Triple Top Pattern to Extend Resistance at 47,616
Before closing at $47,078.0, the BTC/USD reached a high of $48,235.0 and a low of $44,726.0.In the wake of recent good developments around the network, BTC/USD soared and found some support on Tuesday, reaching its one-week high.
Magnum, a New York-based real estate firm, stated that it was trying to sell three ground-floor storefronts in Manhattan for $29 million and that it would accept Bitcoin payments for services. M&T Bank, Mighty Pita, and ProHEALT Urgent Care were among the tenants of the said establishments, which were part of a luxury residential project. Over 9000 square feet of shop space is available. BitPay, the world's largest provider of Bitcoin and cryptocurrency payment services, will handle all Magnum BTC transactions. The value of BTC/USD rose on Tuesday as a result of this news.
According to Cathie Wood, CEO of Ark Investment, the bitcoin price might reach $500,000 in five years. The stated value represents a more than tenfold rise over the current value of the main cryptocurrency. Wood said at the SALT Conference in New York that a few major industry factors were required for bitcoin pricing to fulfill her projection. Companies must continue using BTC on their balance sheets as they transition away from cash. Institutional investors must then put aside 5% of their total assets under management for the BTC.
These requirements appear to have begun to be followed, as MicroStrategy CEO Michael Saylor recently stated that his business invested more than $242 million of its Treasury assets to purchase 5050 BTC, bringing the total number of BTC on the balance sheet to around 114,042. Jack Dorsey and Elon Musk are two other well-known executives that have followed in Saylor's footsteps.
Furthermore, MoneyLion, an American fintech firm, stated on Tuesday that users would be able to trade digital assets thru the all-in-one financial services app. The company intends to offer more cryptocurrencies to its customers in the future, but for now, they may only be able to use BTC and ETH. MoneyLion's new cryptocurrency service allows customers to purchase and sell BTC and ETH from within its all-in-one app. This news increased the upward pressure on BTC/USD, allowing it to continue in the green.
On the other hand, one of Uzbekistan's central bank officials has stated that the country will never accept cryptocurrencies such as Bitcoin as a payment option. Behzod Khamraev, deputy head of Uzbekistan's Central Bank, has stated that local authorities would never permit residents to utilise bitcoin as a payment mechanism because it is unbacked. This news fueled part of Tuesday's BTC/USD advances.
BTC/USD Intraday Technical Levels
Pivot Point: 46346.3
BTC/USD - Technical Outlook
On Wednesday, the BTC/USD pair is trading with a bullish bias at the 46,955 level. It’s gaining immediate support at the 46,140 level, which is being extended by a daily pivot point level. Below this, Bitcoin will be exposed to the next support level of 45,325 and 44,663 level.
On the resistance side, Bitcoin’s immediate resistance stays at the 47,616 level. A bullish breakout of this level exposes the BTC/USD pair toward its next resistance level of 48,431. Furthermore, the further upward trend exposes BTC towards the 49,908 level.
The Stochastic is supporting a selling trend. However, investors will be keeping an eye on the 47,616 level. The bullish may dominate over the 47,616 level today and vice versa. . All the best!
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