Light rise for 109,500 dollars in Bitcoin: found close support to the summit of all time
Bitcoin began with a slight recovery towards $ 109,500 next week. Rising up to $ 112,000 last week, the leading crypto currency fell to $ 107,000 with the profit sales and then the powerful support points and regulation news brought up the price again. The Altcoin market is generally following a positive course.
Counter recovery in Bitcoin: watching at 109,500 dollars
Bitcoin (BTC) rose by 1.2 %as of Monday morning to reach $ 109,457. This increase represents a recovery following a harsh decline on Friday. As it will be recalled, the BTC tested the highest level of all time with almost 112,000 dollars last week, and then decreased to $ 107,000.
In addition to the profit sales behind the decline, the sales of large investors (whale) were effective.
“There was almost no record of $ 109,576, which shows how strong the upward momentum is, IG says IG analysts.
“Furthermore, less than half of the profit sales seen when the level of $ 100,000 was reached in December, which indicates that investor confidence continues.”
Regulatory support continues: Stablecoin attacks from the USA and Hong Kong
Last week, both the US Senate and the Hong Kong Legislative Assembly advanced comprehensive legal regulations for Stablecoins.
On the US side, the law proposal called GENIUS ACT came to the fore.
In Hong Kong, the law adopted on May 21 was introduced for a licensing framework for Fiat-Refeanized Stablecoin exporters.
In addition, according to Wall Street Journal, the Great US banks began early talks to launch a common stablecoin project to be competitive against the crypto industry. This shows that crypto adaptation at the institutional level is accelerating.
Technical view: Are new summits possible?
According to Ig, technical indicators indicate that Bitcoin’s rise trend continues. However, the possibility of a short -term technical correction is on the table.
“Excessively elevated values and excessive optimism may cause Bitcoin to make a correction up to 102,000 - 102,500 dollars. This region should be monitored as a support level.”
The Fed Front continues to doubt
In an interview with Bloomberg TV, Minneapolis FED President Neel Kashkari said that he is still not sure of the purpose of the use of crypto currencies and saw these tools as “speculative investment ..
The rise continues in Altcoins
Parallel to Bitcoin’s movement, the Altcoin market is also increasing:
Ethereum (ETH): $ 2.563,52 with an increase of 2.1 %
XRP: $ 2,3440 with an increase of 1 %
Solana (left): +1.9%
CARDANO (island): +2.6%
Polygon (MATIC): +1.5%
Dogecoin (Doge): +2.5%
$ Trump: +0.4%
