July 7th Technical Analysis: Bitcoin
Bitcoin, the largest cryptocurrency, fell yesterday after a Chinese company was forced to pay the price for dealing in cryptocurrencies following a tightening of restrictions imposed by Chinese regulators. Bitcoin fell to $34,194 after reaching $35,094. Crypto traders should keep an eye on the Bitcoin price chart and look for the 50-day moving average, which is currently around $36,000, as a sign of a potential bullish rally.
Marshall Wace, one of the leading hedge funds, is reportedly exploring ways to invest in cryptocurrencies. The firm is based in London and manages more than $50 billion in assets, specialising in long and short equity. According to a survey of hedge fund executives around the world, experts expect to invest nearly 7.2 percent of their portfolios in digital assets within the next five years.
In terms of technical analysis, traders are still very much keeping a close eye on the 50-day SMA and it is highly likely that the price may actually break above this moving average which will be a bullish sign for the Bitcoin price.