Bitcoin Slips Below 45,600 Pivot Point
After reaching a high of $46,391.0 and a low of $44,780.1, the BTC/USD pair was closed at 46069.0. BTC/USD gained ground on Sunday, rising for the second day in a row, owing to certain encouraging events in the environment. El Salvador's recent decision to make Bitcoin legal tender has spurred other governments to join the rising trend of legalising cryptocurrency. El Salvador was the first country to adopt bitcoin as a second currency, while Cuba only approved legislation recognizing and regulating cryptocurrencies two weeks ago, owing to the rising socio-economic interest. Panama has also stated that new cryptocurrency legislation is being drafted.
Ukraine is the most recent country to adopt bitcoin and other cryptocurrencies. Ukraine's Parliament has enacted legislation making cryptocurrencies legal. According to reports, the Parliament was preparing a new cryptocurrency-related bill that would allow payments in digital assets for the second reading.
On Wednesday of last week, the Parliament passed the draught bill, making cryptocurrencies legal for the first time in the country. The rule will take effect after revisions to the country's tax laws regarding taxing bitcoin transactions. This news has aided the growth of the BTC/USD exchange rate.
Argo Blockchain, the world's largest Bitcoin mining company, has acquired new financing from Galaxy Digital LP to fund additional operational developments. On Friday, the London Stock Exchange announced that a new bitcoin-backed credit deal worth 18.05 million pounds had been signed. The Argo previously agreed to a $20 million BTC-backed loan with Galaxy Digital in June.
Both loans would total $45 million if they were combined. The Bitcoin miner from the United Kingdom will use the funds to expand its operations in Texas. This report also contributed to the rise in BTC/USD values.
Furthermore, the Fairfax County Police Officers Retirement System and the Fairfax County Employees' Retirement System, both Virginia public pension funds, were willing to invest $50 million in an investment vehicle that offers Bitcoin and other crypto derivatives. Only 15% of both funds will be invested in cryptocurrencies, with the remainder going towards blockchain companies. However, this was still good news for digital currencies, and BTC/USD rose on Sunday as a result.
Meanwhile, half of Brazilians feel that Bitcoin should be used as the country's currency, following El Salvador's footsteps, according to a survey performed by Sherlock Communications. The protection versus inflation and financial, macroeconomic instability was cited as a crucial factor in the poll's outcome. The protection versus inflation and financial macroeconomic instability was cited as crucial in the poll's outcome.
According to another positive report, clients of the UK Post Office now can make in-app Bitcoin purchases thanks to a cooperation between the post office and German-based crypto exchange Swarm Markets. Users will access and purchase cryptocurrencies directly from Swarm's website after verifying their identities using the Post Office Easy ID app.
BTC/USD Intraday Technical Levels
Pivot Point: 45746.7
BTC/USD - Technical Outlook
On Monday, Bitcoin is trading with a bearish bias at the 44,700 level. On the downside, Bitcoin is gaining immediate support at the 44,212 level and a bearish crossover below this level could expose the next support level of 43,300. Furthermore, another breakout of the 43,308 level could expose Bitcoin prices towards the next support level of 41,906. In the 4-hour timeframe, Bitcoin has violated the pivot point level of 45,601 (see above). Currently, this pivot point level is working as a major resistance for Bitcoin. However, the crossover at the 45,614 level exposes Bitcoin prices towards the next resistance level of 46,518.
Furthermore, a break out of the 46518 level exposes Bitcoin prices to the next double top resistance level of 47,902. Speaking of the leading technical indicators such as RSI, they are holding in a selling zone alongside the 50 day SMA. It suggests a bearish bias today, especially below the 45,614 level and vice versa. All the best!
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