Major Resistance at 50,300
The BTC/USD pair ended the day at $49,291.0, with a high of $50,365.0 and a low of $48,633.0. Bitcoin continued to rise, crossing the $50,000 mark for the first time since August 23rd. The BTC/USD surge source was difficult to determine since, unlike equities, which are led by fundamentals, cryptos are solely driven by market forces. The forthcoming debut of Bitcoin Law in El Salvador was the most important among several market variables, investor attitudes, and pieces of news to trigger a surge.
The news that El Salvador planned to use Bitcoin as its national currency starting next week fueled many investors' confidence. In addition to the broader cryptocurrency market boom, other variables had a role in the BTC/USD rally. The success of other significant digital currencies, particularly Cardano's ADA and Ethereum's ETH, were also driving the market trend upward, perhaps quickening the gains of the broader cryptocurrency market.
Another factor driving the cryptocurrency market up is the realization that the Federal Reserve of the United States and other central banks worldwide have no plans to cut down their asset-buying programs. Institutions acknowledge the necessity for security in non-dollar assets, and Bitcoin was created specifically for this purpose.
According to some observers, the current uptick in overall cryptocurrency sentiment could be due to favorable market developments. Investors were shifting their positions in favor of cryptocurrencies, and this bullish posture propelled BTC/USD back to $50,000. Despite the crackdown in China, the whole crypto market seems to be focusing on the positive news of organizations adopting cryptocurrencies. The recent NFT and DeFi market surge has pushed the values of ETH, ADA, Solana, and other digital currencies, as well as the enabling platform, higher.
On Thursday, Marathon Digital Holdings, a Bitcoin minor, unveiled a new dimension of its relationship with institutional bitcoin services provider NYDIG. All members of Marathon's bitcoin mining pool, MaraPool, will have access to NYDIG's goods and services targeted for miners as a result of the expanded collaboration.
BTC/USD Intraday Technical Levels
Pivot Point: 49429.7
BTC/USD - Technical Outlook
On Friday, the leading cryptocurrency BTC/USD is trading with a neutral bias at 49,342 level, gaining an immediate support at 49,342 level. On the downside, the pair is facing another support at the 48,490 level. However, the 48,490 support level breakout exposes the BTC/USD pair to 47697.7 and 46762.4 support zones.
Moreover, an additional breakout of 46,762 levels exposes the BTC towards 46,762 support levels. Conversely, the breakout of the 50,226 resistance level exposes the Bitcoin towards the 51,161.7 and 51,958.4 levels. The RSI and 50 EMA support a bullish bias. Therefore, the focus should remain on 49,340 as the selling bias remains dominant below this level and vice versa. All the best!
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