With Coinbase getting set to launch its public listing on the Nasdaq tomorrow, investors are on the edge of their seats for what they hope could be a massive milestone for the adoption of Bitcoin (BTC) and cryptocurrencies in general. This event would be the first time in history a cryptocurrency exchange as big as Coinbase carried out this undertaking.
Coinbase has recorded significant growth over the past year leading up to its IPO, including reporting a $1.8 billion revenue for Q1 of 2021 alone. For context, the whole of 2020 saw just about $1.3 billion in revenue for the company.
The goodish revenue reports in Coinbase occurred alongside a spike above the crucial $60k mark for the primary cryptocurrency.
That said, with the recent launch of the crypto lobby group Crypto Council for Innovation by Fidelity, Square, Coinbase, and Paradigm, hopes have gotten ignited that new regulations would be more industry-friendly and could create a new target price for Bitcoin.
Matt Blom, the Head of Sales at Nasdaq-listed asset company Diginex, recently noted that:
“$70,000 is the new target for the bulls. Every month this year has so far registered a new all-time high.”
Key BTC Levels to Watch — April 13
Bitcoin has finally cleared the $60k mark in an unprecedented rally, ahead of the Coinbase listing. The bullish momentum accelerated following the break above the $61 mark, which saw the cryptocurrency secure a 4.6% climb today.
That said, the rally seems to still be in its beginning phase, as bulls set their eyes on the $65,000 level. Based on our MACD indicator, BTC is still far from overheating conditions meaning that a bullish continuation will likely resume following the current consolidation below the $63,727 area (the new all-time high).
Meanwhile, our resistance levels are at $63,727, $64,000, and $65,000, and our key support levels are at $63,000, $62,550, and $62,000.
Total Market Capitalization: $2.19 trillion
Bitcoin Market Capitalization: $1.18 trillion
Bitcoin Dominance: 53.9%
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