Upward Channel Support Bullish Bias
The BTC/USD reached a high of $48,440.0 and a low of $46,738.0 before closing at $48,136.0. On Wednesday, BTC/USD extended its gains for the second day in a row, reaching near $49,000 as favourable market circumstances pushed its prices higher for the day.
On Wednesday, AMC Entertainment CEO Adam Aron said that Bitcoin will now be accepted for online ticket and concession payments at AMC Theaters. This news bolstered the BTC/USD exchange rate, which was already increasing. The theatre firm also stated that it would accept additional cryptocurrencies such as ETH, Litecoin, and Bitcoin Cash, and BTC. The growing usage of BTC and other cryptocurrencies strengthened market sentiment, allowing BTC/USD to extend its day's gains.
Meanwhile, Fidelity Investments, an American financial services firm, has petitioned the Securities and Exchange Commission (SEC) to approve its Bitcoin exchange-traded fund. The corporation lobbied the agency to accept the effort because investor demand for digital assets has skyrocketed. The firm's spokesperson cited several grounds for the watchdog's approval of its BTC ETFs, including that the bitcoin market has seen significant growth in trading activity.
The rising demand for digital assets and direct exposure to BTC via ETFs was also emphasised, as was the fact that comparable funds had already been permitted in Canada and some European countries. BTC/USD was also higher on Wednesday as a result of these developments.
Additionally, Interactive Brokers Group, an American multinational brokerage firm, has partnered with Paxos Trust Company, a blockchain infrastructure platform, to provide digital asset services to its consumers. Customers of the brokerage business will gain access to some of the major cryptocurrencies by market cap, including BTC, ETH, LTC, and BCH, resulting from the partnership.
Depending on monthly volume, the company will charge a fee of 0.12 percent to 0.18 percent. Clients will be able to make use of the new service for $1.75 per order. The CEO of the brokerage firm cited the increased interest of institutional investors in digital assets as the primary reason for the alliance. The value of BTC/USD increased as a result of this news, and its prices rose.
On the other hand, the rumours stated that US lawmakers were going to apply the same trading restrictions to cryptocurrencies as they do to equities and bonds on the stock exchange. The measure was introduced by Democratic members in the United States House of Representatives on Monday to close the tax loophole exploited by crypto investors. If the law is passed, BTC and other digital asset investors will lose the current benefits provided by the lack of rules. Some of the daily increases in BTC/USD were fuelled by this news.
BTC/USD Intraday Technical Levels
Pivot Point: 47771.3
BTC/USD - Technical Outlook
Bitcoin prices are now trading at 48,362 on Thursday. Bitcoin has now breached the daily pivot point resistance mark of $47,772. On the upside, the 48,843 mark will likely act as immediate resistance for the BTC/USD. Additional bullish developments till the 49536 and 50600 resistance marks could be triggered by a breakout at the 48,843 level.
Bitcoin is expected to find immediate support at the 47,772 level, which is prolonged by an daily pivot point mark. Furthermore, a break underneath this level could extend the selling trend to the levels of 47,080 and 46,009. Today, Bitcoin has a positive tendency, particularly above 47,772 levels. Good luck!
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