Technical Analysis

BTC/USD Analysis – June 10, 2021

By LonghornFX Technical Analysis
Jun 10, 20213 min

Bitcoin Retesting Upward Channel!

The BTC/USD was closed at $37,347 after placing a high of $37,490 and a low of $32,673. BTC/USD reversed its course and jumped higher on Wednesday as bitcoin adoption was gaining ground in various countries, especially in Latin America, despite China and other major economies were banning cryptocurrencies. The bill by President of El Salvador Nayib Bukele that will recognize Bitcoin as a legal tender in the country passed Congress's votes with a supermajority.

According to Bukele, the government would allow up to 90 days to place a correct infrastructure. He said that all other businesses would have to accept bitcoin just like the U.S. dollar as it would be legal tender. He explained that if merchants go to Mexico, they will have to take pesos, and in the case of El Salvador, merchants could use bitcoin just like the U.S. dollar. He also announced that the government would also release an official BTC wallet; however, it will not be mandatory. The government also stated that about $150 million worth of bitcoin would be kept under a trust fund within its development bank to assume the risk of dealing with merchants.

On the other hand, Billionaire Marc Lasry has said that he wishes to buy more bitcoin. He said that the probability that more and more people were using bitcoin was keeping the prices up. He added that the rising pressure came in quicker than he thought it would, and he now wished that he would have bought more bitcoins. Furthermore, Iran was also looking for ways to introduce a legal framework for cryptocurrencies as bitcoin mining remained under restriction. The President of Iran, Hassan Rouhani, stressed the need to legalize the activities related to cryptocurrency to preserve and protect national interests. This news came in after EL-Salvador legalizes bitcoin and many countries started thinking about it too.

Additionally, the Business Intelligence firm MicroStrategy has eyes for more bitcoin investment as the CEO of the company, Michael Saylor, revealed that the firm was planning to add $400 million from the sale of senior secured notes later be used to buy more bitcoin. MicroStrategy holds about 92,079 bitcoins that were acquired at an average prieof$24,450 per coin. This news also added strength in BTC/USD on Wednesday.

BTC/USD Intraday Technical Levels

Support Resistance

32060.2 34257.4

30705.3 35099.7

29863.1 36454.6

Pivot Point: 32902.5

BTC/USD - Technical Outlook

On Thursday, the leading cryptocurrency pair BTC/USD is trading with a bullish bias at 37,115 level on the technical front. The leading crypto pair has closed three white solider’s candlestick patterns suggesting odds of bullish trend continuation. In addition to this, the BTC/USD has also crossed over the 50 periods EMA at 36,150 level, and now this level is working as a support. The leading indicators such as MACD are about to exhibit a bullish crossover, and this typically happens when the market trend shifts from bearish to bullish. For now, Bitcoin’s immediate support holds at 35,600, and below this, the next support stays at 34,745. At the same time, the resistance holds around 37,680 and 39,387 levels. All the best!


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