© Reuters.
Investing.com – After spending most of yesterday dithering, Bitcoin surged higher on Tuesday late afternoon, hitting the key $29,000 threshold overnight, at highest since May 7.
Between the start of the current bull phase on June 15 and last night’s high, the was showing a gain of around +17%.
Recall that the sentiment has greatly improved in the cryptocurrency market since the end of last week, first thanks to BlackRock (NYSE:), the largest asset manager in the world, which filed an application for a bitcoin ETF in the United States.
On Tuesday morning, a new cryptocurrency exchange backed by financial giants Charles Schwab, Fidelity Digital Assets and Citadel Securities announced that it had been up and running for several weeks for trading Bitcoin and .
With big names like BlackRock and Fidelity showing their crypto commitments, investors are growing bullish for the sector
Note also that several analysts pointed out that Bitcoin’s rise on Tuesday was accentuated by a short squeeze, i.e. closings of sell positions en masse, which indeed makes sense, knowing that the crypto is was in a technical position that clearly encouraged selling yesterday morning.
Technical thresholds to watch on Bitcoin
From a graphical point of view, it should be noted that Tuesday was the occasion for powerful bullish signals for the BTC / USD, the cryptocurrency having crossed the upper limit of the downward channel which accompanied its fall since mid-April.
Bitcoin has also crossed its 100-day moving average. Now, the cryptocurrency faces potential resistance at $29,000, the last bulwark before the major psychological threshold area of $30,000. Then the yearly high, just under $31,000, will be the next upside target.
On the downside, the $28,000 threshold and the 100-day moving average at $27,660 form the first credible support zone to consider.