Symmetrical Triangle Breakout
The BTC/USD was closed at $33886.0 after placing a high of $35076.0 and a low of $33826.0. BTC/USD remained under pressure on Wednesday and placed loss for the day as Goldman Sachs said might surpass bitcoin as a store of value, but not gold. The analysts at Wall Street Investment Bank Goldman Sachs have outlined the reasoning behind the claim that Ethereum could eventually become a better store of value than Bitcoin. The note issued by the bank suggested that the bank has believed that Ethereum has a higher real use potential than any other cryptocurrency, and it was the most popular development platform for smart contract applications.
The bank said that Bitcoin might have its first-mover advantage and strong brand name; however, BTC lacks the real-use case. The bank also stated the reason behind that as the slow transaction speed of the Bitcoin blockchain, which is just seven transactions per second, while on the other hand, Ethereum could process 15-20 transactions per second.
On the flip side, Visa Inc. said on Wednesday that in the first half of this year, its customers spent more than $1 billion on its crypto-linked cards as the payments processor was taking steps to make crypto transactions smoother. The company announced that it was partnering with 50 cryptocurrency platforms that will enable its customers to convert and spend digital currencies at 70 million merchants worldwide.
Meanwhile, the International Boutique Hotel Group, Pavilions Hotels & Resorts, said that its guess can now pay for their accommodation with over 40 cryptocurrencies, including BTC and ETH, and the service will be available from July 07. This was done with the partnership of a cryptocurrency trading platform, Coindirect, to provide its clients the option of digital asset payments. Another favourable news regarding bitcoin was that workers in Argentina might receive their salary in BTC and store their wealth without the fear of inflation. A member of Argentina's National Congress announced that he had submitted a bill that would allow workers in a dependency relationship and exporters of services to have an option of receiving their full or partial salary in bitcoin.
Despite many favourable pieces of news on its hand, BTC/USD declined on Wednesday amid the recent power in the U.S. dollar and the latest statement from Goldman Sachs Investment Bank. The U.S. dollar remained above 92.84 level on Wednesday and weighed on BTC/USD.
BTC/USD Intraday Technical Levels
Support Resistance
33449.4 34699.4
33012.7 35512.7
32199.4 35949.4
Pivot Point: 34262.7
BTC/USD - Technical Outlook
The leading cryptocurrency pair is trading with a bearish bias at 32,986. As we can see on the chart above, Bitcoin has violated the symmetrical triangle pattern suggesting bearish bias. The breakout of the 33,750 support level is exposing bitcoin price towards the next support area of 32,750 level. A bearish breakout of 32,750 mark can expose the BTC/USD pair until 30,219 triple bottom pattern that can extend support. Conversely, the resistance is being extended by 50 EMA levels at 34,195 level. The MACD has entered the selling zone below 0, supporting a solid selling trend in Bitcoin. On Thursday, the investor's focus will stay on a triple bottom support level of 32,750 below this, and selling bias can further dominate. All the best!
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