Bitcoin Reached New Highs As It Becomes More Widely Accepted

www.investing.com/analysis/bitcoin-reached-new-highs-as-it-becomes-more-widely-accepted-200546358

By Michele Schneider | Nov 30, 2020 11:49PM ET

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Yesterday Bitcoin (BTC) passed its record high as certain members of the Economic Moderns Family digest their recent gains.

Cryptocurrency as an alternative currency has pushed for widespread acceptance since the launch of the first Bitcoin in 2009.

Even more so, it has become a movement for investors who see it as a place to park money long term, with the idea that eventually it will become a highly used and accepted currency across the world.

This idea has been reinforced by JPMorgan Chase (NYSE:JPM), who is working to create a stable environment for crypto payments.

Along with a growing number of supporting banks, institutional investors have also begun to buy cryptocurrency.

However, our newly adopted family member (BTC or Bitcoin Investment Trust (OTC:GBTC) still hasn’t lost its surprising amount of volatility as he was trading briefly below 16,500 on Friday the 27th.

High volatility has been a key reason institutional investors have stayed away from crypto, yet as it becomes more accepted it could also become more stable in its price movements as yesterday it made a quick recovery back to highs.

An article about the Winklevoss twins came out. You remember them-the ones that sued Zuckerberg for stealing their alleged IP.

They predict $500,000 in bitcoin.

Sometimes, you just got to go with it. But always, always, with a plan.

S&P 500 (SPY) Needs to clear 364.38. 354.15 support

Russell 2000 (IWM) Held support of the 10-DMA at 180.12

Dow (DIA) Resistance 300. 289.19 key support.

Nasdaq (QQQ) 300 key to clear with 293.81 support the 10-DMA

KRE (Regional Banks) Next support 47.22.

SMH (Semiconductors) Closed all time high.

IYT (Transportation) 225.49 resistance with next support 215 if can’t hold over the 10-DMA at 219.86

IBB (Biotechnology) 146.53 high to clear.

XRT (Retail) Possible support from 10-DMA at 58.64. If can’t hold then watch for a move back to 56 area.

Bitcoin Consolidates but Remains Bullish, Ethereum Hints at a Breakout By Matthew Weller - May 24, 2023

Bitcoin and Ethereum have not shown a strong correlation with the Nasdaq 100 or gold this month. Bitcoin continues to consolidate around $27K but remains in a longer-term bullish...

What Is Going On With Gold and Bitcoin? By Naeem Aslam - May 23, 2023 2

Bitcoin On Track To Record Monthly Losses In the markets for cryptocurrencies, traders' enthusiasm is continuing to wane as Bitcoin and Ether both lose further ground. Bitcoin is...

Things Are Changing Very Quickly: What Could Happen to Bitcoin This... By Richard Salmond - May 21, 2023 1

On Sunday, May 21, Bitcoin is trading at $30,000. Over the past week, its price has remained at the same level. Below is the analysis of the situation on the market made to assess...

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Jun 21, 2023

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Bitcoin Reached New Highs As It Becomes More Widely Accepted

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