Saturday, June 3rd, 2023

BTC/USD forecast. Bitcoin Price Reaches 5-Month High

The bitcoin price has reached a 5-month high, breaking the important resistance zone of 50000 -52800.

The head of the Securities and Exchange Commission, Gary Gensler, said that the regulator does not plan to follow China’s example and impose a complete ban on cryptocurrencies, since such a decision is not within the Commission’s powers and can only be taken by Congress.

Analysts at Bank of America (NYSE:BAC) have published a study on the crypto asset market, in which they noted that the cryptocurrency market is becoming too significant to ignore. The bank’s analysts believe that digital assets can form an entirely new asset class, noting that bitcoin, with a market capitalization of $900 billion, is important, but the ecosystem of digital assets is something more.

Due to the high institutional demand for cryptocurrencies, U.S. Bank, which is one of the oldest banks in the United States, announced the provision of depository services available to fund managers. Together with its partner NYDIG, the bank will offer BTC, BTC Cash and LTC storage services.

Over time, Ethereum and other cryptocurrencies will be supported.

The American cinema chain AMC Theaters is approaching its goal of accepting payments in cryptocurrency by the end of the year. The company has introduced the possibility of buying electronic gift cards for cryptocurrency.

According to technical analysis, consolidation above the resistance level of 55500 will open the way to 58300, then – 60200. In case of a return below 52800, a decrease to 50500 is likely.