Double Top Pattern Breakout
The last time BTC/USD was spotted was $48,252.0, with a high of $48,503.0 and a low of $46,951.0. As market conditions improved, BTC/USD increased its gains on Monday, reaching its highest level since September 7. On Monday, the market valuation of Bitcoin surpassed that of the social media network Facebook. The Bitcoin market cap surpassed $929.014 billion, surpassing Facebook's market cap of $922.755 billion.
Bitcoin has increased by 360 percent in the last year, while Facebook has increased by 22 percent. It appeared that Facebook was simply another colossus felled on its way to becoming the world's most valuable asset. However, it should be highlighted that Facebook is a social media network firm, whereas Bitcoin is a monetary asset. Nonetheless, Facebook is a large social media site, and surpassing its market cap could not be ignored. This news bolstered the BTC/already USD's high pricing on Monday.
Meanwhile, UFC icon Jorge Masvidal's bare-knuckle MMA outfit Gamebred Fighting Championship has teamed with Legacy Records to give out Bitcoin to fighters. Legacy Records previously sponsored the first Gamebred Fighting Championship event on June 18, after which company CEO Keishia McLeod presented the fighters with four bitcoin-loaded hardware wallets containing prize money. This announcement also boosted the price of BTC/USD because it demonstrated bitcoin's rising use and popularity.
On the other side, Aurero Ribeiro, Brazil's Federal Deputy, has stated that citizens will soon be allowed to buy houses, vehicles, and even McDonald's using Bitcoin following the new law's approval. The discussion about the adoption of the top cryptocurrency in Brazil has been raging for a few years, and on Monday, the country's Federal Deputy hinted that the government was on the point of finalizing plans to make Bitcoin legal money with the support of the Central Bank of Brazil. Brazil has the world's ninth-largest economy, and its adoption of Bitcoin as legal cash will significantly impact BTC/USD pricing.
Furthermore, Bank of America has launched its paper "Digital Assets Primer: Only the First Inch," which gives an in-depth analysis of the current situation of the blockchain business, ranging from cryptocurrencies to DeFi and NFTs. According to the report, the cryptocurrency sectors have grown to a size that cannot be ignored. This also added to the strength of the BTC/USD pricing.
On the other hand, China's recent cryptocurrency ban has forced Chinese miners to the Kyrgyz Republic, which has now emerged as the major hotspot for crypto mining pools. Because of the increasing number of crypto mining projects in the country, the government has issued a notice declaring that the costs of power used by crypto miners would be raised. The notice, published on September 30, stated that the electric energy tariff would be changed by an increasing coefficient of 2.0. This announcement put a stop to further increases in BTC/USD.
BTC/USD Intraday Technical Levels
Pivot Point: 48568.7
BTC/USD - Technical Outlook
On Tuesday, the BTC/USD pair is trading with a strong bullish bias at the 49,425 level. On the 4-hour timeframe, Bitcoin has violated the double top pattern and a pivot point resistance level of 48,413 and now it’s facing strong resistance at the 49,965 level.
On the 4-hour timeframe, Bitcoin has formed a "Three White Soliders" pattern that supports a bullish bias among investors. Further, on the higher side, the breakout of the 49,425 level exposes the bitcoin price towards the 49,962 and 50,975 levels. While the addition continues, resistance will prevail at the 52,524 level.
On the lower side, the BTC/USD’s immediate support holds around 48,413 and 46,865 levels. Bullish bias reigns supreme over the 48,413 level, and vice versa. All the best!
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.