Double Top Pattern in Play
The BTC/USD exchange rate ended the day at $48,243.0, with a top of $48,187.0 and a low of $43,124.0. The BTC/USD achieved its highest level since September 7th on Sunday, as the cryptocurrency market experienced some encouraging developments. Chamath Palihapitiya, Chairman of Virgin Galactic and CEO of Social Capital, stated that bitcoin has effectively supplanted gold. He also forecasted that the cryptocurrency's price would reach $200,000 in the next five years. According to the executive, the market capitalization of bitcoin will rise in the future.
The current price of bitcoin is $48000, with a market capitalization of $905.8 billion. The CEO of Social Capital stated that he purchased a large amount of bitcoin in 2013 and has not purchased any more since. Over the weekend, his upbeat predictions and comments boosted the value of bitcoin. El Salvador's President, Nayib Bukele, recently stated that his country's newly built volcanic mining operation had produced its first bitcoin. He admitted that the profits from the volcano mining facility were still minor, but he was positive about the initiative and predicted that the figures will soon rise.
According to Bukeles, they were still testing and installing. The first bitcoin, however, was mined from the volcanode, according to an official release. Bukele's statements also led to the already soaring price of BTC/USD. Hatten Land Ltd. and Frontier Digital Asset Management Pte Ltd. have teamed up to oversee over 1000 crypto mining rigs operating within Hatten Group properties in Malaysia.
Hatten Group revealed that both firms will deploy numerous new digital currency mining machines in the fourth quarter of 2021. Frontier also has approximately 700 mining rigs in Singapore. Hatten's declaration that many of its malls would be renovated and used for digital currency mining and e-commerce spurred the new alliance. To decrease energy costs and emissions, the locations will be largely powered by solar panels, transforming Hatten into a green energy company. This piece of news boosted BTC/USD values throughout the weekend.
BTC/USD Intraday Technical Levels
Pivot Point: 48184.7
BTC/USD - Technical Outlook
On Monday, the BTC/USD pair is trading with a strong bullish bias at the 47,635 level. On the 4-hour timeframe, the Bitcoin has violated the pivot point resistance level of 46,459 level and now it’s facing a strong resistance at 48,115 level.
On the 4-hour timeframe, the Bitcoin has formed a double top pattern that’s extending solid resistance at 48,115 level. A bullish breakout of 48,115 level exposes the Bitcoin price towards 49,690 level. Further on the higher side, the Bitcoin may trade bullish until 51,346 and 52,546 levels.
On the support side, immediate support prevails at the 46,459 level, and a breakout below that level exposes the pair towards the 44,803 level. The RSI and Stochastic has entered the overbought zone, therefore, the odds of a bearish correction remains strong. Therefore, the bullish bias dominates above 48,115 level and vice versa. All the best!
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