Technical Analysis

BTC/USD Analysis – December 31, 2021

By LonghornFX Technical Analysis
Dec 31, 20213 min

Bitcoin Price Prediction


The BTC/USD closed at $47,156.0 after hitting a high of $47,911.0 and a low of $45,996.0. Bitcoin reversed its course on Thursday after dropping for three consecutive sessions and turned green with minimum gains. The CEO of Tesla, Elon Musk, has recently shared his views about who he thinks is the real Satoshi Nakamoto. 

Bitcoin was created in 2009 by an anonymous person whose identity is still a mystery, and during an interview, Musk guessed that a computer scientist named Nick Szabo might be that unknown creator of bitcoin. He said that he was unaware of Nakamoto's real identity, but if he had to guess, then he would take Szabo's name as he ticks all the boxes that indicate he could be the founder of BTC.

Szabo proposed the creation of a digital currency in 1998, and at that time, scientists named the currency "BitGold." Musk believes that Szabo was more responsible for the idea behind Bitcoin than anyone else. Meanwhile, according to Thursday's filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy has revealed that it purchased 1914 BTC between Dec. 9 and Dec. 29 for $94.2 million, which brings its total holdings to 124,391 BTC. The company's holdings are valued at roughly $5.9 billion, representing more than $2.1 billion in gains. 

Furthermore, the Central Bank of Mexico has announced that it will have its digital currency in circulation by 2024. According to the federal government, these new technologies and next-generation payment infrastructure are essential. The financial regulations of Mexico block banks from dealing with other cryptocurrencies as their central bank is developing a similar alternative to cryptocurrencies. Most of the news fragments came in favour of Bitcoin on Thursday. Hence, BTC/USD reversed its course and turned green after declining for three consecutive sessions.

BTC/USD Intraday Technical Levels

Support Resistance

46131.0 48046.0

45106.0 48936.0

44216.0 49961.0

Pivot Point: 47021.0

BTC/USD - Technical Outlook 

On Friday, the BTC/USD is supported above the 46,915 level, having surged above the 47,021 pivot point level. On the higher side, the BTC/USD may find immediate resistance at the 47,969 level, and a break above this exposes the coin towards 48,825 or 49,879 resistance levels.

On the downside, 46,915 is acting as a major support and a break below this exposes the coin towards the 46,058 level. The RSI and StochRSI are holding above the 50 level, supporting an uptrend in Bitcoin. Therefore, the bullish bias dominates over the 46,915 level and vice versa. All the best!


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