Bitcoin backed loans launch in Canada: BTC/USD looming breakout past $6,500

• Canadians to access crypto backed loans powered by Ledn Inc.
• Bitcoin will hit $20,000 after the second quarter of 2019, says Mike Novogratz.

Canada’s cryptocurrency horizon keeps expanding at an incredible pace. Yesterday FXStreet reported that CoinField, one of Canadas diverse cryptocurrency exchange using Ripple’s XRP as the base currency went live in 68 countries, read on the story here. In addition to that, the government has been working to ensure that regulations do not stifle development in the industry.

The country has hit the headlines again on Tuesday following the announcement that Ledn Inc. has become the first firm to provide loans to consumers and businesses while using Bitcoin (BTC) as collateral. The company founded by a renowned Bitcoin bull, Mauricio Di Bartolomeo has a vision to offer Canadians loan services that they cannot find with normal banking process. Research has shown that Canadians have a great appetite for the largest crypto by market capitalization, Bitcoin with at least 5% of the population holding the asset.

Bitcoin price technical picture

Bitcoin broke from the range on Sunday revamping the trend from the support at $6,320. BTC/USD not only reclaimed the support at $6,400, it tested the hurdle at $6,440 after which the buyers lost the steam in the moment as Bitcoin started trading sideways while holding tight to the support at $6,400. The trading activity on Monday was mostly uneventful but there was dip below $6,400 but luckily the trendline support came in handy preventing declines below $6,380.

At the time of writing BTC/USD is trading at $6,408. The prevailing trend is subtly in the green, besides a break above the immediate resistance at $6,420 will see Bitcoin increase the gains past $6,440 and attack $6,500 in the medium-term. The consolidation is a good thing for the buyers but a breakout will place the price on the path of recovery in line with Mike Novogratz, a former banker from Wall Street prediction that Bitcoin price will trade around $20,000 in the period after the second quarter of 2019. Mike says that for Bitcoin to start to witness the impending recovery, it has to break out of $6,800 in addition to brushing shoulders with $10,000 by the end of 2018 as reported by FXStreet’s editor Tanya.

BTC/USD 61′ chart