Symmetrical Triangle Breakout
After reaching a high of $42,591.0 and a low of $40,811.0, the BTC/USD pair finished at $41,551.0. The BTC/USD pair rose on Wednesday after falling for two days in a row, owing to a wave of optimistic sentiment in the cryptocurrency market.
Affirm, an online lender, has announced that consumers with savings accounts will soon invest in cryptocurrency. Max Levchin, the company's CEO, has stated that his team is working on a feature that would allow customers to buy and trade cryptocurrencies straight from their bank accounts.
Even though the release date for this item was not announced, the concept itself was enough to entice investors, causing the overall market mood to improve. As a result, the most popular cryptocurrency, bitcoin, soared and reported gains for the day.
Furthermore, Gavin Andresen, a former main developer for the bitcoin network, has made a bold forecast, predicting that Bitcoin will either grow to $6 million per coin or sink to zero. He admitted that his prognosis was a little science fiction but that it was highly likely. He went on to warn that transaction fees might reach $7500 by then, with most transactions taking place outside of the network.
Meanwhile, El Salvador's President, Nayib Bukele, has shared a video of what appears to be the world's first public Bitcoin mining plant, which uses electricity generated by volcanoes. He demonstrated the placement of numerous Bitcoin mining devices in a geothermal power station. The BTC/USD pair gained some strength due to this news, and its prices rose.
Furthermore, Bloomberg strategist Mike McGlone stated that there was a strong probability that the United States would follow Canada in adopting the future-based BTC ETF. Over 30 applications have now been submitted with the SEC, and the fact that money is migrating from the United States to Canada is pressuring US regulators to legalize Bitcoin futures. He also stated that he expects Bitcoin to reach $100,000 in October, bolstering the increasing BTC/USD values on Wednesday.
BTC/USD Intraday Technical Levels
Pivot Point: 41651.0
BTC/USD - Technical Outlook
On Thursday, the BTC/USD pair is trading with a strong bullish bias at the 43,258 level, soaring from the 41,463 support level. Currently, the BTC/USD's immediate resistance stays at the 43,987 level, and bullish crossover above the 43,387 level exposes the pair towards the 45,021 resistance level.
On the support side, immediate support prevails at 43,258 level, and a breakout below 43,258 level exposes the pair towards 42,530 level. On the 4-hour timeframe, the BTC/USD has violated the symmetrical triangle pattern that supports the pair at 42,550 levels. Bullish bias dominates over 42,530 and vice versa. All the best!
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