Bitcoin has rallied sharply at the end of the last week, but the outlook remains bearish with prices holding below key resistance around $11,080.
The most famous cryptocurrency rose from $9,200 to $10,400 in just 40 minutes during the U.S. session last Friday, avoiding a drop below $9,097 put forward by multiple rejections at $10,000 in the previous Asian trading hours.
The latest CFTC probe could heighten regulation fears that have gripped markets over the last few days, making it difficult for BTC bulls to force a break above $11,070. Technical charts are also calling a break below $10,000.
The altcoin market followed the rise of Bitcoin, rising between 5-20%, with Litecoin outperforming all other top 10 crypto by market capitalization. Litecoin rose up +13% at the end of the last week and is currently traded just above the $100 resistance.
For now crypto traders can enjoy the temporary stop-gap offered from periods of consolidation to consider their next move as money continues to flow in and out of the markets.
In the meantime, the Jersey arm of Binance has listed the cryptocurrency exchange’s own British pound-backed stablecoin. The company announced last Friday that Binance GBP (BGBP) is being offered on the fiat-to-crypto platform due to trader demand for more stablecoin options.
A great debate is also heating up on the possible lanuch of Facebok’s digital currency Libra. For the first time in modern history, we are witnessing the emergence of a currency that’s not backed and sponsored by a sovereign government. And for the first time ever, multibillion-dollar corporations are taking the lead in its creation. Certainly a good news for crypto lovers and for those who believe in the decentralization of money.