There were quite a lot of factors in the market recently. In particular, Coinbase, the largest exchange in the world, has been approved to list tokens that are categorizes as securities. Meanwhile, cryptocurrency-friendly David Solomon moves into the chief executive role at Goldman Sachs. Japan’s LINE is reported to launch a cryptocurrency exchange BitBox this month, while BlackRock has formed a team to look into the industry.
The long-awaited series of headlines, highlighting the growing interest in the industry from the institutional investors, indicates an improving outlook for the market which suffered a major decline since mid-December. However, in the short-term charts, is signaling overbought conditions already, which coupled with is in the overbought zone, may warn about the return of selling pressure in the short term, especially considering a strong resistance around $7,800.