Double Bottom Pattern to Support at 43,800
After hitting a high of $46,007.8 as well as a low of $44,290.0, BTC/USD was finished at $44,744.0. BTC/USD remained downward for the fifth straight session on Wednesday, with a neutral movement for a day. A creator and operator of the bitcoin mining business, Helix was convicted guilty of money laundering charges. Larry Dean Harmon's guilty plea came after the US Treasury's Financial Crimes Enforcement Network fined him $60 million last year.
Larry Harmon agreed to plead guilty to money laundering and conspiring counts, according to the court-issued plea. After being charged with operating a bitcoin blending service named Helix from 2014 to 2017, Harmon stated that he intended to cooperate with federal investigators.
According to US prosecutors, more than $300 million in bitcoin was allegedly deposited into Helix then anonymously transmitted out. On the other hand, using a double-blind system leaves the operator uninformed of how much BTF is being routed, according to Harmon's defense attorney. On the other hand, the perpetrator admitted to breaking the law while knowing it was money laundering and narcotics revenues. He didn't know how much money had been laundered. This news hurt BTC/USD on Wednesday, causing its prices to fall.
The CEO from one of the world's top financial organizations predicts that Ethereum will eventually surpass Bitcoin. Ethereum has potential, according to Nigel Green, and it is projected to outperform the pioneering cryptocurrency in the future. He went on to say that Ethereum had already surpassed the leading crypto this year, citing the percentage difference in their market performance.
Ethereum has increased by around 240 percent this year alone, according to Green, while Bitcoin, the leading cryptocurrency, has risen by less than 38 percent in the same time frame. The trend is projected to continue until the end of the year, and he believes it will eventually exceed Bitcoin. This news also put downward pressure on BTC/USD, dragging the coin lower.
On the other hand, United Wholesale Mortgage, one of the most well-known mortgage lenders in the United States, has announced its intention to be the first American mortgage lender to accept bitcoin and other cryptocurrencies as payment by the end of this year. The corporation stated that they hoped to implement cryptocurrency adoption ahead of the country this year. BTC/USD fell even further on Wednesday as a result of this news.
Furthermore, the US Dollar's rise in value following the release of the FOMC Meeting Minutes on Wednesday added to the pressure on BTC/USD. The dollar gained to 93.26 as minutes suggested that Fed officials were leaning toward slowing down asset purchases. Because both have a negative connection, the strength of the US dollar kept BTC/USD lower throughout the day.
BTC/USD Intraday Technical Levels
Pivot Point: 45440.7
BTC/USD - Technical Outlook
The leading crypto currency pair, BTC/USD, is trading with a bearish bias at the 44,178 level. The pair has violated the pivot point support level of 44,888. On the support side, the BTC/USD’s immediate support prevails at 43,800 and a breakout below this level exposes the pair towards 43,093 and 42,000 levels.
On the upper hand, the breakout of the 44,880 resistance level exposes the Bitcoin towards 45,600 and 46,684 levels. The Stochastic indicator is supporting a selling bias in Bitcoin. However, the major focus will remain on the 43,800 support level. The bearish bias remains dominant below 43,800 and vice versa. All the best!
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.