50 EMA Crossover Drive Sellers
The BTC/USD was closed at $39,754 after placing a high of $39,965 and a low of $37,564. After declining for the previous four consecutive sessions, Bitcoin found some support, reversed its course on Wednesday, and turned green for the day. A crypto social trading platform, Bingbon has announced a partnership with a global cryptocurrency trading platform, Paxful, intending to make Bitcoin purchasing and other cryptos more convenient on its platform.
The partnership will also allow the users of Bingbon to take full advantage of Paxful’s fiat-to-crypto network. The partnership will enable the Bingbon users to fund their accounts directly with local fiat currency using Paxful’s vast payment methods. This partnership added strength to the prices of BTC/USD on Wednesday.
Furthermore, the world’s famous cryptocurrency exchange platform, Binance, has continued expanding its operations and announced a partnership with crypto-fiat hybrid payment platform Alchemy Pay, enabling Binance Pay users to pay millions of merchants with crypto. Alchemy Pay will allow peer-to-peer crypto transactions across over 2 million global merchants via the Binance Pay app.
This new partnership will incorporate a new crypto-to-fiat payment system into companies such as Shopify, mobile payment provider QFPay, software technology company Arcadier, and all are partners with Alchemy Pay. Meanwhile, Federal authorities in Russia were moving forward with a plan to closely monitor cryptocurrency activity for illegal transactions and de-anonymize the identity of crypto users.
Rosfin monitoring, the Russian Federal Financial Monitoring Service, has selected a contractor for developing a platform for tracking cryptocurrency activity.
According to the latest release, the country will allocate 14.7 million rubles, equal to $200,000 from its budget, to create a module for monitoring and analyzing cryptocurrency transactions using Bitcoin. This procurement contract was granted to a company referred to as RCO, reportedly indirectly backed by the Russian largest bank, Sber, formerly known as Sberbank.
Furthermore, Alex Mashinsky, the CEO of cryptocurrency lender Celsius Network reaffirmed that the price of bitcoin would hit $140,000 to $160,000 this year after it traded significant levels over the last few weeks. He reiterated that bitcoin was a perfect store of value and should be used as such and not for everyday transactions. These comments from Mashinsky added value in BTC/USD and pushed its prices higher on Wednesday.
BTC/USD Intraday Technical Levels
Support Resistance
38434.4 40159.4
37712.7 41162.7
36709.4 41884.4
Pivot Point: 39437.7
BTC/USD - Technical Outlook
On Thursday, the BTC/USD pair continues trading with a bearish bias at the 39,135 level. It’s gaining immediate support at the 38,650 level. Violation of this support level exposes the Bitcoin price towards the next support level of 36,345 level. A double bottom pattern gives this support level on the 4-hourly chart.
Speaking about resistance, it’s holding at 39,400 level, and bullish breakout of this level can expose Bitcoin price towards next resistance level of 39,950 level. The 50 period moving average is also pushing Bitcoin lower, as it extends resistance at 39,850 level. The closing of Tweezer’s top pattern on the 4-hour timeframe is suggesting selling bias among investors. Therefore, the bearish trend dominates below 39,850 levels today. The MACD is also supporting a selling trend in Bitcoin. All the best!
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