By CCN.com: Whichever way you slice it the technical picture continues to look more and more bullish for Bitcoin. There is a distinct dip-buying pattern in BTC/USD, and the latest trough has been bought once again today. SFOX’s monthly cryptocurrency volatility outlook is here, and once more the fundamentals are bullish for the 4th straight month.
The three cornerstones of SFOX’s outlook are price momentum, sentiment and the advance of crypto as a sector. Their latest report sees strong evidence that based off of the performance of BTC, ETH, BCH, LTC, BSV, and ETC, things are still looking up for the cryptocurrency industry,
“The fundamentals-driven bullish signals we’ve seen — price momentum, infrastructure development, institutional interest, etc. — have been present for several months.”
Bitcoin’s Huge Bounce May Have Been a Single Massive Order
There is a note of caution. Rather than put April’s jump in Bitcoin down to long term factors, SFOX believes it may have been one isolated incident that caused the rally. The concept is that a considerable buy order significantly altered the supply/demand dynamics in the market,
“The beginning-of-April crypto rally, despite having injected the market with renewed volatility, appears to have primarily been driven by one large buy order rather than fundamentals, and the market appears to have largely normalized again at new levels post-rally.”
On the fundamental news front, there was plenty to mull over last month. There was the story that Nike is making plans to dive headlong into cryptocurrency with their “CryptoKicks” project to reward users. Then there was Jaguar and Land Rover making plans to do something similar for their drivers. Perhaps the biggest news story was Facebook and their “Libra” plans, which have faced widespread opposition in the…