Upward Channel Continues to Support
BTC/USD was last seen at $44,882.0, with a high of $44,986.0 and a low of $43,121.0.BTC/USD rose for a second day on Thursday as market sentiment improved. The CEO of Twitter, Jack Dorsey, has already integrated bitcoin into his payments company, Square. With the help of the Cash App, users can buy and sell bitcoin. Furthermore, Square holds thousands of bitcoin on its balance sheet worth more than $350 million. Currently, Dorsey has shown his plans to expand bitcoin-related features to his social media platform, Twitter.
Twitter has recently announced its plans to roll out its Tips feature to global users, including bitcoin payments. This feature will allow users to link to payment platforms like Cash App, Venmo and others. According to Twitter, the tips feature will be integrated into iOS as well as Android devices. This news added to the positive market sentiment and pushed BTC/USD prices higher. Meanwhile, the Dubai World Trade Center Authority (DWTCA) has recently announced that it has partnered with the UAE’s Securities and Commodities Authorities (SCA) to make trading, issuance, and regulation of cryptocurrency utterly legal within the jurisdiction of the DWTCA free zone.
According to the partnership, the SCA will be in charge of regulatory oversight of all digital asset activities relating to the offering, listing, trading, and licensing of all tokens within the DWTCA economic free zone. This information also added to the value of BTC/USD on Thursday.
Furthermore, the declining price of the U.S. dollar on Thursday added further gains in BTC.USD as both have a negative correlation. The U.S. Dollar Index, which measures the greenback's value against a basket of six major currencies, was down to 92.98, a level that weighed on the greenback.
The rising number of jobless claims from last week in the U.S. weighed on the U.S. dollar and pushed up the prices of BTC/USD.
On the flip side, the leading banks in Europe and the United States have come together to object to a set of rules related to crypto holdings. The major banks, among all others, included Deutsche Bank and JP Morgan Chase.
According to the new set of rules, the financial organizations that hold Bitcoin will be expected to put aside a dollar in capital equivalent to a dollar of bitcoin held. The Basel Committee for Banking Supervision (BCBS) published this proposal of strict capital requirements. The committee consists of global regulators and representatives of central banks, including the U.S. Federal Reserve and the European Central Bank.
The Global Financial Markets Association, which includes Deutsche Bank, JP Morgan, and five other financial industry associations, has issued a letter arguing that cryptocurrencies, including Bitcoin, should not be subject to these stringent capital requirements. Strict rules like these could prevent financial institutions from becoming involved in the crypto market. These developments kept the crypt market prices under pressure and caped the gains in BTC/USD on Thursday.
BTC/USD Intraday Technical Levels
Pivot Point: 44329.7
BTC/USD - Technical Outlook
On Friday, the BTC/USD pair is currently trading with a bullish bias at 44,884, with immediate resistance around 44,887. Bitcoin is currently encountering significant resistance on the 4-hourly timeframes at the 44,887 level of a bullish engulfing candle above the 44,143 level has the potential to continue the bullish trend in Bitcoin.
An upward breakout of the 44,885 level exposes the Bitcoin price towards the resistance levels of 45,330 and 46,071 respectively. An additional breakout at the 46,071 level exposes the pair towards the 47,258 level. While the support continues to stay at the 44,143 level, which is being extended by a pivot point. A bearish breakout below this level exposes the BTC/USD to levels as low as 43,402 and as high as 42,215.However, Bitcoin’s bullish bias dominates over the 44,143 level and vice versa. All the best!
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