Daily Pivot Point Breakout at $48,279 Level
The BTC/USD reached a high of $48,244.0 and a low of $48,158.0 before closing at $48,989.0. On Wednesday, the BTC/USD pair went green and stayed range-bound throughout the trading session. The use of bitcoin is growing as institutional investors shift their portfolios to digital assets, which has pushed the BTC/USD exchange rate higher. The global use of cryptocurrencies has exploded in the previous year, and Argentina and Venezuela, two Latin American countries, were listed among the top ten countries globally with the highest percentage of cryptocurrency users.
Vietnam topped the list, with India and Pakistan coming in second and third, respectively. Venezuela was ranked seventh, while Argentina was ranked tenth. On Wednesday, the growing popularity of cryptocurrencies boosted the entire crypto market, pushing BTC/USD prices higher.
On the other side, Koh Seung-beom, the Chairman of the Financial Services Commission, thinks that digital assets would not act like financial instruments. Therefore, they cannot be classified as financial assets because they do not function as real currency.
The President of Korea nominated Koh Seung-beom to become the Chairman of the FSC, but he expressed reservations about cryptocurrencies' ability to play a successful role in the economy. He also sided with the IMF's assessment because virtual assets are not yet ready to be used as national currencies.
The International Monetary Fund (IMF) has stated that bitcoin and altcoins are unpredictable and hazardous investments but can diversify a portfolio and generate considerable returns. Digital assets, according to the IMF, have a chance to prosper in nations with shattered economies and uncertain inflation. On Wednesday, additional increases in BTC/USD were stopped by mixed remarks from the IMF and unfavorable comments from Koh Seung-beom.
Meanwhile, El Salvador's Central American Bank of Economic Integration (CABEI) also urged other institutions to monitor bitcoin's influence on remittance costs. Remittances are a key part of El Salvador's Bitcoin adoption program, according to the bank. Dante Mossi, the executive president of CABEI, believes that if bitcoin succeeds in lowering the cost of remittances, other countries will seek to follow El Salvador's lead. He even described the country's acceptance of bitcoin as an "out of this world experiment" that may transform the country's financial industry. BTC/USD gained further more momentum as a result of Mossi's statements.
BTC/USD Intraday Technical Levels
Pivot Point: 48463.7
BTC/USD - Technical Outlook
The leading cryptocurrency pair, BTC/USD, is trading sharply bearish at 47,090 level, having violated the pivot point support level of 48,279 level. On the downside, the pair is facing another support at the 47,091 level. However, the 47,091 support level breakout exposes the BTC/USD pair towards the 46,267 and 45,440 support zones.
At the same time, a further breakout of 45,440 levels exposes the BTC towards 44,850 support levels. In contrast, the breakout of the 48,275 resistance level exposes the Bitcoin towards 49,484 and 50500 levels. The RSI and 50 EMA are supporting a selling bias. Therefore, the focus should remain on 48,200 as the selling bias remains dominant below this level. All the best!
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