The price of Bitcoin (BTC/USD) is on its way up again after another pullback. This time though, the pioneer cryptocurrency did not drop below the crucial support zone of about $5,400.
Its rebound was swift but it continues to find strong resistance around the $5,550, $5,600 levels. And this stopping the BTC/USD from extending its yearly highs towards $5,800. But that could change given the positive developments in the market.
Form a fundamental perspective, the price of bitcoin relies on the general market sentiment towards cryptocurrencies and their ultimate future.
And based on recent developments, cryptocurrencies continue to benefit from a growing list of top brands that have either accepted bitcoin as a form of payment on their platforms or have launched their own cryptocurrency.
The latest multinational brand reported to be launching its own crypto is the sporting giant Nike, which according to reports today is in the advanced stages.
The company has filed a patent seeking protection over the “CryptoKicks” brand and this could be the cue that other global retail giants have been waiting for to embrace crypto. Bitcoin and its counterparts will benefit from a sentimental point of view from the latest news.
Technically, the price of Bitcoin appears to be trading within an ascending channel in the 240-min chart, which suggests that the bulls retain control in the intermediate future.
This creates some interesting trading opportunities for both the bulls and the bears. The bulls will target profits at around $5,640 while the bears will look down below at around $5,407 in the intermediate period.
In the daily chart, the price of Bitcoin appears to have recently formed a flag, which suggests that despite the resistance, a bullish breakout could be on the cards.
This could create opportunities for the bulls around $5,890 while the bears will be hoping their intermediate target of $5,407 holds for now.
In summary, the BTC/USD looks to extend yearly gains towards $5.800 but it is facing strong resistance around the $5,600 level. It could be a while before it breaks through to heard towards $5,800.
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