Intraday Pivot Point Breakout at $48,085 Level
After reaching a high of $49,650.0 and a low of $47.844.0, the BTC/USD pair was closed at $48,800.0. Despite the dearth of encouraging developments around the Bitcoin ecosystem, BTC/USD stayed depressed and range-bound during the weekend, showing minimal movement.
According to reports, China has intensified its crypto crackdown, issuing a notice to the general public reminding them that Bitcoin and other digital assets are not legal cash and have no actual value.
Yin Youping, deputy director of the People's Bank of China's Financial Consumer Protection Bureau, has stated that the central bank will keep a high scenario and continue to crack down on digital currency-related activities. The China Banking and Insurance Regulatory Commission were also reported to be collaborating with the People's Bank of China to establish mechanisms for monitoring and preventing cryptocurrency use.
Furthermore, local governments in China have begun to take aggressive measures to halt the crypto activity, with Yingjian County administrators recently requesting that hydropower plants cut off supply to bitcoin miners in the area. China's crypto crackdown has been dragging on the entire crypto market recently, and the top cryptocurrency Bitcoin has taken a hit as a result.
Meanwhile, the decline in BTC/USD over the weekend could be due to a recent report from Australia, which stated that cryptocurrency frauds cost the country $25 million in the first half of 2021. According to a report by the Australian Competition and Consumer Commission, investment scams hit new highs in Australia this year, with most of them involving digital assets.
In addition, the Brazilian Federal Police arrested five citizens and seized digital assets worth $28.7 million. The operation, dubbed "Operation Kypros," was the greatest digital asset seizure in Brazilian history. Local authorities detained five people after searching 15 separate places and carrying out the country's largest-ever digital asset seizure. The defendants were convicted of fraud and cryptocurrency scams. One of them was the owner of a bitcoin consulting firm that offered investors up to 15% returns on their investments. BTC/USD fell even further over the weekend as a result of this news.
Another negative story concerning Bitcoin's environment was about enormous anti-bitcoin protests in El Salvador's streets. Only nine days remain until bitcoin becomes legal cash in El Salvador, and the country's president, Nayib Bukele, has been preparing for the day. However, anti-bitcoin protests against the imminent bitcoin law have flooded the country's streets. Despite Bukele's assurances that the bill will benefit the people and save the country closer to $400 million in remittance commissions while also ensuring safe financial transactions, the people of a country appear to disagree with him and have taken to the streets to protest the law. Over the weekend, this news added to the downward pressure on BTC/USD prices.
BTC/USD Intraday Technical Levels
Pivot Point: 48764.7
BTC/USD - Technical Outlook
On Monday, the leading cryptocurrency BTC/USD was trading with a bearish bias at the 47,990 level, having violated the pivot point support level of 48764 level. On the downside, the pair is facing another support at the 47,707 level. However, the 47,707 support level breakout exposes the BTC/USD pair to 47,068 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 48,086 resistance level exposes the Bitcoin towards the 48764.7 and 49,484 levels. The RSI and 50 EMA support a selling bias. Therefore, the focus should remain on 48,086 as the selling bias remains dominant below this level 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.