Bitcoin price is currently forming a bullish rising triangle every hour after falling below USD 53,000 and could lead to a possible breakout over the weekend. Additionally, the week was full of news about institutional Bitcoin investing as big companies like Naver and Kakao confirmed their stake in the crypto space.
Will Bitcoin (BTC) break out this weekend?
Bitcoin price is currently in the range and has already tested $ 60,000 twice a week. Given the price action, it looks like the dip to $ 53,300 was the bottom. Bitcoin has received higher support at $ 60,000 despite the seller’s overload. The decline was stopped at $ 56,000, leaving the large support at $ 54,000 untouched. At the time of writing, BTC is trading in a renewed uptrend just above $ 58,000.
The Relative Strength Index signals bullish sentiment as it is in the overbought region on the 4-hour chart. As long as we have a positive ingredient, this bull trend will stay intact.
Asian institutional bitcoin buyers are ready to ride the next bull run
The week was inundated with positive news from Asia as two major conglomerates, South Korea’s Kakao and Naver, confirmed their stake in cryptocurrencies.
Naver is the largest search engine in South Korea and has confirmed its crypto listing through the Hashed Venture Fund. Cocoa, on the other hand, is heavily invested in crypto and blockchain technology. Both giants cover important market shares for search and e-commerce in South Korea.
Another important news that hit the headlines was from Japan, where the government is. To break the trend of money pressures, has decided to abandon its plan to buy Exchange Traded Funds (ETFs) worth 6 trillion yen. The BoJ’s move has made traders cautious and is likely to slow down BTC buying, further delaying the bull run.
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