Major cryptocurrencies experienced a notable surge on Thursday evening following the news of Deutsche Bank’s (NYSE:DB) partnership with Taurus.
Deutsche Bank, Germany’s largest lender, revealed that it had submitted an application for a crypto custody license to BaFin in June, the country’s financial watchdog. The bank will leverage Taurus’ to effectively handle cryptocurrencies, tokenized assets, and digital assets.
Traders analyzed the impact of a ruling in the FTX court case that momentarily unsettled markets earlier this week.
Currently, the global crypto market capitalization stands at $1.04 trillion, a 0.87% increase in the last day.
The S&P 500 showed a solid increase of approximately 0.84%, reaching 4,505.10, while the Nasdaq Composite experienced a 0.81% upward movement, reaching 13,926.05. Traders reacted positively to the revival of Wall Street’s IPO market and the release of encouraging economic data.
Crypto analyst Michael Van de Poppe suggests that Bitcoin may experience a bullish breakout but cautions against a retest of the lows. This comes as Deutsche Bank also enters the Bitcoin market. Recent activity, according to van de Poppe indicates a sweep at $25,000, and it is crucial for Bitcoin to hold up at higher levels.
Specifically, it should maintain levels between $25,600-25,900, as there are likely to be significant stop orders triggering before any substantial movements occur.
Bitcoin seems likely for a breakout upwards, but some crucial levels need to break! #Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn’t retest the lows again.
On the day that Deutsche Bank is also getting in Bitcoin.… pic.twitter.com/AsIbkzzeLM
— Michaël van de Poppe (@CryptoMichNL) September 14, 2023
Crypto Tony shared that BTC is currently reclaiming the $26,600 level, which indicates a positive trend. However, he suggests waiting for the daily close before considering a long position, as it would confirm the sustainability of the upward movement.
If BTC manages to maintain its position above this level, Tony predicts a target of $27,500 for this upward price surge.
Pseudonymous analyst Cantering Clark, shares his optimistic outlook on the crypto market’s potential for a positive end to the year.
Furthermore, Clark predicts that a short squeeze is probable after the recent Bitcoin market correction, speculating a retest of the $25,117 level.
“I feel like the chances that the market smokes this level after the first major test is slim. Seems like the best area to trap sellers, and arguably the best place for long contextual R:R (risk/reward ratio). I’ll catch a falling knife.”
Produced in association with Benzinga
