Bitcoin price after falling to sub $53k levels is currently forming an bullish ascending triangle on the hourly and may be heading to a possible breakout over the weekend. Moreover, the week was full of institutional bitcoin investment news as big firms like Naver and Kakao confirmed their involvement in crypto space.
Will Bitcoin (BTC) Price Breakout this Weekend?
Bitcoin Price is currently ranging and has already tested $60k twice over the week. Going by the price action it looks like the drop to $53, 300 was the bottom. Bitcoin has embraced higher support despite the seller congestion at $60,000. Declines have been halted at $56,000, leaving the major support at $54,000 untouched. At the time of writing, BTC is trading slightly above $58,000 amid a renewed bullish momentum.
The Relative Strength Index signals a bullish sentiment as it is in the overbought region on the 4 hr chart. As long as we have a positive ingredient this will bull trend will remain intact.
Asian Institutional Bitcoin Buyers Ready to Drive Next Bull Run
The week has been flooded with positive news from Asia as two major conglomerates Kakao and Naver based out of South Korea confirmed their involvement with cryptocurrencies.
Naver is the biggest search engine in South Korea and it confirmed its crypto entry via the Hashed venture fund. Kakao on the other hand is heavily invested in crypto and blockchain tech. Both these giants cover major market shares for search and e-commerce in South Korea.
Another major news that made the headline was from Japan where the govt. breaking the trend of money printing has decided to abondon its plan of buying $6 trillion Yen worth Exchange traded funds (ETFs). The move from BoJ has made traders cautious and is expected to slow down BTC buying further delaying the bull run.