Bullish Bias Dominates
The BTC/USD was closed at $43,895 after placing a high of $45,199 and a low of $43,252. Bitcoin and Ether touched their highest marks in more than two months following a significant Ethereum upgrade. The bullish bias dominates even in the face of uncertainty over crypto laws in the U.S. infrastructure system.
Bitcoin grew as much as 3.1% to $45,328 during the weekend, its highest level since May 18. Ether grew as much as 3.5% to $3,191, reaching for a fifth day amid the Ethereum network’s London upgrade, which diminishes the pace of extension in the coins.
Christopher Giancarlo, a previous commissioner with the Commodity Futures Trading Commission (CFTC) has claimed that crypto regulation does not come beneath the authority of the SEC. These remarks came in after the U.S. Securities and Exchange Commission extended the scope of oversight of the cryptocurrency business.
The previous CFTC Chairperson has demonstrated that the CFTC was the only governing agency in the United States with expertise regulating exchanges for Bitcoin and other cryptocurrencies. CFTC commissioner Brian Quintenz also announced that cryptocurrencies like Bitcoin should be regulated by the CFTC instead of the SEC.
A report recommended that the financial advisors at JPMorgan Chase were permitted to begin placing private bank clients into a new bitcoin fund that was the creator with the guidance of crypto firm NYDIG. The news had a meaningful influence on BTC/USD prices. The banking giant had earlier been against the digital asset market, although its conversion to provide bitcoin exposure to its wealthy customers in high demand appended market sentiment.
BTC/USD Intraday Technical Levels
Support Resistance
40565 44042
38475 45422
37095 47515
Pivot Point: 41949.7
BTC/USD - Technical Outlook
The BTC/USD pair continues trading on Monday with a dramatic bullish bias at the 43,453 level. It’s gaining immediate support at the 42,650 level. Violation of this support level exposes the Bitcoin price towards the next support level of 41,945. An intraday pivot point level extends this level. On the resistance side, it’s holding at the 44,020 level, and a bullish breakout of this level can expose Bitcoin price towards the next resistance level of 45,235.
The 50 period moving average is also pushing Bitcoin higher, as it extends support at 40,550 level. The closing of bullish engulfing pattern on the 4-hour timeframe is suggesting bullish bias among investors. Therefore, the bullish trend dominates above 41,949 levels today. The MACD is also supporting a bullish trend in Bitcoin. All the best!
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