Bitcoin Bullish Bias Continues to Dominate
The BTC/USD was closed at $46293.0 after placing a high of $46432.2 and a low of $42792.0. BTC/USD resumed its bullish momentum on Monday and reached above the $46,000 level amid the recent improvement in the cryptocurrency space. On Monday, U.S. Senator Rob Portman announced that the key senators had reached an agreement on IRS reporting rules for cryptocurrencies. Sparing the details, the industry regulators were now confident about who will be and who will not be a broker in the blockchain business. The cryptocurrency miners and stakers will be considered brokers by the U.S. federal government.
On the other hand, AMC Entertainment has announced that its customers can buy movie tickets and concessions in bitcoin if purchased online at all of its U.S. theaters. According to an announcement made by CEO Adam Aron, the movie theater chain will integrate IT systems in place that will enable the acceptance of bitcoin as a payment option by the end of 2021. This news added further strength in BTC/USD and pushed its price higher.
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.
Furthermore, a non-profit organization named Bitcoin Cash Argentina, which aims to increase the knowledge and adoption of cryptocurrency, has successfully arranged funds for its second Flipstarter campaign. The company expressed its gratitude to everyone who donated the amount via a Twitter account. The company gathered 250 bitcoin cash to support its operations to help the company reach its newly set goals. The new campaign has established an aim of adding 250 new merchants on board shortly. His announcement also added some strength to the already rising prices of BTC/USD.
BTC/USD Intraday Technical Levels
Pivot Point: 45172.4
BTC/USD - Technical Outlook
On Tuesday, the leading crypto pair BTC/USD is trading with a neutral bias at a 45,523 level. Bitcoin is maintaining a narrow trading range of 46,745 – 45,180 levels. A bearish breakout of 45,182 levels exposes the BTC/USD towards the next support area of 43,750 and 42,550 levels. At the same time, the resistance continues to hold around 46,750. The bullish crossover of this level has the potential to expose BTC prices towards 48,880 and 49,825 levels.
The 50 days simple moving average is providing support at 41,317 levels. Since the current market price of BTC is above 50 SMA, it’s suggesting a solid bullish trend in Bitcoin. Lastly, the MACD is still trading in a buying zone, holding above 0, indicating a bullish trend in Bitcoin. Thus, the bullish bias dominates in Bitcoin, and investors will be keeping close eyes on the 46,745 – 45,180 level. All the best!
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