Following the recent massive jump, BTC/USD is now trading in a narrow range, between 570 and 580 levels. It currently trades at 576.29 levels at the time of writing.

Ichimoku analysis of the daily chart (Bitstamp) shows:

Tenkan-Sen level: $559

Kijun-Sen level: $514

Trend reversal level - (90 day EMA)-$465

BTC/USD remains bullish in the long term and will face a major resistance at $600 levels. A consistent break above this level, will see the pair targeting targets $613/$654 (50% retracement of $1163 and $152). On the other hand, short-term support is seen at $559 levels and any violation below will drag the pair till $525/$514 (21 day MA).

Henry Brade, bitcoin enthusiast and founder of Coinmotion.com, has outlined ten reasons to buy bitcoins now in a blog post. Among other reasons, he emphasized the importance of halving of bitcoin rewards that is estimated to take place on July 10th.

“The maximum amount of bitcoins is 21 million and there will simply be no more. To this date 15,5 million bitcoins have been created. This absolute scarcity of bitcoins is one of the biggest reasons why they are such a good investment”, Brade said. “The halving is one of the most significant Bitcoin events of 2016 and it is accompanied by a lot of price speculation. Now is a good time to stay updated on the events of the Bitcoin world.”