XAU/USD Breaks Below $1,757 Pivot Point

Gold prices were closed at $1764.55 after reaching a high of $1765.85 and a low of $1745.90. Gold ticked up in a tight trading range on Wednesday as the U.S. Treasury yield dropped on the day, although a stronger dollar kept the gains limited for the safe-haven metal. Investors were awaiting the U.S. labor market data that is scheduled for this week.

During early trading hours, the 10-year Treasury note yield rose to a more than 3-month high but then reversed course and moved to the downside. Treasury yields remained above the 1.5% level, limiting gold's gains for the day.

Furthermore, the gains in yellow metal were capped by a stronger U.S. dollar, which is currently trading at 94.45 against a basket of six major currencies. The dollar was gaining strength from the surging energy prices that could spur inflation and interest rate hikes, making gold expensive for holders of other currencies and restricted gains.

Some market participants believed that the upcoming data on non-farm payrolls in the United States from September would be the highlight, limiting the gains in the yellow metal as it will shape the Federal Reserve's tapering plans. However, others believed that even if the U.S. non-farm payroll data came in line with expectations, some Fed members already considered that the condition for tapering had been fulfilled, and that was putting pressure on gold.

On the data front, at 17:15 GMT, the ADP Non-Farm Employment Change for September surged to 568K against the forecasted 425K and supported the U.S. dollar that further caped gains in yellow metal prices.

In a meeting with bank and industry leaders at the White House on Wednesday, U.S. President Joe Biden increased the pressure on congressional Republicans to support a debt ceiling raise. Biden said that the opposition would take America right to the brink. He also stated that Republicans were planning to block a third attempt by Senate Democrats to raise the debt ceiling, which was not right and was dangerous.

Republicans want Democrats to raise the debt ceiling using reconciliation, a process that would not require Republican votes. However, Democrats have refused, saying Republicans should join in the vote as the debt includes about $8 trillion in spending approved during Republican Donald Trump's presidency. The stalemate was increasing uncertainty in the market, and hence, gold gained some ground over the uncertainty and rose on Wednesday.

GOLD Intraday Technical Level

Support Resistance

1751.69 1771.64

1738.82 1778.72

1731.74 1791.59

Pivot Point: 1758.77

GOLD - Technical Outlook

The precious metal gold was trading at $1,756 with a bearish bias. It is getting immediate resistance at the 1,757 level, which has been extended by an intraday pivot point. Gold has violated the pivot point support level of 1,757, which is now exposing gold towards the 1,754 support level. On the lower hand, the breakout of the 1,754 level exposes the precious metal towards the 1,747 and 1,739 levels. Further, on the lower side, the violation of 1,739 exposes gold towards the 1,731 level.

On the bullish side, gold’s next resistance stays at the 1,757 level and a breakout of this exposes the pair towards the 1,765 level and 1769. The RSI and Stochastic are supporting a selling trend in gold, thus, the bearish bias dominates below 1,757 and vice versa. Good luck!

Pivot Point Resistance at $1.1562

The EUR/USD was closed at $1.1556 after placing a high of $1.1605 and a low of $1.1529. EUR/USD continued its decline and dropped to its lowest since the mid of July 2020 amid the increased demand for the U.S. dollar and reduced risk appetite in the market.

The common currency, the Euro, faces heavy pressure on concerns that European households might struggle to pay their heating bills in winter as energy prices soar in Europe. The safe-haven dollar was seeing an uptick as concerns about outright shutdowns in industries in Europe and abroad increased.

The U.S. Dollar Index rose to 94.45, making the U.S. dollar the best-performing currency, and it was further supported by U.S. Treasury Yields, which reached their highest level since June at 1.57% during early trading hours before falling back to around 1.50%. Onboard, yields and the dollar were high due to the Federal Reserve's upcoming tapering of bond purchases.

From August, the German Factory Orders showed a decline of-7.7% against the forecasted-2.3% and weighed on the Euro and added further loss in EUR/USD. Retail sales in August fell by 0.3%, versus the predicted 0.7%, weighing on the single currency euro and dragging EUR/USD further to the downside. From the U.S. side, at 17:15 GMT, the ADP Non-Farm Employment Change for September rose to 568K against the expected 425K and supported the U.S. dollar, which added to the further decline in the EUR/USD pair.

Apart from this, investors also had their eyes on Capitol Hill, where Republicans were continuously refusing to raise the debt ceiling, which increased the chances of a U.S. default later in October. President Joe Biden has suggested ditching the Senate filibuster to resolve the issue. However, these headlines affected the currency pair EUR/USD as the focus was shifted towards Euro weakness and U.S. dollar strength.

The Euro was weak across the board amid a combination of factors, including the dismal macroeconomic data released for the day, the energy crisis, inflation fears, and the strength of its rival currencies like the U.S. dollar. The falling value of the single currency euro continued to weigh on the currency pair EUR/USD. Furthermore, the risk-off market sentiment caused by increased concerns about inflation, the energy crisis, the debt ceiling stalemate, the slowing of economic recovery, and U.S.-China tensions weighed on the riskier asset EUR/USD pair for the day.

EUR/USD Intraday Technical Levels

Support Resistance

1.1521 1.1597

1.1486 1.1640

1.1444 1.1674

Pivot Point: 1.1563

EUR/USD - Technical Outlook

On Thursday, the EUR/USD currency pair is trading at 1.1555 level and it’s gaining immediate support at 1.1529 level. Such support is extended by an intraday low placed during the US session on Wednesday. A break below this level exposes the pair to the 1.1490 and 1.1452 levels. On the higher side, the breakout of the 1.1561 level exposes the EUR/USD pair towards 1.1594 and 1.1633.

Due to a lack of trading volume and volatility, the EUR/USD pair is currently closing Doji and Shooting Star candles. Typically, it happens when the market and its traders are waiting for any major economic data. In this case, traders are staying out of the market ahead of the US Nonfarm Payroll data that’s schedule on Friday.

The RSI and MACD are in support of a selling trend. Therefore, the bearish bias dominates below the 1.1562 level today. All the best!

Bitcoin Price Prediction

The BTC/USD ended the day at $55,331.0, having reached a high of $55,724.0 and a low of $50,448.0. The BTC/USD has reached its highest level since May as the crypto market improves. The leading cryptocurrency, Bitcoin, reached its 5-month highest level on Wednesday after the SEC Chairman, Gary Gensler, said that the U.S. SEC has no plans to ban cryptocurrencies as China did.

He further noted that even if this type of decision were to be made, it would be up to Congress to make such a decision. He backed up the statement recently made by Jerome Powell, the Chairman of the Federal Reserve, who said that the Fed had no intention of banning or limiting the use of cryptocurrencies.

According to the CEO of Valkyrie Investments, Leah Wald, Bitcoin was an excellent digital gold that had done a brilliant job of nailing down that store of value narrative. She discussed that if bitcoin breaks the $50,000 level and maintains this price level, a bullish run could take it to new highs during the fourth quarter. She added that she was very excited about October and Q4, which could be beneficial for BTC. So far, her prediction has materialized as Bitcoin has reached $55,000.

The increased interest of institutional investors in bitcoin and cryptocurrencies has also been supportive of BTC/USD. A report published by COinShares showed that inflows in bitcoin have picked back up. Although the market share of altcoins was increasing more rapidly due to the rise of decentralized finance networks like Ethereum and Solana, bitcoin was still gaining due to increased institutional interest.

According to the report, the institutional inflows were recorded for the previous week as $90 million, out of which bitcoin alone secured $69 million, which accounted for about 76.6% of total inflows. This showed that institutional investors had turned back to bitcoin, which added further strength to the already rising prices of BTC.

Bitcoin was also gaining amid the prospects of being legal tender for another country, Brazil. The government of Brazil has shown its plans to follow the steps of El Salvador and legalize bitcoin payments throughout the country. Brazil is the 9th largest economy globally, and its adoption of bitcoin will give a massive spike in the value of BTC.

BTC/USD Intraday Technical Levels

Support Resistance

51944.6 57220.6

48558.3 59110.3

46668.6 62496.6

Pivot Point: 53834.3

BTC/USD - Technical Outlook

The leading cryptocurrency, Bitcoin, is trading with a solid bullish bias at the 54,998 level, facing immediate resistance at the 55,355 level. Most of the bullish buys in Bitcoin are fundamentally driven. Therefore, the odds of a bullish breakout remain high.

In the case of a bullish breakout of the 55,355 resistance level, the Bitcoin price will be exposed towards the next resistance level of 57,220. Moreover, the breakout of the 57,220 level exposes the cryptocurrency pair towards the next resistance level of the 55,110 level.

As we can see, the RSI and Stochastic are around 80; Bitcoin is trading in an overbought zone. Therefore, the closing of Doji and Shooting Star candles below 55,355 resistance signals the chances of a bearish correction in Bitcoin. Thus, the bearish bias dominates below 55,355 and vice versa. All the best!

Eyes on ADP Non-Farm Employment Change

Gold prices ended the day at $1759.85, with a high of $1768.95 and a low of $1749.20. After increasing for three consecutive sessions, gold fell on Tuesday amid the resurgence of the US dollar, as traders sought safety in the dollar amid a stock market selloff fueled by concerns over rising energy prices.

The US Dollar Index, which measures the dollar's value against a basket of six other currencies, surged to 94.07 on Tuesday as market concerns about rising oil costs exacerbated existing inflationary pressures. The 10-year Treasury note yield surged to 1.50 percent, adding strength to the greenback and dragging the yellow metal down with it. It was another unpleasant trading day for the gold market, as investors were more focused on short-term developments such as the dollar and yield gains while ignoring the emerging energy crisis, which was driving a negative growth narrative.

On Tuesday, the US stock market experienced a significant selloff due to fears about growing inflation, the energy crisis, the fragility of US-China trade ties, China Evergrande's debt issue, and a deadlock over the US debt ceiling. The aforementioned variables conspired to decrease risk appetite for equities, prompting investors to seek refuge in the US dollar. The rising value of the US dollar then put pressure on the precious metal.

On the data front, the Trade Balance for August revealed a deficit of -73.3 billion against the anticipated -70.5 billion, weighing on the US dollar and capping additional losses in gold around 17:30 GMT. At 18:45 GMT, the September Final Services PMI increased to 54.9 from 54.4 expected, bolstering the US dollar and adding to the decline in gold prices. At 18:54 GMT, October's IBD/TIPP Economic Optimism Index fell to 46.8 from an expected 51.3, weighing on the US dollar. At 19:00 GMT, the ISM Services PMI for September increased to 61.9 from 59.9, supporting the US dollar and putting further negative pressure on gold.

Furthermore, investors were looking forward to the release of non-farm payrolls data in the United States on Friday. It is projected to demonstrate ongoing improvement in the labor market, allowing the Federal Reserve of the United States to begin tapering its monetary stimulus before the end of the year.

Furthermore, Federal Reserve Vice Chairman Randal Quarles stated that US lenders and corporate borrowers must accelerate their transition from LIBOR to new reference rates. He also said that after December 31st, LIBOR might not be used in recent financial transactions.

GOLD Intraday Technical Level

Support Resistance

1749.71 1769.46

1739.58 1779.08

1729.96 1789.21

Pivot Point: 1759.33

GOLD - Technical Outlook

On Wednesday, the precious metal gold was trading at $1,756 with a bearish bias. It is getting immediate support at the 1,754 level, which has been extended by an intraday pivot point. Gold has violated the pivot point support level of 1,762, which is now exposing gold towards the 1,754 support level. On the lower hand, the breakout of the 1,754 level exposes the precious metal towards the 1,747 and 1,739 levels. Further, on the lower side, the violation of 1,739 exposes gold towards the 1,731 level.

On the bullish side, gold’s next resistance stays at the 1,762 level and a breakout of this exposes the pair towards the 1,770 level. The RSI and Stocahstic are supporting a selling trend in gold, thus, the bearish bias dominates below 1,762 and vice versa. Good luck!

Brace for ADP Non-Farm Employment Change

The EUR/USD pair ended the day at $1.1621, having reached a high of $1.1641 and a low of $1.587. The EUR/USD continued with its bullish momentum for the third consecutive session on Monday as the U.S. dollar was weak across the board despite the prevailing energy crisis in Europe. The U.S. Dollar Index, which measures the value of the greenback against a basket of six major currencies, fell on Monday to 93.68, as inflation concerns rose in the market. The U.S. dollar remained under pressure despite a relatively risk-off market mood and the expectation that the Fed will begin tapering bond purchases next month.

The main reason behind the declining price of the U.S. dollar could be attributed to the risk of the U.S. defaulting on its debt as Democrats and Republicans remain divided over the best way to raise the debt ceiling. Tensions increased on Monday as the time to reach a deal on the $28.4 trillion debt ceiling by the U.S. federal government was getting closer. Just two weeks remained to reach a deal, but both parties were reluctant to join each other in voting.

Meanwhile, President Joe Biden has called Republicans to join Democrats in voting to raise the debt ceiling in the next two weeks. All these developments kept the U.S. dollar under pressure, which pushed the EUR/USD currency pair higher on Monday.

On the data front, at 12:00 GMT, the Spanish Unemployment Change for September came in as -76.1K against the previous -82.6K. At 13:30 GMT, the Sentix Investor Confidence declined to 16.9 against the forecasted 18.5 and weighed on the single currency Euro and caped further gains in EUR/USD. From the U.S. side, at 19:00 GMT, factory orders from August remained unchanged at 1.2%.

On Monday, during the Eurogroup meeting in Luxembourg, the European ministers put forth the agenda of the energy crisis. Growing international demand and a sudden economic recovery have prompted a surge in natural gas prices. Energy prices increased by six-fold in less than one year, from €16 megawatts per hour in January to €98 by late September. The meeting suggested that the willingness of East Asian counties to pay more for fuel has exacerbated the trend during the summer when high temperatures pushed people to use air-conditioning and cooling systems.

After the release of September’s inflation figures from Europe, the energy crunch took hype as the inflation figures reached 3.4%, which was far from the 2% target of the ECB. The inflation rate for energy prices exceeded 17%. The unbearable spike in energy prices has weighed heavily on EU citizens and companies as well, which has raised concerns over the economic growth of the sector.

EUR/USD Intraday Technical Levels

Support Resistance

1.1578 1.1618

1.1560 1.1638

1.1539 1.1657

Pivot Point: 1.1599

EUR/USD - Technical Outlook

On Wednesday, the EUR/USD currency pair is trading at 1.1585 level and it’s gaining immediate support at 1.1580 level. Such support is extended by the double bottom pattern, and a break below this level exposes the pair to the 1.1563 and 1.1537 levels. On the higher side, the breakout of the 1.1600 level exposes the EUR/USD pair towards 1.1645.

On the lower side, the bears may find support at the 1.1560 level, whereas the violation of 1.1560 exposes the pair towards 1.1538 and 1.1523 levels. The EUR/USD has already violated the upward trendline and formation of a bearish engulfing candle is supporting a selling bias in the pair.

The RSI and MACD are in support of a selling trend, therefore, the bearish bias dominates below 1.1599 level today. All the best!

Bitcoin Surge Above $51,000

The BTC/USD ended the day at $51,508.0, having reached a top of $51,891.1 and a low of $49,065.0. BTC/USD resumed its upward trend, surging for the third consecutive session on Tuesday, breaking beyond $50,000 for the first time since El Salvador's acceptance.

The world's largest cryptocurrency by market value surpassed $50,000 for the first time in four weeks, owing to growing institutional interest in the currency. Banks and financial institutions were increasingly investing in bitcoin to meet increased investor demand, increasing the value of the BTC/USD.

The U.S. Bank, the 5th-largest bank in the United States, revealed on Tuesday that its bitcoin custody service is now available to fund managers. Gunjan Kedia, the vice-chair of the bank's wealth management and investment service business, stated that the offering would assist investment managers in storing private keys for bitcoin, bitcoin cash, and litecoin through sub-custodian NYDIG. He said that in the future, support for additional cryptocurrencies like Ethereum would be implemented.

This was the latest indication that traditional financial institutions were beginning to recognize cryptocurrencies as a viable asset class. Kedia stated that their clients were becoming increasingly interested in the possibilities of cryptocurrencies as a diversified asset class, and she also stated that she does not believe there was a single asset manager who was not considering it right now. These comments contributed to the rise in BTC/USD values.

Data from digital asset manager CoinShares showed that bitcoin investment products and funds saw inflows for the 7th week in a row on Monday, as institutional investors warmed to more encouraging pronouncements from regulators.

On Tuesday, the specialist crypto tracker and research provider CoinDesk published a market analysis that indicated a 25% rise for bitcoin and a 32% gain for ether during the third quarter. As per the paper, there has been an increase in NFT, which uses blockchain to record the ownership of digital things such as images, films, collectibles, and even land in virtual worlds. In the third quarter, the sale of NFT increased to $10.7 billion.

Furthermore, the Nicklaus Children's Hospital Foundation announced on Tuesday that it has begun collecting bitcoin donations. This non-profit organization in South Florida caters to the needs of Nicklaus Children's Hospital children and families. They hope to provide donors with an alternate and tax-advantaged gift mechanism. However, it was unclear whether or not the group would keep BTC. The relationship with The Giving Bock will enable the new giving mechanism. This news also contributed to the rise in BTC/USD values.

BTC/USD Intraday Technical Levels

Support Resistance

49751.7 52577.8

47995.3 53647.5

46925.5 55403.9

Pivot Point: 50821.4

BTC/USD - Technical Outlook

Bitcoin's technical analysis shows that it has a strong bullish bias, with the currency now trading around $51,424 USD. BTC/USD has already surpassed the pivot point of 50,900. The closure of candles over the 50,900 level confirms Bitcoin's strong bullish trend.

On the upside, Bitcoin is expected to hit an instant resistance mark of 52,585. Any violation of the 52,585 level, on the other hand, has the potential to push Bitcoin prices up to the 53,669 level. A violation of the 50,900 level, on the other hand, might spark a powerful selling trend in Bitcoin to the 49,745 and 47,990 levels.

The leading technical indicator, such as the RSI, is still in the bullish territory. As a result, the prospects of a positive trend continuation on Tuesday remain high. The 50-days SMA in Bitcoin is supporting a strong bullish trend. All the best!

Eyes on ISM Services PMI from US

Gold prices were closed at $1768.70 after reaching a high of $1771.45 and a low of $1747.85. Gold remained bullish with minor gains on Monday as the U.S. dollar was weak across the board. The U.S. Dollar Index, which measures the greenback's value against a basket of six major currencies, fell for the fourth consecutive session on Monday by 0.3% and reached 93.68 as concerns over higher inflation and a slowdown in economic growth weighed on the firm dollar.

Inflation was not slowing down as initially expected by the Fed, and fears were raised that it could start negatively impacting economic growth, which added pressure on the U.S. dollar and dragged DXY from its highs this week. Whereas the U.S. The Treasury yield on the benchmark 10-year note moved higher on Monday and reached 1.50%.

As expected earlier, the concerns that inflation would be persistent instead of short-lived raised questions about its impact on economic growth, which ultimately added to the risk-off market sentiment. Furthermore, uncertainty in the market continued to increase with the fresh U.S.-China concerns over trade and Taiwan.

On Monday, the Biden Administration criticized China for not fulfilling the clauses of the trade deal signed with the U.S. in the final year of the Trump administration. The U.S. representative in negotiations with China, Katherine Tai, has said that she will hold trade talks with her Chinese counterpart in the coming days to discuss the phase-1 deal reached in 2020 and trade concerns. She added that the U.S. did not want to inflame trade tensions with China, but Beijing had not adhered to all of its purchase commitments.

On the other hand, China blamed the United States on Monday for increased tensions over Taiwan and vowed to smash any separatist plots, as the island reported the largest ever incursion by the Chinese air force. These developments added to the market's uncertainty and supported the risk-off market sentiment that pushed gold higher on Monday.

On the data front, there was no specific macroeconomic data release on Monday. At 19:00 GMT, the factory orders from August remained flat with an expected 1.2%. Investors now await September's U.S. Non-farm payrolls data due on Friday. Additionally, U.S. President Joe Biden said on Monday that the top line of the social safety net package needed to be declined to somewhere between $1.9 trillion and $22 trillion. This also added to the risk-off market sentiment and supported the yellow metal.

GOLD Intraday Technical Level

Support Resistance

1753.89 1777.49

1739.07 1786.27

1730.29 1801.09

Pivot Point: 1762.67

GOLD - Technical Outlook 

On Tuesday, the precious metal gold was trading at $1,756 with a bearish bias. It is getting immediate support at the 1,754 level, which has been extended by an intraday pivot point. Gold has violated the pivot point support level of 1,762, which is now exposing gold towards the 1,754 support level.

On the lower hand, the breakout of the 1,754 level exposes the precious metal towards the 1,747 and 1,739 levels. Further, on the lower side, the violation of 1,739 exposes gold towards the 1,731 level.

On the bullish side, gold’s next resistance stays at the 1,762 level and a breakout of this exposes the pair towards the 1,770 level.

The RSI and Stocahstic are supporting a selling trend in gold, thus, the bearish bias dominates below 1,762 and vice versa. Good luck!

Eyes on Services PMI Figures

The EUR/USD pair ended the day at $1.1621, having reached a high of $1.1641 and a low of $1.587.The EUR/USD continued with its bullish momentum for the third consecutive session on Monday as the U.S. dollar was weak across the board despite the prevailing energy crisis in Europe. The U.S. Dollar Index, which measures the value of the greenback against a basket of six major currencies, fell on Monday to 93.68, as inflation concerns rose in the market. The U.S. dollar remained under pressure despite a relatively risk-off market mood and the expectation that the Fed will begin tapering bond purchases next month.

The main reason behind the declining price of the U.S. dollar could be attributed to the risk of the U.S. defaulting on its debt as Democrats and Republicans remain divided over the best way to raise the debt ceiling. Tensions increased on Monday as the time to reach a deal on the $28.4 trillion debt ceiling by the U.S. federal government was getting closer. Just two weeks remained to reach a deal, but both parties were reluctant to join each other in voting.

Meanwhile, President Joe Biden has called Republicans to join Democrats in voting to raise the debt ceiling in the next two weeks. All these developments kept the U.S. dollar under pressure, which pushed the EUR/USD currency pair higher on Monday.

On the data front, at 12:00 GMT, the Spanish Unemployment Change for September came in as -76.1K against the previous -82.6K. At 13:30 GMT, the Sentix Investor Confidence declined to 16.9 against the forecasted 18.5 and weighed on the single currency Euro and caped further gains in EUR/USD. From the U.S. side, at 19:00 GMT, factory orders from August remained unchanged at 1.2%.

On Monday, during the Eurogroup meeting in Luxembourg, the European ministers put forth the agenda of the energy crisis. Growing international demand and a sudden economic recovery have prompted a surge in natural gas prices. Energy prices increased by six-fold in less than one year, from €16 megawatts per hour in January to €98 by late September. The meeting suggested that the willingness of East Asian counties to pay more for fuel has exacerbated the trend during the summer when high temperatures pushed people to use air-conditioning and cooling systems.

After the release of September’s inflation figures from Europe, the energy crunch took hype as the inflation figures reached 3.4%, which was far from the 2% target of the ECB. The inflation rate for energy prices exceeded 17%. The unbearable spike in energy prices has weighed heavily on EU citizens and companies as well, which has raised concerns over the economic growth of the sector.

EUR/USD Intraday Technical Levels

Support Resistance

1.1595 1.1637

1.1583 1.1649

1.1562 1.1672

Pivot Point: 1.1616

EUR/USD - Technical Outlook 

The EUR/USD currency pair is trading at 1.1599 level and it’s gaining immediate support at 1.1590 level. Such support is extended by the double bottom pattern, and a break below this level exposes the pair to the 1.1563 and 1.1537 levels. On the higher side, the breakout of the 1.1615 level exposes the EUR/USD pair towards 1.1645.

On the lower side, the bears may find support at the 1.1562 level, whereas the violation of 1.1562 exposes the pair towards 1.1538 and 1.1523 levels. The EUR/USD has formed an upward channel that’s supported the pair at the 1.1615 level and now it’s working as a resistance.

The closing of a Doji candle above the 1.1590 level has the potential to trigger a bullish bounce-off in the EUR/USD pair today. Thus, traders will be keeping an eye on the 1.1590 level as a bullish bias dominates above this and vice versa. All the best!

Double Top Pattern Breakout

The last time BTC/USD was spotted was $48,252.0, with a high of $48,503.0 and a low of $46,951.0. As market conditions improved, BTC/USD increased its gains on Monday, reaching its highest level since September 7. On Monday, the market valuation of Bitcoin surpassed that of the social media network Facebook. The Bitcoin market cap surpassed $929.014 billion, surpassing Facebook's market cap of $922.755 billion.

Bitcoin has increased by 360 percent in the last year, while Facebook has increased by 22 percent. It appeared that Facebook was simply another colossus felled on its way to becoming the world's most valuable asset. However, it should be highlighted that Facebook is a social media network firm, whereas Bitcoin is a monetary asset. Nonetheless, Facebook is a large social media site, and surpassing its market cap could not be ignored. This news bolstered the BTC/already USD's high pricing on Monday.

Meanwhile, UFC icon Jorge Masvidal's bare-knuckle MMA outfit Gamebred Fighting Championship has teamed with Legacy Records to give out Bitcoin to fighters. Legacy Records previously sponsored the first Gamebred Fighting Championship event on June 18, after which company CEO Keishia McLeod presented the fighters with four bitcoin-loaded hardware wallets containing prize money. This announcement also boosted the price of BTC/USD because it demonstrated bitcoin's rising use and popularity.

On the other side, Aurero Ribeiro, Brazil's Federal Deputy, has stated that citizens will soon be allowed to buy houses, vehicles, and even McDonald's using Bitcoin following the new law's approval. The discussion about the adoption of the top cryptocurrency in Brazil has been raging for a few years, and on Monday, the country's Federal Deputy hinted that the government was on the point of finalizing plans to make Bitcoin legal money with the support of the Central Bank of Brazil. Brazil has the world's ninth-largest economy, and its adoption of Bitcoin as legal cash will significantly impact BTC/USD pricing.

Furthermore, Bank of America has launched its paper "Digital Assets Primer: Only the First Inch," which gives an in-depth analysis of the current situation of the blockchain business, ranging from cryptocurrencies to DeFi and NFTs. According to the report, the cryptocurrency sectors have grown to a size that cannot be ignored. This also added to the strength of the BTC/USD pricing.

On the other hand, China's recent cryptocurrency ban has forced Chinese miners to the Kyrgyz Republic, which has now emerged as the major hotspot for crypto mining pools. Because of the increasing number of crypto mining projects in the country, the government has issued a notice declaring that the costs of power used by crypto miners would be raised. The notice, published on September 30, stated that the electric energy tariff would be changed by an increasing coefficient of 2.0. This announcement put a stop to further increases in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

47634.4 50186.4

46016.7 51120.7

45082.4 52738.4

Pivot Point: 48568.7

BTC/USD - Technical Outlook 

On Tuesday, the BTC/USD pair is trading with a strong bullish bias at the 49,425 level. On the 4-hour timeframe, Bitcoin has violated the double top pattern and a pivot point resistance level of 48,413 and now it’s facing strong resistance at the 49,965 level.

On the 4-hour timeframe, Bitcoin has formed a "Three White Soliders" pattern that supports a bullish bias among investors. Further, on the higher side, the breakout of the 49,425 level exposes the bitcoin price towards the 49,962 and 50,975 levels. While the addition continues, resistance will prevail at the 52,524 level.

On the lower side, the BTC/USD’s immediate support holds around 48,413 and 46,865 levels. Bullish bias reigns supreme over the 48,413 level, and vice versa. All the best!

Spanish Unemployment Change Ahead

The EUR/USD pair ended the day at $1.1594, having reached a high of $1.1608 and a low of $1.1562.The EUR/USD currency pair reversed its course on the starting day of the new month after falling for five consecutive sessions. The currency pair EUR/USD reversed its course on Friday amid the recent weakness in the U.S. dollar. The greenback was facing pressure on the day as both the DXY and the U.S. Treasury yields were declining. The U.S. Dollar Index fell to 93.99, whereas the U.S. Treasury Yield on the 10-year note fell to 1.46%, which added pressure on the greenback and, hence, the EUR/USD pair gathered strength.

However, due to Europe's ongoing energy crisis, the single currency, the Euro, was not reaping many benefits. European gas hit a record high of 100 euros on Friday, as China escalated a global battle for energy supplies that threatened to derail the economic recovery.

China has ordered its state-owned energy companies to secure supplies at any cost this winter, which has intensified a battle for liquefied natural gas and coal cargoes as flows into Germany through Russian pipelines tumble. These negative developments raised concerns and raised uncertainty in the market that prompted risk-off market sentiment. However, the declining price of the U.S. dollar added strength to the EUR/USD pair and kept it higher on the first day of October.

On the data front, at 11:00 GMT, German retail sales in August fell to 1.1% from 1.6% expected, weighing on the Euro and capitulating further gains in EUR/USD.

At 11:45 GMT, the French Gov Budget Balance showed a deficit of -178.0B against the previous -166.6B. At 12:15 GMT, the Spanish manufacturing PMI remained flat with an expected reading of 58.1. At 12:45 GMT, the Italian Manufacturing PMI also came in line with the expectations of 59.7. The French Final Manufacturing PMI remained in line with the forecasts of 55.0. At 12:55 GMT, the German Final Manufacturing PMI remained unchanged at 58.4. At 13:00 GMT, the Final Manufacturing PMI for the whole bloc also came in line with the prediction of 58.6. The CPI Flash Estimate surged to 3.4% against the forecasted 3.3% and supported the Euro. That added further support to the currency pair of EUR/USD. The Core CPI Flash Estimate remained flat at 1.9%.

From the U.S. side, at 17:30 GMT, the Core PCE Price Index from August rose to 0.3% against the anticipated 0.2% and supported the U.S. dollar, which capitulated further gains in the EUR/USD pair. Personal income remained flat at 0.2%. Personal spending surged to 0.8% against the predicted 0.7% and supported the U.S. dollar. At 18:45 GMT, the final Manufacturing PMI also remained flat with an estimate of 60.7. At 19:00 GMT, the ISM Manufacturing PMI improved to 61.1 against the forecasted 59.6, supported the U.S. dollar, and added pressure on rising prices of EUR/USD. The Revised UoM Consumer Sentiment advanced to 72.8 against the estimated 71.0 and supported the U.S. dollar. Construction spending fell to 0.0% from 0.3% expected, weighing on the U.S. dollar and adding to the EUR/USD pair gains. Moreover, the ISM Manufacturing Price Index increased to 81.2 from 78.1 expected, supporting the U.S. dollar. The Revised UoM Inflation Expectations fell in September to 4.6% from August's 4.7%.

EUR/USD Intraday Technical Levels

Support Resistance

1.1595 1.1614

1.1583 1.1623

1.1575 1.1634

Pivot Point: 1.1603

EUR/USD - Technical Outlook

The EUR/USD currency pair is trading with a bullish bias at 1.1607 level as the pair is facing a strong resistance at 1.1612 level. The double top pattern extends such resistance, and a breakout above this level exposes the pair towards 1.1625 and 1.1635 level. Further on the higher side, the breakout of 1.1632 level exposes the EUR/USD pair towards 1.1655.

On the lower side, the bears may find support at the 1.1562 level, whereas the violation of 1.1587 exposes the pair towards 1.1568 and 1.1523 levels. On the bullish side, the immediate resistance stays at the 1.1620 level, and a breakout above 1.1620 level exposes EUR/USD towards the 1.1658 level. On the hourly timeframe, the EUR/UD pair has closed bullish candles above 1.1587 pivot point level, which is adding buying pressure on the pair. All the best!