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Bitcoin Rebounding on Thursday
Bitcoin prices are continuing to recover today with the futures market having gapped higher for a second consecutive today. While still well below the $100k mark for now, the rally off the Tuesday lows is a good omen for bulls, showing that there is residual demand in the market to underpin BTC on pullbacks. Near-term, bulls need to get back above the $100k mark to alleviate near-term bearish risks. The absence of any crypto news from Trump has weighed on market sentiment recently though the broader bull outlook remains intact for now.
Google Pay News
One of the key drivers behind the recovery from those mid-week lows is the news that Google is working on plans to integrate Bitcoin into its payments ecosystem such as embedding Bitcoin wallets into Google accounts. Such a move would allow users to access Bitcoin accounts seamlessly, paving the way for a massive mainstream adoption of the crypto-currency. While a formal announcement has not yet been made, comments from a leading Web3 specialist at Google have sparked speculation that Bitcoin will soon be ushered into Google Pay, marking a new era for the cryptocurrency. The prospect of retail customers being able to access and use Bitcoin in the same way they use any other payment accounts through Google Pay should see mainstream demand soaring.
Technical Views
BTC
For now, the market remains rangebound between support at the $91,750 level and near-term resistance at the $100k mark. Price remains framed by a shallow bull channel and while the lows hold, the focus is on an eventual upside break with 4107,85 the first bull target ahead of fresh highs and the channel top.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.