BITCOIN (BTCUSD) – Week 43 – After the new all-time high

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The American multinational retail corporation – Walmart – will reportedly allow its customers to purchase bitcoin using ATMs installed in some of its US shops. The initiative became possible following a collaboration between the retail giant Coinstar and Coinme. A credible report from Bloomberg reads that the company has joined forces with Coinstar – known for its machines that can exchange physical coins for cash. As a result, the latter provided 200 bitcoin ATMs in Walmart stores across the USA, while the broader plan is to bring that number to 8,000 in the near future.

Valkyrie is launching the second Bitcoin futures exchange-traded fund ( ETF ) in the U.S., the company announced on Friday. Valkyrie’s Bitcoin Strategy ETF is set to trade on the Nasdaq under the ticker BTF and will track the value of Chicago Mercantile Exchange ( CME ) Bitcoin futures . "The approval of ETFs based on CME Bitcoin futures is a positive development for the broader Bitcoin ecosystem, and a reflection of the strong growth and client demand for exposure to Bitcoin ,” said Tim McCourt, Global Head of Equity Index and Alternative Investment Products at CME .

Technically, as we were anticipating in the last week’s technical report Bitcoin broke the last all-time high and created a new one. After the creation of this new top, the price action is showing us the signs of a correction before continuing higher. Potential targets for reversal are the support area at 59k or we may see a deeper pullback that may drop the price to the 53k level. We don’t have any reason to believe at this moment that the price action is reversing to a downside trend.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.