Search ForexCrunch
  • G20 has committed to closely monitor developments of cryptocurrencies and their impact on the world economy.
  • Bitcoin price is reacting to the double-top pattern with immediate resistance at $7,750.

Bitcoin price is surging higher on Monday, although the same cannot be said about other coins and altcoins, which are struggling after last week’s bullish trend. Bitcoin has jumped over 4% on the day, besides the trend remains strongly bullish. BTC/USD is also trading a double top pattern at the moment. Slight downside corrections are likely to occur before the price attacks $7,800 and eventually $8,000.

In other news in the market, the G20 group of countries Finance Ministers latest stance on cryptos is that they are optimistic but at the same time cautious. This comes after a report from the G20 meeting currently being held in Argentina was published. The report states that:

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”

On the flipside, the report also notes that the digital assets bring up various concerns especially due to their volatility nature. It says that cryptos “do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.” And that the assets that are decentralized “lack the key attributes of sovereign currencies.” The G20 has said that is going to continue studying the impact of the cryptocurrencies on the economy of the world. Moreover, it will closely monitor developments in the industry.

“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates by the FSB and the SSBs and look forward to their future work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed.”

Bitcoin price analysis

Bitcoin price has started reacting to the double-top pattern, however, the general trend is bullish. Similarly, the stochastic on the 4-hour chart is at 89% and still advancing upwards. However, the moving averages are sending bearish signals in the short-term with the 200 SMA having crossed above 100 SMA. Bitcoin price struggled above $7,400 before breaking out above $7,600 and eventually $7,700. At the momentum, the immediate resistance is $7,750, while the next target is at $7,800.

BTC/USD 4-hour chart