In this one of the latest bitcoin news magazine, you will get to know all the weekly updates regarding market. Square, Inc. has followed the footsteps of another listed company MicroStrategy and has purchased 4,709 Bitcoins at a total consideration of $50 million. These purchases by listed companies will boost confidence in the asset and could attract similar investments from other large organisations that are positive on cryptocurrencies.

Another instrument that could boost wider adoption of cryptocurrencies is a Bitcoin exchange traded fund. However, the U.S. Securities and Exchange Commission has not approved any ETF proposal in the past three years. Nevertheless, SEC commissioner Hester Peirce believes that the regulator might have to take a lenient view on ETF applications in the future as several people, both in the crypto space and in the traditional financial institutions, have been seeking guidance from the SEC.

OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:

POST PANDEMIC STUDENTS EDUCATION, JOB PROSPECTS – HOW

BLOCKCHAIN TECHNOLOGY & ATROMG8 CAN HELP?

HOW TO USE COINMARKETCAP WHEN TRADING AND INVESTING IN

CRYPTOCURRENCY?

&

HOW BUILDING CONTRACTORS CAN BENEFIT FROM THE PIF PLATFORM?

Bitcoin rebounded sharply from the uptrend line on October 8 and surged above the moving averages, which was the first sign of a likely change in trend. Therefore, we had suggested traders buy on a rebound off the uptrend line in our previous analysis as it offered an attractive risk to reward ratio. Traders who followed the recommendation are now sitting on profits.

The momentum picked up after the bulls pushed the price above $11,200 and the BTC/USD pair hit an intraday high of $11,736.02 on October 12. The moving averages have completed a bullish crossover and the RSI is in the positive zone, which suggests that the bulls are in command.

If the bulls do not allow the price to dip below $11,200, the uptrend is likely to resume and reach $12,486.61.

The bears will pose a stiff challenge in the $12,000-$12,486.61 zone. Hence, traders can book partial profits in this zone and trail the stops on the rest of the position.

This bullish view will be invalidated if the bears drag the price back below $11,200. Such a move will suggest a lack of buyers at higher levels and that may attract shorting by aggressive bears.

Lastly please check out the advancement’s happening in the cryptocurrency world. Subscribe the latest bitcoin news magazine for latest updates about profit and loss in cryptocurrency.

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