Bitcoin (BTC) once again reaches a quarter of a million reais and has a new level of support: what moves cryptocurrencies today?

O bitcoin (BTC) advances 6.43% at Friday morning (20), to the US$ 48,519.17 (BRL 263,025.29). In the last seven days, the main cryptocurrency in the market advances 4.15%.

Bitcoin sustaining high

The news and internal blockchain data from bitcoin point out that this rise should be sustained for a few more days. Furthermore, today it’s options expiration day on cryptocurrencies (If you have any doubts about how the options market works, be sure to read this text by Ruy Hungary).

In this scenario, the relative strength index (RSI) of the main cryptocurrency in the market points to a high bitcoin price. The RSI tumbled below 70 points in May, indicating that the currency’s quotes could lose steam at any time.

However, in the following months, the indicator rose again and approached the 70-point range again. In this way, the market sees the level of US$47,000 sustainable for the price of bitcoin at the moment.

In other words, bitcoin must stay around this value for some time or rise at some point. Analysts say the next support price of the bitcoin must be in the range between US$ 50 thousand and US$ 52 thousand, according to data from Coin Desk.

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Partnership: crypto index

On the last Thursday (19), Bloomberg news agency and manager Galaxy Digital said they are developing a cryptocurrency index for decentralized finance, the DeFis. The main protocols that should be included in the index are:

  • Uniswap (UNI)
  • Abird (AAVE)
  • maker (MKR)
  • Compound (COMP)
  • Yearn.Finance (YFI)
  • Synthetic (SNX)
  • SushiSwap (SUSHI)
  • 0x (ZXR)
  • An (AN)

“Decentralized finance is growing as the next big investment theme within cryptography,” said Alan Campbell, head of products for Bloomberg’s multi-asset index division, in a statement.

“As institutional custody and liquidity solutions continue to grow, DeFi has become an increasingly attractive option for institutional investors, and we will continue to work with Galaxy to expand our cryptographic index offering,” concludes the text.

In May 2018, Bloomberg and Galaxy Digital launched an index on bitcoin and ethereum (ETH). Recently, the company that developed the S&P 500 and Dow Jones exchange indexes launched a platform to measure bitcoin and ethereum performance.

Check out how other cryptocurrencies on the market are doing today: