Banks Can Hold Bitcoin And Crypto, Says US Regulator – BTC On The Verge Of Testing $10k
The crypto market looks great today with all the important coins trading in the green.
At the moment of writing this article, BTC is also trading in the green and the coin is priced at $9,539.85.
US regulator says banks can hold crypto
Some pretty bullish news surfaced the day before. It’s been revealed that a top US banking regulator said that national banks can provide custody and safekeeping services for cryptos such as Bitcoin.
In a new letter, the Office of the Comptroller of the Currency (OCC) said that banks “may offer different methods of providing cryptocurrency custody services, depending on their expertise, risk appetite, and business models”.
You should check out the complete notes in order to learn all the details, but this is deiniflty bullish news.
Incredibly bullish news.
Also defeats the entire purpose of holding Bitcoin. https://t.co/da5TrN8DYN
— The Wolf Of All Streets (@scottmelker) July 23, 2020
Bitcoin to retest $10k
As you already know, Bitcoin has been consolidating above $9k for a really long time and experts are waiting to see the king coin re-testing $10k once again.
Cointelegraph notes that BTC is still inside the ascending triangle structure.
In other words, the price of BTC keeps making higher lows since the March 12 crash when the coin traded below $4,000.
Since then, according to the same online publication, every previous resistance level got confirmed for support, and it triggered bullish support/resistance flips and further upwards continuation.
“The crucial area to hold was the range between $8,900-9,000 (on smaller timeframes). The recent low at $8,500-8,800 flipped into support already, after which the same occurred with the $8,900-9,000 range,” the same online publication notes.
The continue and state that “Similarly, Bitcoin’s price is still acting above the 100-day and 200-day moving averages (MAs), which is a bullish signal. As long as Bitcoin’s price remains above these MAs, the market is in bull territory.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.