Bitcoin (BTC) found acceptance above the $7,000 mark over the weekend, boosting the odds of a double-bottom bullish reversal, the technical charts indicate.

The cryptocurrency trapped the bears on the wrong side of the market as it defended the psychological support of $6,500 on Friday, despite a bear flag breakdown, and rose above $7,000 on Sunday.

As of writing, BTC is changing hands at $7,081 – up 0.84 percent for the session, and up 9.8 percent from last week’s low of $6,513, according to CoinDesk’s Bitcoin Price Index.

The positive turnaround is being associated with reports that Wall Street bigwigs or “real whales” are set to enter the crypto waters. Notably, George Soros, the billionaire investor who broke Bank of England in 1992, has given his Soros Fund Management macro investment manager Adam Fisher the go-ahead to trade cryptocurrencies, according to Bloomberg.

Reports are also doing the rounds that Venrock, the venture capital arm of the financial empire began by John D. Rockefeller, is all set to bet on bitcoin.

While the speculation seems to have put a bid under bitcoin, the job is only half done for the bulls, the price chart analysis indicates

source:::Omkar Godbole

Author: Temitayo Olojede | Career Advisor | Job mandate | temity@jobmandate.com

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