Bitcoin Violates Upward Trendline at 46,399
BTC/USD reached a high of $48,370.0 and a low of $46,837.0 before closing at $47,239.0. Despite the numerous good developments surrounding the market, BTC/USD fell on Sunday, owing to the weekend's low trading activity. According to the reports, the U.S. The SEC has issued an extension notice, stating that it will evaluate VanEck Bitcoin Trust's plan for an extra 60 days.
VanEck had produced a preliminary prospectus for the trust in December 2020, and the application was filed with the SEC in March of this year. According to the extension notification, the SEC would approve or reject the request by November 14, 2021. The SEC's sluggish approach to issuing bitcoin ETFs has kept the top currency under pressure, and as a result, BTC/USD fell over the weekend.
There were also complaints from El Salvador concerning suspected inconsistencies in bitcoin purchases and the development of ATM kiosks in the country. The El Salvadorian court of accounts has received an upsurge in concerns about the bitcoin purchasing operations' transparency and suspected funds theft. The ATM kiosk's installation objections contributed to the BTC/USD exchange rate falling over the weekend.
Furthermore, as bitcoin prices have risen, many miners with less efficient computers have joined the network, increasing energy consumption. The Bitcoin network used around 67TWh of electricity in 2020, which was already surpassed in 2021 by using approximately 91TWh of electricity. According to Bloomberg, bitcoin's energy use will be similar to Pakistan's energy consumption by the end of 2021.
Many institutions worried about climate change are placing enormous risks on the adoption of bitcoin due to the lack of energy-efficient crypto mining devices and miners' low intents to move to a low-carbon energy source for electricity. BTC/USD values have also been under pressure recently as a result of this.
On the other hand, Anthony Scaramucci, the creator and managing partner of SkyBridge Capital in the United States, has expressed his views on Bitcoin. He described bitcoin as a monetary standard with the potential to become a worldwide reserve currency in the future. He explained that the currency was still in its early stages of acceptance, which explains the asset's significant volatility. He compared the volatility to Amazon's and said it was to be expected for such a new asset class.
In addition, on September 166, the first statue of Bitcoin developer Satoshi Nakamoto was unveiled in Budapest, Hungary. Even though the identity of the famed bitcoin creator remains a mystery, the people of Hungary hailed Satoshi Nakamoto's contribution to eliminating intermediaries and generating independent money.
The goal of creating a bronze monument of Satoshi was to honour and appreciate their work, as bitcoin produces value and gives people financial autonomy. Some speculated that the statue was erected to remind people that courage is a virtue and never give up on their dreams.
BTC/USD Intraday Technical Levels
Pivot Point: 47482.0
BTC/USD - Technical Outlook
Bitcoin prices are now trading at 45,525 on Monday. Bitcoin has now breached the daily pivot point resistance mark of $47,224. On the upside, the 46,399 mark will likely act as immediate resistance for the BTC/USD. Additional bullish developments till the 47,224 and 50600 resistance marks could be triggered by a breakout at the 46,399 level.
Bitcoin is expected to find immediate support at the 44,990 level, which is prolonged by a double bottom pattern. Furthermore, a break underneath this level could extend the selling trend to the levels of 43,95. Today, Bitcoin has a bearish tendency, particularly below 46,399 levels. Good luck!
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