Bitcoin Price Prediction
Following a few big industry milestones, the top cryptocurrencies by market value are off to a positive start this week. Bitcoin reached an all-time high of $66,000 on Wednesday, following the market debut of the first bitcoin futures exchange-traded fund in the United States on Tuesday. According to Coin Metrics, it is presently worth roughly $62,728. On Thursday, Ether broke its record, surpassing $4,366. It is currently trading at roughly $4,179.
In addition, here are six additional significant developments in the crypto realm over the last week. On Tuesday, the ProShares futures-based bitcoin ETF debuted on the New York Stock Exchange under the ticker "BITO." ETF invests in the bitcoin futures in contracts that speculate on the digital asset's future price rather than the present or "spot price" of the cryptocurrency itself. As a result, the ETF and bitcoin prices will not coincide.
Nonetheless, CNBC claimed that the ProShares bitcoin futures ETF had one of the "largest opening days on record for ETFs," bringing in $550 million. Senate Democrats addressed a letter to Facebook CEO Mark Zuckerberg, urging the social network giant to discontinue the Novi digital wallet project. Sens. Brian Schatz (D-HI), Sherrod Brown (D-OH), Elizabeth Warren (D-MA), and others signed the letter after Facebook launched its Novi pilot program in the United States and Guatemala on Tuesday.
"Facebook cannot be entrusted to manage a payment system or digital currency when its prevailing strength to manage uncertainties and keep users protected has proven inadequate," the letter stated. "We implore you to halt your Novi pilot immediately and to commit to not bringing Diem to market." Diem, rebranded from Libra, is a dormant Facebook digital currency project. Instead of using Diem, Facebook has revealed intentions to use the Paxos Dollar, a stablecoin. Novi would permit users to grant and receive money in Paxos Dollars, with Coinbase serving as its custody partner.
BTC/USD Intraday Technical Levels
Pivot Point: 62303.70
BTC/USD - Technical Outlook
Bitcoin's price fell below $60,000, although the decline was limited. BTC fell as low as $59,610 before resuming its upward trend. The price was able to break through the resistance levels of $61,000 and $61,200.
Above the $62,000 and $62,500 marks, there was a recovery wave. Bitcoin even surpassed the 50% Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. The price has risen above $62,000 and the 100 hourly simple moving average. It is currently seeing resistance near $63,000 and $63,200. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $63,200.
The key barrier for a breakout is currently building near the $64,000 mark. It is close to the 61.8 percent Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. A decisive break over the trend line resistance and afterward $64,000 may open the door to a move towards the $65,000 mark. The next significant resistance is located near the $66,500 level. All the best!
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