Nasdaq has given Coinbase’s stock, COIN, a reference price of $250. The stock will officially be listed today.
Bitcoin has been hovering around above the $60,000 mark for several days and it finally broke out and set a new high of $64,814 today. The price is now trading well above the $63,500 level. Bitcoin price is gaining momentum and trying to form a support level at $64K.
It is believed that the news from Coinbase is one of the catalyst of the crypto market. Not only Bitcoin reached a new high but also the altcoins like ETH(ath-$2,399.66 and XRP(ath-$1.965 created a new record.
If bitcoin fails to stand firmly above the $63,500 line, then there might be a short-term correction. Rushing high and then retrace is a common phenomenon in the crypto market. But it seems the bull is doing well now since the price is keeping above $63,500 now.
Current technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for BTC/USDT is well above the 50 level.
Major Support Levels – $62,550
Major Resistance Levels – $65,000
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.