Bitcoin on a Bearish Run
After reaching a high of $48,915.7 and a low of $46,904.0, the BTC/USD pair was closed at $47,008.0. During the latest sell-off in the cryptocurrency market, BTC/USD resumed its bearish trend for the third session, dropping below on Monday.
Bitcoin prices fell on Monday as citizens of El Salvador took to the streets to protest the planned Bitcoin Law, which is slated to go into force on Sept 7. Following that date, all economic interests in the nation will be supposed to accept Bitcoin as a form of payment alongside the dollar.
According to El Salvador's President, Nayib Bukele, the new legislation will benefit the people and save $400 million in remittance fees. He also stated that the regulation would ensure that financial transactions are quick and secure.
Despite the ostensible benefits, hundreds of protestors came to the streets to voice their opposition to the measure. Workers, retirees, and veterans made up most protesters, raising worries about Bitcoin's volatility and instability. On Monday, this news added to the downward pressure on BTC/USD values.
Meanwhile, John Paulson, a millionaire portfolio manager, has openly questioned cryptocurrencies' unpredictable character. Instead of bitcoin, he urged prospective investors to choose traditional financial assets such as gold. Cryptocurrencies, according to Paulson, have a finite amount of nothing and no intrinsic value. He advised against investing in cryptocurrencies, citing the assets' increased volatility as the reason. BTC/USD values fell on Monday due to these nasty remarks from a billionaire portfolio manager.
In addition, Bill Gurley, a venture capitalist, and partner at Benchmark, a Silicon Valley venture capital company in San Francisco, California, has expressed his thoughts on cryptocurrency. He stated that he was late to the crypto game since he didn't devote enough time. He stated that he conducted extensive research before deciding on Ethereum over bitcoin. The venture investor stated that it was a personal investment rather than one for his company, and he also declined to reveal the total sum put in ETH. The notion that the Ethereum crowd convinced him weighed on Bitcoin prices a little, resulting in a loss of BTC/USD on Monday.
BTC/USD Intraday Technical Levels
Support Resistance
47879.4 49685.4
46958.7 50570.7
46073.4 51491.4
Pivot Point: 48764.7
BTC/USD - Technical Outlook
On Tuesday, the leading cryptocurrency BTC/USD is trading with a bearish bias at the 47,166 level, having violated the pivot point support level of 47,600 level. On the downside, the pair is facing another support at the 46,267 level. However, the 46,267 support level breakout exposes the BTC/USD pair to 45,531 and 44,207 support zones.
Moreover, an additional breakout of 44,207 levels exposes the BTC towards 43,050 support levels. Conversely, the breakout of the 47,600 resistance level exposes the Bitcoin towards the 48,327 and 49,650 levels. The RSI and 50 EMA support a selling bias. Therefore, the focus should remain on 47,600 as the selling bias remains dominant below this level and vice versa. All the best!
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