Bitcoin Supported Over 46,459 Pivot Point
After reaching a high of $47,397.0 and a low of $45,591.0, the BTC/USD pair was closed at $46,389.0. On Thursday, BTC/USD reversed course after plunging for two consecutive sessions, finding support at the $45,000 mark. It's allowing bitcoin to recoup some of its prior daily loss.
The recent research from the British Standard Chartered bank, which forecasted that Bitcoin would soon exceed the $100,000 mark, could be blamed for the rise in Bitcoin prices on Thursday. According to the article, BTC's run to $100,000 could lead to more price increases in Ether.
Meanwhile, Blockstream, a company focusing on constructing Bitcoin-based crypto infrastructure, announced a partnership with Macquarie, a financial services corporation, to develop and run zero-emission Bitcoin mining operations. The announcement of a $411 billion financial services firm's cooperation with Blockstream to enter green bitcoin mining boosted BTC/USD prices even more.
Another key piece of news that sparked a reversal in BTC/USD was the passage on Thursday by the Ukrainian Parliament of the Draft Law on Virtual Assets. This regulation will provide legal status to Bitcoin and other cryptocurrencies in Eastern European countries. The bill got approval from 276 members, but President Volodymyr Zelensky must yet sign it into law.
If the President approves the measure, Ukrainians will be able to buy products and services using bitcoin and other digital assets in addition to local cash. Citizens are restricted to using local currency, the hryvnia, but the new regulation will bring bitcoin closer to the forefront and increase locals' confidence in investing.
After evaluating bitcoin certificates, a $500 billion German fund management declared its plans to use crypto. Union Investment, the investment arm of the DZ Bank Group, has stated that it plans to convert a modest portion of its holdings to BTC. The corporation has expressed interest in converting 1-2 percent of its investment into Bitcoin, but no timeframe has been set for the conversion. After the company's first addition of cryptocurrency to a mixed fund called Private Funds Flexible Pro, the idea came to them.
In addition, BlackRock, the world's largest asset manager with $9.5 trillion in assets under management, has claimed that it holds some Bitcoin. Even though the firm's Managing Director, Rick Rieder, refused to reveal the actual amount invested in BTC, the announcement that the firm was holding BTC was enough to send BTC/USD values higher on Thursday.
BTC/USD Intraday Technical Levels
Pivot Point: 46459.0
BTC/USD - Technical Outlook
The Bitcoin price hasn't changed so far as it follows the same technical outlook as discussed on Thursday. Bitcoin is trading with a neutral bias as it was consolidating above a pivot point trading level of 46,459. Overall, Bitcoin has triggered a bullish bounce off after testing the support level of 42,985 on several occasions. At the moment, Bitcoin is gaining strong support at the 46,459 level, and above this, the next resistance prevails at the 47,462 level.
The bullish break out of the 47,462 level exposes Bitcoin prices towards the next resistance level of 48,842. At the same time, a breakup of the 48,884 level would likely expose Bitcoin prices to the next resistance level, which is the 50,413 level.
Looking at the 4-hours timeframe, the leading technical indicator, Stochastic, is holding on to a bullish zone. At the same time, the 50-period exponential moving average supports the selling trend in the Bitcoin prices.
Currently, Bitcoin is forming Doji and Spinning top candlesticks above the 46,459 level, indecision among investors. Therefore, the bullish bias remains strong above the 46,459 level and vice versa. All the best!
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