wider crypto space) gains more mainstream institutional interest, bulls are hoping that the fresh demand will drive a fresh bull move taking price back up to the highs seen in 2020. US regulatory action to clamp-down on the crypto sector has caused some uncertainty recently though, with positive news flooding in, bullish sentiment looks to be building once again.
Technical Views
BTC
The rally in BTC has seen the market breaking out above the 27415 level and rallying up to a test of the former 2023 highs just ahead of bigger resistance at the 32185 level. The $30k mark is a key psychological level for BTC and a break above this region will be firmly bullish for the market if seen.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.