Digital Currency Revolution Series: Constructive News Flow Propels Bitcoin's Bullish Sentiment, BTC/USD Surpasses 9.4k

The Bitcoin price surged from the lows of $3,128 in last December to the recent highs of $9,475 levels, up almost more than 124 percent against the U.S. dollar, within a span of 6 and a half months (from December’18 and till date). )

While some analysts from the world’s top financial and tech companies like JP Morgan, Microsoft and Apple are showing interests in cryptography.

JPMorgan recently attributes the prevailing bullish rallies and intensified buying sentiments are perceived as the rising institutional demand, as per a report by Zerohedge.

When Bitcoin spiked over $9.4K the last time, the entire universe foresaw the pioneer cryptocurrency in absolutely a different manner. 

Most importantly, the much awaited Bakkt’s platform for bitcoin futures contracts with the physical delivery facility appears to be ready to go. Yes, it is finally all set to unveil on this July 22nd. 

Quite a few crypto aspirants have been hoping that the institutional-grade offering will encourage investors. Mr. Adam White, the COO of cryptocurrency platform Bakkt, mentioned in Medium blog that the ICE-backed start-up will commence testing its much-anticipated Bitcoin futures contracts from July 22nd.

Mr. White also clarified the firm’s prevailing collaboration with Intercontinental Exchange (ICE) which will act as Bakkt’s exchange and clearing partner, but he did not give any details about the exact date when the contracts trading would debut.

Moving on to some renowned businesses who are scuttling to snap in long–and getting longer all the time. 

Microsoft is building on the Bitcoin blockchain and for now, as the bitcoin has been gaining its traction seamlessly into the mainstream, they have now added bitcoin as a currency option in Excel.

While Apple appended the BTC symbol to its character set. There may have been a handful of companies accepting Bitcoin payments but quite a few have taken aback on their policy revivals when its turbulence have shackled the entire cryptocurrency avenue and seem little muddled with some hacking scams. 

Technically, BTCUSD’sbullish engulfing patterns at $3,944, $5,194 and $8,975 levels, take-off rallies above EMAs to hit 13-months high ($9,475) but halted momentarily for the day, both leading and lagging are in tandem with the intermediate upswings (refer weekly chart).

On the contrary, the occurrence of shooting star at $9,333 level, plummets prices below SMAs (daily chart), more slumps in minor trend are likely as both momentum and trend indicators bearish bias prevailing.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 89 levels (which is bullish), and hourly USD spot index is creeping at 38 (mildly bullish) while articulating (at 07:53 GMT). 

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