20 & 50 EMA Crossover!
The BTC/USD was closed at $38435.0 after placing a high of $40120.0 and a low of $37381.0. Bitcoin declined on Thursday after a new survey suggested that among many complications associated with cryptocurrencies like Bitcoin, a lack of knowledge and understanding of crypto was the biggest obstacle for broader adoption. Furthermore, Iran issued a temporary ban on bitcoin mining until September 22.
About a week ago, the government had enlisted intelligence officers to locate and stop miners who use household electricity. The decision to ban bitcoin mining came after officials blamed crypto mining of digital assets like bitcoin for a series of blackouts across major cities.
Iran moved closer to its peak electricity demand season, and the country previously revealed that some mining operations would be legalized; a lot of illegal crypto mining still goes on behind the scenes. According to the mining map of Cambridge University, Iran was the six-largest contributor to crypto mining activities, responsible for roughly 4% of Bitcoin’s hash rate.
Bitcoin has been badly hit by several restrictions on mining activities lately. China has also announced a nationwide crackdown on BTC mining and Iran, which has been weighing on BTC prices lately.
Last week, a crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. Chinese authorities called on Friday for tighter regulation on crypto mining and trading, and the U.S. Treasury announced Thursday that it would need stricter crypto compliance with the IRS.
Another negative element that came from the market that weighed on Bitcoin prices was the comments from the President of Bianco Research, Jim Bianco. He said that he owns a cryptocurrency asset basket, including Ethereum but has averted from purchasing Bitcoin.
BTC/USD Intraday Technical Levels
Pivot Point: 38645.3
BTC/USD - Technical Outlook
The BTC/USD is trading with a bearish bias at 37,012 level, crossing below the 20 & 50 EMA. The pair is exhibiting a selling trend on the four hourly timeframes, as it’s holding below both of the EMA. The leading indicators such as the RSI and MACD are holding at 43 and -109, respectively. Bitcoin’s next support stays at 35,350 and 32,250. At the same time, the resistance stays at the 40,415 level. On the higher side, a bullish crossover of 40,415 levels exposes the pair towards 43,598. All the best!
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