April 3, 2018 - CoinMarketCap
Bitcoin (BTC) continues its push back to $8,000 after the 'Death Cross' event occurred last week.
Bull investors have managed to increase the total value of all cryptocurrencies by $20 billion dollars this previous 24 hours. With Bitcoin hovering at a 5% increase, most investors of digital assets are praying this is a bottom.
CNBC reported that the Bitcoin price jump was a result of Japanese online broker Monex reportedly making a bid for Coincheck, a cryptocurrency exchange. After this news, Bitcoin hit it's high of $7,400 and Monex shares increased by 23 percent on the Tokyo Stock Exchange. The Japanese company plans to bid several billion yen for majority stake in Coincheck as an effort to stabilize the exchange, Nikkei Asian Review reports.
Monex owns U.S.-based online brokerage TradeStation which offers real-time market data for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. As it stands today, Monex is currently valued at around $870 million. With its proposal to invest billions into the cryptocurrency market; calm waters seem to be approaching.
While this Bitcoin break seems impressive, the bull fight is far from over. An increase in price above $7,800 into $8,000 would be needed in order to confirm a trend reversal in the bulls favor.
The Relative Strength Indicator (RSI) of the last 24 hours indicates a possibility that Bitcoin could rally a few extra hundred dollars. This is an extremely popular momentum indicator that has been featured in several media platforms. A resistance line built at $8,000 would create a lift of the RSI above its declining trendline.
More information will be posted as it becomes available.