Bitcoin (BTC) started today’s trading with a short-term upside correction from the $11,100 level of support as it managed to climb to $11,400.
The top crypto even managed to form a high near $11,540 before facing some resistance that resulted in a slight downtrend. At the time of this article’s writing, the BTCUSD pair is trading at $11,314.
BTCUSD Price Chart | Source Tradingview
The bulls now face a major hurdle near $11,500, and a close above this crucial level is a must to increase the chances of a fresh uptick.
A recovery above $11.5K could see the BTC price attempt an upside break towards $11,700 in the near term.
On the contrary, if the world’s leading digital asset fails to clear $11,500, there could be a bearish reaction that would drive BTC toward the $11,330 level of support.
Stocks Capitalize on Bitcoin Price Rally
BTC has emerged as one of the most lucrative assets globally as it rallied by over 70% this year to a temporary break above $12K. This uptick is mainly attributable to increased interest in BTC among institutional investors.
In a recent survey, most European and U.S investors expressed interest in incorporating BTC into their portfolios.
The hype surrounding BTC has prompted several leading players in the stock markets to consider offering Bitcoin options along with other traditional investments.
For instance, CME, one of the world’s largest financial derivatives exchanges, started offering BTC futures contracts earlier this year.
Similarly, Fidelity Investments recently filed paperwork for a new Bitcoin Index Fund through its crypto subsidiary business (Fidelity Digital Assets).
Other top companies offering investors with exposure to the Bitcoin market include graphics processor units’ manufacturer NVidia and payment startups such as PayPal and Square Inc.
LINK Price Forms Strong Support Base
Chainlink (LINK) endured a significant downside correction in the past week that drove prices to lows of $13.39.
Since then, the sixth largest crypto on CoinMarketCap started moving higher and even surpassed the $14.50 resistance.
The LINKUSD pair is currently up 2% at its price of $14.79 but still faces strong resistance near the $15.65 level.
LINKUSD Price Chart | Source Tradingview
That said, the asset has formed a strong base of support within the mid-$13 zones, and shows signs of an imminent uptick.
The recent rebound that saw LINK break above the resistance at $14.50 prompted crypto analyst Credible Crypto to predict that the altcoin will likely push up towards $19.00 in the near term.
