Is Bitcoin a buy or sell as it targets a retest of all-time highs?
Bitcoin spiked on Tuesday after Digital Currency Group sold $700M in shares to Alphabet and SoftBank.
According to reports, the sale values DCG at about $10 billion.
Reacting to the news, the (BTC/USD) bounced off the key support at $60,800 to top $63,300.
On Tuesday, the Bitcoin price (BTC/USD) surged 3.66% after Digital Currency Group sold $700 million in shares to Alphabet and SoftBank. The two technology giants’ bid to invest in a company that invests in digital currencies boosted the BTC/USD from $60,800 to $$63,339 as of this writing, stretching the session gains to 4.17%.
According to a report published by Wall Street Journal, Coindesk and Grayscale sold $700 million implying a market value of about $10 billion for the digital currency company.
Is it time to bet on Bitcoin?
From an investment perspective, Bitcoin is the world’s most popular cryptocurrency, amassing a market value of about $1.33 trillion fully-diluted market cap.
Although the BTC/USD price spiked more than 4% on Tuesday, the trading volume edged slightly lower 1.92%.
Bitcoin continues to trade within an ascending channel formation in the intraday chart, surging closer to overbought conditions.
However, with the price of the pioneer cryptocurrency still far from retesting the all-time highs set last month, the current rebound could continue for the foreseeable future.
Therefore, investors could target extended gains at about $65,650, or higher at $68,052, while $60,800 and $58,169 are crucial support zones.
In summary, although Bitcoin appears to have rallied significantly on Tuesday, investors can expect the current rally to continue toward $68,000.
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