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Bitcoin gets a boost

18/07/2018

Since our last Bitcoin (BTCUSD) update the cryptocurrency has dithered about, showing no direction, and consequently there has been no opportunity to gather any momentum. However, yesterday some good buying interest emerged and BTC closed above its intermediate ceiling of $6900. This may have been a reaction to the news that Mastercard has introduced a patent that could handle blockchain transactions. Such a high profile accommodation could well be the validation that transforms crypto into the mainstream transactional lubricant that it always wanted to be. Our view was always that a close above $6900 was worth waiting for and we now await a test of resistance at $9850. Of course, this being something of a niche market does amplify the risks and as anyone who watches this market will know, it is unlikely to get there without some form of drama.

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