Symmetrical Triangle Pattern
The BTC/USD was closed at $34,758.0 after placing a high of $34,762.0 and a low of $33,561.6. Bitcoin surged on the weekend but with minor gains on hand and remained under consolidation as investors kept the coin moving in a tight range for the weekend. The U.S. Department of States’ undersecretary of state for political affairs, Victoria Nuland, has revealed through a press conference that the United States has urged El Salvador to be liable for the new law issued by the country. Nuland told the press that the U.S. was taking a tough look at bitcoin, and the Salvadoran president Nayib Bukele should also ensure that bitcoin was well regulated. Victoria Nuland said that she had a meeting with President Nayib Bukele over the crypto-asses bitcoin. She stressed to Bukele that the U.S. took another rugged look at bitcoin after the Colonial Pipeline ransomware case. She advised the president that regulations must be implied and that there should be transparency.
The world leaders have had issues with the new law signed by El Salvador. Even the World Bank rejected a request from El Salvador for assistance. The President of ECB, Christine Lagarde, also discussed the subject with disparagement as she reiterated that the ECB’s policy towards bitcoin has not changed. On the other hand, New York University professor Aswath Damodaran has stated in a recent interview that bitcoin has been neglected as a currency because it cannot be used to buy anything.
Furthermore, the news shocked the crypto market that fraudsters operating on the Darknet were now trading coronavirus vaccines and vaccination passports in exchange for digital assets. Some users on the notorious website Darkweb were reported to sell falsified vaccine certificates for coronavirus and stolen doses of vaccines in exchange for a variety of cryptocurrencies. The report suggested that one can buy ten shots of AstraZeneca product for $250 of equivalent cryptocurrency.
Conversely, the Global Investment Bank JP Morgan has anticipated that the recent price slump in bitcoin is expected to be over when the cryptocurrency’s dominance grows back over 50%. The analyst at JPMorgan explained that the declining trend in bitcoin would probably end when the cryptocurrency’s market share of all cryptocurrencies climbs back above 50%. He said it was near 60% at the beginning of April, and now the low market share was a negative signal that suggested a subdued interest in bitcoin.
As per the report by Tasnim News Agency, the Iranian Parliament has prepared a bill that will ban the use of cryptocurrencies such as bitcoin for payments. The new bill drafted by Iranian lawmakers will prohibit all non-national cryptocurrencies for payments within the country. The primary motive behind the new bill was that the country was mulling over issuing its digital currency.
BTC/USD Intraday Technical Levels
Support Resistance
35124.6 35617.6
34960.3 35946.3
34631.6 36110.6
Pivot Point: 35453.3
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BTC/USD - Technical Outlook**
On Monday, the BTC/USD pair is trading with a slight bearish at 34,2886, gaining support at 32,445. The technical side of Bitcoin remains primarily unchanged as it continues trading choppy in between a symmetrical triangle pattern. The support level is extended by an upward trendline on the 4- hour timeframe at 32,445 level. The Bitcoin is trying to cross below 50 periods EMA that’s extending immediate support at 34,250. The bearish crossover of the 32,245 support level can expose Bitcoin price towards the next support area, 30,565 and 29.244 support areas. At the same time, the breakout of 36,650 resistance can expose BTC toward 38,555 areas. All the best!
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