Bitcoin BTCUSD
Bitcoin price is hovering near its all-time high as traders re-assess the recent rally. They are also reacting to news that Coinbase, the giant American exchange, has filed to go public. The BTC/USD price is trading at 22,990, which is slightly below the all-time high of 23,781.
What happened: Bitcoin price rallied this week as investors remained optimistic about the rising demand from institutional investors. In recent months, investors like Mass Mutual, Paul Tudor Jones, and Stanley Druckenmiller have moved to acquire a substantial amount of Bitcoin.
Similarly, firms like Square, PayPal, and MicroStrategy have also bought Bitcoin. Therefore, more companies are expected to shift their resources to the currency, as evidenced by the significant inflows in BTC funds like GrayScale.What about Coinbase: Meanwhile, investors are excited about Coinbase, the biggest exchange in the US. The company said that it had filed for an IPO, becoming the first exchange to do that. This IPO could value the firm at more than $10 billion, making it a leading player in finance.
So, what next for Bitcoin: On the four-hour chart, we see that Bitcoin price has surged recently, making it one of the best-performing assets. It is currently taking a breather after its rapid increase. As a result, it seems to be forming a bullish pennant pattern. Also, the uptrend is supported by the short and medium-term moving averages.
Therefore, the price will likely break-out as bulls target the next resistance level at $25,000. But, a move below $20,000 will possibly send a signal that there are some sellers left.
