Bitcoin is making new highs for the week and is coming up against a potential sticky zone the bulls will need to clear.
Whats Going On With Bitcoin This Week?
There are a number of things which may be generating some positive waves for Bitcoin:
- Sweden’s Nasdaq exchange has approved a bitcoin-based exchange traded note.
- The worlds first formal Bitcoin exchange is likely to open in New York with news that New York State’s Department of Financial Services are going to publish a regulatory framework which will allow those who have applied to be a Bitcoin exchange to launch as a bank.
- Coinbase has launched its services in the UK this week. Coinbase will allow speculators trade bitcoin against Sterling. Coinbase are anticipating participation from hedge funds and institutional players over time.
- The Squid (Goldman Sachs) have invested $50 million into a Bitcoin start up which will use Bitcoin technology to improve consumer payments.
Things Could Get Interesting..
Could we be seeing the start of a bullish move here?
Its looking a bit sticky for Bitcoin at around $237. If the bulls can clear this level, its blue skies until about $257 where we have an equidistant swing into some previous supply.
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