Bitcoin Price Analysis: BTC/USD stability above $7,000 sets the framework for gains to $7,500

Bitcoin price is bullish this weekend after adjusting upwards from an opening price of $7,032. An intraday high has been formed at $7,283 amid a strong bullish trend and high volatility levels. The rest of the cryptoccurrency market is in the green starting with all of the top three coins; Bitcoin, Ethereum and Ripple. For instance, Bitcoin is trading 2.39% higher on the day to trade at $7,247. The largest cryptoccurrency is battling resistance at the 50% Fibonacci retracement level taken between the last swing high at $10,540 to a swing low at $3,884.

The US SEC gives go-ahead for hedge fund to access CME BTC future

A hedge fund that has managed to stay under wraps and still be lucrative has been given the green light by the US Securities and Exchange Commission (SEC) to invest in CME Bitcoin futures. Renaissance Technologies’ Medallion Funds, according to a brochure released on March 30 is going to be offering cash-settled contracts from the exchange, CME Group. The brochure states in part:

“The Medallion Funds are permitted to enter into bitcoin futures transactions, which Renaissance will limit to cash-settled futures contracts traded on the CME.”

Bitcoin price technical picture

According to the daily chart, Bitcoin has sustained gains above $7,000 following the breakout during the European session on Friday. However, April’s high around $7,500 is still far from an arm’s length. The RSI, in the same daily range shows that Bitcoin is still primed to make high price actions during the weekend session. The same bullish sentiments are supported by the MACD, which currently floats above the meanline.

A break above the immediate resistance at $7,250 must come down to allow the bulls to push towards $7,500. If the above technical picture remains intact, Bitcoin could easily sail towards $7,500. On the downside, initial support is at $7,200. Other support areas include $7,000, the 50 SMA and the 38.2% Fibo around $6,400.

BTC/USD daily chart