Bitcoin (BTC) price returns to $60,000 – Here are levels to watch

Bitcoin (BTC) price is up over 6% as buyers approach the $60,000 handle following a series of positive developments coming from the major financial institutions. 

Fundamental analysis: Goldman the latest to embrace crypto

Goldman Sachs became the latest major financial player to enter the crypto ecosystem. One of the world’s largest investment banks said it will start offering Bitcoin and other digital assets to its wealthy clients to meet a surge in demand.  

″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term,” Mary Rich said in an interview this week.

Rich, who was recently named global head of digital assets for Goldman’s private wealth management division, said that the company witnessed a surge in demand for crypto assets. 

“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”

News from crypto comes just a few days after both Visa and PayPal announced new crypto features to further accelerate the mass adoption of cryptocurrencies. 

“Adoption’s happening faster than I predicted,” Mike Novogratz commented. “It’s shocking to me how fast people are moving into the system.”

Technical analysis: What are the targets?

Bitcoin price soared over 1% today to approach the $60,000 handle once again. The world’s largest cryptocurrency has gained 6.5% this week after a brief correction that took place over the course of the past two weeks. 

BTC daily chart (TradingView)

A break of the descending trend line has provided a further impetus for investors seeking to buy Bitcoin as the road towards the next resistance target at $65,000 is now pretty much open. Above, the 161.8% Fibonacci extension line comes in just below $69,000.

Summary

Bitcoin price has gained over 1% today to come close to $60,000 once again as buyers look for a final push towards $65,000.

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