Bitcoin (BTCUSD) Consolidating Just Above 5k

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Bitcoin (BTCUSD) saw some profittaking this past week from a 4 month range high but remains above the psychologically key 5000 whole figure level. With the weekly Stochastics still slightly overbought, and the daily RSI and Stochastics coming off overbought levels, more consolidation can be expected this week. Any deeper slide to upchannel and horizontal support (on the daily chart) on the current pullback will likely attract fresh bulls looking for a resumption of the upchannel. More aggressive bulls are likely eyeing the horizontal resistance (on the weekly chart) at ~6000 as the next major target.

Longer term industry bulls are increasingly buying on dips as the sector overall gains interest from IBM's use of Stellar Lumens and a USD stablecoin as part of the World Wire blockchain network for regulated financial institutions (announced in March). Ongoing anticipation is building for the coins being developed by leading messenger apps (i.e. Facebook/Whatsapp, Line, Kakao) and banks (i.e. JP Morgan, Mizuho, Bank of Tokyo-Mitsubishi UFJ), the upcoming launch of BAKKT and Fidelity's institutional offering and increasing regulatory clarity and recognition for STO exchange operators/issuers.

BTCUSD bulls are increasingly encouraged by scalability improvements from the growth of the Lightning Network and the third Bitcoin block reward halving (which will reduce the amount of new BTC supply) scheduled for May 2020 but which has historically (for the 2 other halving events) seen bull runs begin roughly 1 year in advance of the halving date.

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