• Bitcoin begins bottoming out after a gradual decline.
  • The SEC is reportedly warming to approving a Bitcoin ETF.
  • The technical picture is improving for BTC/USD and experts are mixed on the next direction.

After extending their grind lower, cryptocurrencies are on the move once again. BTC/USD stopped the bleeding at the double-bottom and began rising. Ethereum and Ripple lead the current recovery and the grandaddy of cryptocurrencies may follow suit. 

It is not only a matter of technicals and flows. Fundamentals may be in play as well. SEC Commissioner Robert J. Jackson Jr. gave an interview to the Congressional Quarterly and said that the SEC will eventually approve an Exchange Traded Fund on Bitcoin. He thinks that at some point somebody will satisfy the standards set o the regulators.

In warming to an ETF, Jackson joins his peer Hester M. Peirce that voted in favor of the Winklevoss ETF in the summer of last year. She is a hero of HODLers. An ETF helps mainstream investors jump onto the crypto bandwagon. 

Not all the news has been helpful. The plot around the demise of QuadrigaCX, Canada's largest crypto exchange continued thickening. Access to the exchange's cold storage is reportedly lost with the death of founder Gerald Cotten. Some suspect he is not dead and others suspect there are no funds in the cold storage. Events are unfolding thick and fast, and the headlines are not helpful to crypto prices.

Another unfortunate story is that of a fake website that presents itself as the highly anticipated Bakkt platform and tries to scam users. The fake outfit presented a timeline for the launch of the institutional offering and wooed investors to chip into its success. so far, it seems that the scam has failed. Nevertheless, stories relating scam to cryptos do not support price rises.

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel


 

BTC/USD Technical Analysis 

Bitcoin Technical analysis February 4 8 2019

As mentioned earlier, $3,330 is a double bottom. As the daily chart shows, BTC/USD hit the price on January 29th and again in early February. During January, Bitcoin set lower lows every few days. The bears' failure to push prices lower is an encouraging sign for bears.

However, the road is long. BTC must first surpass the February highs around $3,500 in order to begin setting higher highs and set an uptrend. The next line to watch is $3,610 which was a cap in late January. It is followed by the $3,660 swing high seen around the same time, and also coincides with the 50-day Simple Moving Average. $3,800, recorded in mid-January, is the next target. 

Below $3,330, $3,210 is notable after it stopped a downfall in early December. The next line to watch is the cycle low of $3,125 recorded in mid-December. The round number of $3,000 is next and was last seen in the summer of 2017.

The Forecast Poll of experts shows optimism in the short term, a bearish trend in the medium term and a neutral one afterward. Forecasts have not moved much in the past week.

Bitcoin experts poll February 11 15 2019

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink price could surprise LINK holders, as it prepares for staking on Ethereum

Chainlink price could surprise LINK holders, as it prepares for staking on Ethereum

Chainlink is eyeing gains ahead of its staking launch on Ethereum mainnet in December. Staking is a core initiative of Chainlink Economics 2.0, a new program offering LINK holders the opportunity to earn rewards. 

More Chainlink News

Sam Bankman-Fried says FTX US is fully solvent, withdrawals could open today

Sam Bankman-Fried says FTX US is fully solvent, withdrawals could open today

Sam Bankman-Fried, popularly known as SBF, told New York Times’ Andrew Ross Sorkin that FTX US customers could be made whole soon. SBF claims that these entities: FTX US and FTX US derivatives, could be “up and running soon.”

More Cryptocurrencies News

XRP is highly undervalued and whales are accumulating, here’s what you should do

XRP is highly undervalued and whales are accumulating, here’s what you should do

Ripple (XRP) price shows a lack of volatility as it sits above a crucial support level that could make or break its short-term future. A spike in buying pressure is what the remittance token needs to kick-start its run-up.

More Ripple News

TRON price faces major resistance at these levels, is a sucker's rally underway?

TRON price faces major resistance at these levels, is a sucker's rally underway?

TRON price (TRX) has retaliated considerably against the bearish onslaught in November. Despite the optimistic gesture, TRX price still faces significant barriers of resistance.

More Tron News

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP