BTC Violates Symmetrical Triangle Pattern
The BTC/USD was closed at 63518 after placing a high of 63518 and a low of 59900. Bitcoin broke its previous all-time high (ATH) level and reached above $63,500 level on Tuesday ahead of the listing of Coinbase shares in the U.S. The listing of the largest U.S. cryptocurrency exchange on the Nasdaq on Wednesday was considered a landmark victory for cryptomarket advocates. Bitcoin is the largest cryptocurrency globally, and its acceptance as an investment and means of payment is growing rapidly. On Tuesday, Bitcoin prices rose about 5% and reached an ATH of $63,000.
The listing of Coinbase on Nasdaq will mark a turning point for the cryptocurrency industry, and this optimism has led to a recent hike in BTC prices on Tuesday. This month, the overall market capitalization reached above $2 trillion, which was also an ATH peak. The increased popularity of Bitcoin is driving its prices higher, and the whole cryptocurrency market is getting benefits from it.
Talking about the increased popularity of Bitcoin, the Grayscale Fund manager has announced a partnership with New York TIME Magazine. This partnership is expected to produce an educational crypto video series. Another interesting fact about this partnership was that the company would be paid in Bitcoin, and it will be the first media industry to receive payments in Bitcoin.
On Monday, MicroStrategy’s CEO and founder, Michael Saylor have announced that after making a big purchase of 100,000 bitcoins in several months, the Nasdaq listed business intelligence giant will start paying its non-employee directors in Bitcoin instead of cash. Given this news, the host of CNBC, Jim Cramer, has also said that he wanted to be paid in bitcoin. This report also resulted in rising prices of Bitcoin on Tuesday.
Furthermore, on the U.S. dollar front, the greenback remained weak across the board due to declining U.S. treasury yields on the day. The 10-year U.S. Treasury yield fell to 1.618% and dragged the U.S. dollar with itself that added further gains in the rising prices of BTC/USD.
BTC/USD Intraday Technical Levels
Pivot Point: 62312.0
BTC/USD - Technical Outlook
The BTC/USD has traded in line with April 14 analysis as it successfully violated the symmetrical triangle pattern on the 2-hour timeframes. Currently, the BTC/USD pair is trading at 64,300 level, and it’s likely to face immediate resistance at the 64,829 level. A bullish breakout of 64,829 levels can drive move upward movement until 65,948. However, the RSI and MACD values suggest the pair has entered the overbought zone, and it may require investors to kick in profit-taking. Considering this, the odds of bearish correction also stays strong below 64,829 level today. On the downside, the BTC/USD pair is likely to gain support at the intraday pivot point support level of 62,312. All the best!
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