Bitcoin Is Now Trading Near Record-High Again

Bitcoin’s (BTC) latest gains might also be short-lived and “the entire rally in crypto is getting very long in the tooth,” according to Boris Schlossberg, a leading overseas trade expert.

What Happened: “I assume we’re very, very close to possibly an intermediate-term top here. A little bit of a correction is simply due at this point,” Boris Schlossberg, managing director of FX strategy at BK Asset Management, stated Tuesday on CNBC’s “Trading Nation.”

BTC traded 0.54% decrease at $59,354.38 over the previous 24 hours at press time, however was up 11.2% over the previous week, indicating a recovery. It also has an all-time high of $61,683, which hit last month.

Bitcoin’s Recent Gains: The cryptocurrency’s latest gains came after PayPal Holdings Inc. (NASDAQ: PYPL) stated it will permit its U.S. clients to use their cryptocurrency holdings to pay at millions of online retailers around the globe.

PayPal’s move came a day after payments massive from Visa Inc (NYSE: V) stated it would permit payments to be settled directly through cryptocurrency on the Ethereum blockchain.

Schlossberg mentioned that Bitcoin’s high degree of volatility will probably mean transactions on platforms such as PayPal will be “infinitesimally small” in contrast to regular currency. However, he feels Bitcoin is a better store of value than gold.

See Also: Why Is Ethereum Surging, Outperforming Bitcoin Today?

CME Group’s Plan: Further, Schlossberg stated that by-product exchange CME Group Inc.’s (NASDAQ: CME) plans to launch Micro Bitcoin futures contracts on its platform in early May may want to rattle bitcoin’s rate even if buyers like it or not.  And the Micro Bitcoin futures will be one-tenth the size of one Bitcoin.

Schlossberg stated that Bitcoin topped out the last time CME launched bitcoin futures in late 2017.

Matt Maley, the chief marketing strategist at Miller Tabak, stated in the identical “Trading Nation” interview that if Bitcoin moves to the downside beneath $52,000, it is going to be a “big warning flag” and provide the cryptocurrency its first lower low of the year.

Maley added if Bitcoin breaks above its recent highs of $61,000, it “should see every other leg higher.” However, he agreed with Schlossberg that bitcoin is going to see a lot of extra large declines along its way in a very unstable session.

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