The cryptocurrency market keeps stable with Bitcoin price defending the Friday afternoon increase to 3,660 USD.
During the last week, the price of Bitcoin again tested support levels of 3,345 USD and 3,320 USD. The pair formed a strong base near the $ 3,345 level and later started a solid upward move.
The buyers pushed the price above many resistances like 3,380 USD, 3,400 USD, 3,460 USD, 3,500 USD and 3,600 USD. There was even closure near the resistance of 3,500 USD and 100 SMA. It is obvious that a base has been created to support the much-needed recovery, which can exceed 3,700 USD.
During the increase, there was a breakthrough over a key bearish trend line with resistance at 3,380 USD.
The cryptocurrency rose above 3,600 USD. Peak was formed at 3,745 USD, and later the price dropped. The Bitcoin traded under the 23.6% Fibo rate of the last increase from 3,346 USD to 3,745 USD.
However, there is a lot of support going down, starting at 3,575 USD. The next big support is close to the 3,550 USD level. It represents the level of 50% Fibo adjustment rate of the last increase from 3,346 USD to 3,745 USD.
The price clearly formed a consolidation model over the 3,575 USD support. There may be several swing moves, but later the price could reach levels above 3,750 USD. The next key stops for buyers can be 3,800 USD, 3,880 USD and 4,000 USD.
Other cryptocurrencies are also trading relatively with increases. Ripple is trading at 0.3055 USD, while Ethereum is trading for 118.83 USD.
The total market capitalization of the cryptocurrency market is 121.223 billion USD.
Bakkt will be launched later this year
The CEO of Intercontinental Exchange (ICE), Jeffrey Sprecher, expects the company’s digital assets platform, Bakkt, to be released later in 2019. Jeffrey C.
The conference was dedicated to ICE’s financial results for the fourth quarter and the whole of 2018. Jeffrey Sprecher explained that the company spent more than 1 billion USD on strategic initiatives, including the launch of the digital asset platform.
The ICE operates 23 leading global exchanges, along with the New York Stock Exchange.
Financial Director of the company also revealed his expectations of the costs Bakkt intends to create based on his current financial results:
“Finally, our investment in Bakkt will generate costs of 20-25 million USD based on the performance percentage in the first quarter. We will inform you of the progress of the platform and the level of investment as we operate throughout the year”, said Jeffrey Sprecher. “This is a very serious bet that aims to reach the Moon and it is organized in a way that is very different from what ICE usually does business. They are already in the process of building an infrastructure that I think you will see later this year”, added he.
Bakkt exists independently of ICE as it has its own offices, management team and infrastructure. Jeffrey Sprecher stressed that the project infrastructure has already attracted a number of high-profile investors and partners, including Starbucks and Microsoft. According to him, Bakkt is a long-term project rather than a target for the 2019 agenda.
ICE first announced the release of its digital assets platform in August 2018. The company was due to launch in early 2019 but the date was delayed due to ongoing consultations with the US Commodity Futures and Trading Commission (CFTC).