Some Profit-Taking Sends Pair Down on Friday

Fol­low­ing the attain­ment of new record highs on Wednes­day, some prof­it-tak­ing is now in progress as the BTC to GBP pair los­es 1.91% as of writ­ing. The pre­vi­ous day’s price action saw the pair shed 5.41% after the ear­ly birds opt­ed to cash out some posi­tions in the uptrend. 

The BTC/GBP pair has seen sig­nif­i­cant upside moves in recent days due to the approval of Bit­coin ETFs by the US Secu­ri­ties and Exchange Com­mis­sion (SEC). This move makes Bit­coin avail­able for trad­ing on US exchanges as part of an exchange-trad­ed fund, ren­der­ing it trad­able as a stock. This also opens the doors for insti­tu­tion­al mon­ey to flow into Bit­coin in a ful­ly reg­u­lat­ed envi­ron­ment, just as is the case for US stock trading.

BTC/GBP is expect­ed to end the week high­er despite the down­turn of the last two days.

BTC to GBP Outlook

The cor­rec­tion in the BTC to GBP pair is now chal­leng­ing sup­port at 43917. A break­down of this lev­el allows the bears to aim for 42531. Addi­tion­al down­side tar­gets are found at 40494 and 38075, with 36306 also com­ing into the pic­ture if the decline is more extensive.

On the oth­er hand, a bounce on 43917 allows the bulls to resume the recov­ery. A break of the 47201 resis­tance and the all-time high at 48426 allows the uptrend to con­tin­ue. Such a sce­nario will see 50361 and 52719 becom­ing the bar­ri­ers in record ter­ri­to­ry that serve as new targets.

BTC/GBP Pair: Daily Chart

Fol­low Eno on Twit­ter.