50 EMA & Downward Trendline Pressures Bitcoin!
The BTC/USD was closed at $34656.6 after placing a high of $35137.2 and a low of $32530.0. Bitcoin extended its rally for the third consecutive session and moved higher above the $35,000 level on Thursday. The latest news that encouraged the upward momentum in bitcoin was that Brazil had become the second country inside America to launch a bitcoin exchange-traded fund. The Securities and Exchange Commission of Brazil authorized QR Capital's bitcoin ETF to begin trading on the Sao Paulo-based B3 exchange. This news added strength to the already increasing prices of BTC/USD on Thursday.
On the other hand, the U.S. Securities and Exchange Commission has still not approved a bitcoin exchange-traded fund as it recently delayed its rulings for the second time on VanEck. The global reach of cryptocurrencies extends with exchange-traded funds in Canada and Brazil, while the United States is struggling with deciding in favor of ETFs.
Meanwhile, according to a report on Bloomberg, the Winklevoss twins, including Tyler and Cameron Winklevoss, acquired $4 Million in carbon credits through the cryptocurrency exchange they founded, Gemini. The purchase was made to counterbalance the bitcoin held in custody at the exchange. This came in after Tesla CEO Elon Musk highlighted bitcoin's carbon footprint in May, triggering a bearish trend in the whole crypto market.
On the other hand, the President of El Salvador, Nayib Bukele, defended and explained the Bitcoin law. Some analysts say that he explained the law in a way that left a little doubt behind; however, some analysts praised it and said that the law was thorough and was made while keeping in mind all kinds of people, including people without bank accounts.
Furthermore, the New York Digital Investment Group has announced its partnership with Q2, and a firm specialized in providing digital services to financial institutions. The partnership was made to provide access to bitcoin for bank holders in the United States. The partnership will potentially provide services including buying, selling, and holding of bitcoin to about 18.3 million bank customers in America.
Additionally, the American University of Paraguay said that it will now accept payments in bitcoin and other cryptocurrencies from August 1, 2021. The university is one of the most prestigious educational centers and has been in operation for over 30 years. The university did not reveal the technical background of accepting and holding the payments, but the university said it would accept cryptocurrency payments, including bitcoin. This news also added to the strength of the BTC/USD on Thursday.
BTC/USD Intraday Technical Levels
Support Resistance
33078.6 35685.8
31500.7 36715.1
30471.4 38293.0
Pivot Point: 34107.9
BTC/USD - Technical Outlook
The leading cryptocurrency pair BTC/USD is trading with a bullish bias at 34,612 level on Monday. During the weekend, Bitcoin exhibited solid bullish bias, having soared from 32,494 support level to the resistance level of 35,494. For the moment, Bitcoin is facing strong resistance at the 35,494 level, and break out of this level can expose its price towards the next resistance level of 37,875. At the same time, the support level continues to hold around 32,494 levels. The MACD and 50 EMA support upward trends in Bitcoin and the violation of a descending trendline also supports bullish bias today. All the best!
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