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At press time, the father of cryptocurrency is up by roughly $300 from yesterday, and is trading for over $6,600. This is great news, as many sources are commenting that bullish trends are forming on bitcoinâs technical charts, and the currency is once again finding its way to the top.
Bitcoin is up by nearly four percent in 24 hours, and the next step will be $6,700, which is exactly where we were early last week before the currency tanked to $6,100. At that time, bitcoin was unable to handle its present resistance and move beyond $6,700, and many are wondering if the currency will gather strength to move forward or fall back as it did before.
The big clincher is that resistance, this time around, sits at $6,800, which isnât much higher than the currencyâs present target. Buyers and sellers are battling it out for dominance in bitcoinâs struggle for greatness, though resistance was also at $6,800 during bitcoinâs previous ascension. This situation is an exact repeat of last week, and itâs only a matter of who gets the upper hand: those who buy, or those who sell.
The good news is that bitcoin is garnering political support from former U.S. Representative Ron Paul, who believes bitcoin and all other virtual currencies should be legalized. In an interview with CNBC, Paul said of bitcoin:
âSo far, it hasnât proven itself, and cryptocurrencies havenât been certified yet, but I think they should be legal. They should never commit fraud, we should not tax money, and we should have competition money.â
At first, Paul was adamant about the regulation of crypto. Now, his opinion has changed, as he doesnât think bitcoin should be allowed to compete with USD. Heâs also for the denationalization of money, as people donât always trust the government, yet they seem to trust bitcoin.
One of the reasons for bitcoinâs major price spike may be a growing interest in crypto amongst BlackRock executives. BlackRock is a $6 trillion asset management firm, and in a recent report, the organization hints that it favors cryptocurrency and blockchain technology, though it has refused to comment on any specific venture.
Iqbal Gandham â UK managing director of trading platform e-Toro â believes this is a positive sign that the marketâs mainstream appeal is growing.
âBlackRock entering the crypto market is great news for the industry, and one which was to be expected,â he comments. âIt was always a question of when, not if. Crypto assets are a growing class, and one which investors are increasingly keen to explore. Combined with the emerging world of tokenized securities, we have the perfect storm to create a new generation of investors, as well as change the concept of investing itself.â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.