What to expect from Bitcoin this week.
We finally saw the slide halted, for at least the time being, and there could be a couple positive develops this week that could help continue the recent rally.
Last week, we saw prices come off the lows coinciding with positive news coming out from the Senate Banking Hearing.
What could be the catalyst for some upside moves this week?
First, we have the progress made during the meeting between the Senate Banking Committee and SEC and CFTC.
It was first mentioned here:
In the meeting we heard that they are not going to do anything to stifle innovation.
Phew.
They seem to be very much open to letting market forces dictate things, while at the same time sniffing out those that are just looking to abuse the current financial laws.
Basically, we are looking for some updates on how exactly they are going to do that this week.
Secondly, the state of Wyoming is set to vote on some cryptocurrency bills.
Some of the specifics can be read here:
https://www.coindesk.com/utility-token-exemption-sought-in-new-wyoming-blockchain-bill/
Basically, they are looking to pass some bills that would except certain utility tokens that meet specific standards from falling under current regulatory laws that might label them as securities.
If passed, it could help better define what is a security and what isn't which would go a long ways in not stiffing innovation as some coins aren't being introduced for fear of being labeled a security.
Finally, there is a big bitcoin super conference in Dallas Texas.
The exact date and time of the conference is posted at the top of the page.
Some of the specifics can be seen here:
https://www.bitcoinsuperconference.com/
Usually around these conferences some bullish news gets released and overall they are generally pretty positive.
We are at a pretty good spot technically for prices as well.
Something like 33% off the lows currently, which were put in on heavy volume and at an expected support area.
I think prices may dip just slightly to begin the week after our recent rally, but then I could easily see one or all of the catalysts listed above help give bitcoin some fuel to get back up near that $10k level, which I think we will see tested sometime this week.
We ultimately will break that level, but we may need to chop around for a few weeks first before we see some real sustained momentum.
Stay informed my friends.
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