Symmetrical Triangle Breakout
The BTC/USD closed at $43,830.0 after posting a high of $44,107.0 and a low of $41,432.0. The BTC/USD pair surged on Thursday and resumed its upward momentum amid recent positive cryptocurrency ecosystem developments. On late Wednesday, President Nayib Bukele revealed that gas stations in El Salvador would provide a discount of $0.20 on each gallon of fuel if the payment is made using the Chivo wallet. These gas benefits can be enjoyed from September 30 by all Salvadorans, public transport users, and any local company using the Chivo wallet. The announcement also suggested a deadline of October 14 for the gas benefits.
Three primary reasons were provided for the said discount on fuel prices, including combating the international increase in fuel prices, reducing the cost of supply chains in El Salvador, and promoting the use and continued education of bitcoin through the state-sponsored Chivo wallet app. This news added further gains to BTC/USD.
A Puerto Rican billionaire businessman, Orlando Bravo, the co-founder of Thoma Bravo, has recently talked about bitcoin and said that cryptocurrencies would play a significant role in the future monetary system. He also acknowledged that he held bitcoin and was very bullish about the cryptocurrency's future potential, as he predicted a surge in its prices in the coming years. These comments from a billionaire businessman added further strength to the BTC/USD currency pair.
Another reason behind the bitcoin rally on Thursday could be the latest comments from the Chairman of the Federal Reserve, Jerome Powell. He said that he had no intention of banning cryptocurrencies. However, stable coins need more regulatory oversight. The comments were made in his testimony before the House Financial Services Committee meeting.
Furthermore, according to a billionaire venture capitalist and founder & CEO of investment firm Social Capital, Chamath Palihapitiya, who has said that he believes bitcoin has effectively replaced gold, he said that concerns about high inflation have increased the need to keep an eye on three types of assets, including cash-generating businesses, hypergrowth companies, and non-correlated assets like bitcoin. These comments further added to the gains in the BTC/USD price on Thursday.
BTC/USD Intraday Technical Levels
Pivot Point: 43123.0
BTC/USD - Technical Outlook
On Friday, the BTC/USD pair is trading with a strong bullish bias at the 44,782 level, soaring from the 43,301 support level. Currently, the BTC/USD's immediate resistance stays at the 44,850 level, and bullish crossover above the 44,850 level exposes the pair towards the 45,842 resistance level.
On the support side, immediate support prevails at the 44,091 level, and a breakout below that level exposes the pair towards the 43,123 pivot point support level. On the 4-hour timeframe, the BTC/USD has violated the symmetrical triangle pattern that supports the pair at 43,031 levels. Therefore, the bullish bias dominates above this level and vice versa. All the best!
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