Upward Channel Supports Bitcoin
The BTC/USD was closed at $45,612.0 after placing a high of $46,674.0 and a low of $44,644.0. BTC/USD reversed its course on Tuesday and turned red for the day after rising to its highest since the mid of May. On Tuesday, the administration of President Joe Biden has announced that it supports a harsher tax regulation policy on cryptocurrencies.
The Senate was discussing ways to tackle the crypto business in the United States. The White House prompted a cryptocurrency tax which is part of the Senate Infrastructure Bill that was presented to leverage the U.S. economy. The original bill required the digital asset brokers to report crypto capital gains.
On the other hand, the former President of the Chilean Central Bank, Jose Gregorio, wrote an article demonstrating several misunderstandings about the leading cryptocurrency Bitcoin. He noted that it was essential to highlight the distinction between bitcoin and other cryptocurrencies. The leading crypto has unique characteristics and was separated from the rest of the market by functionalities that belong solely to bitcoin’s protocol.
The article supported the leading cryptocurrency and defended it against the belief that bitcoin could not be used worldwide to buy all sorts of goods and services. He said that bitcoin has a short lifespan of 12 years compared to fiat currencies, and in this short time, it has achieved much success.
Talking about three principles and functionalities of money, he said that gold was about 100 years old and did not fulfil all those properties. How could people expect bitcoin to reach maturity in these three properties in just 12 years. He also gave many supporting answers to bitcoin critiques regarding other issues and said that bitcoin was the future of money. This article in support of bitcoin pushed BTC/USD further higher towards the $46,000 level.
BTC/USD Intraday Technical Levels
Support Resistance
43912.6 47552.8
41532.2 48812.6
40272.4 51193.0
Pivot Point: 45172.4
BTC/USD - Technical Outlook
The leading crypto pair BTC/USD is trading with a bullish bias at a 45,923 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. The technical side of Bitcoin is mostly unchanged, and it’s keeping the prices mostly steady.
At the moment, Bitcoin immediate 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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