Bitcoin Price Prediction

BTC/USD was closed at $47,675.0 after reaching a high of $49.462.10 and a low of $47.561. On Thursday, BTC/USD reversed its course and dropped amid negative developments surrounding the Bitcoin ecosystem.

The government of Thailand is preparing a new regulatory framework for cryptocurrencies like Bitcoin to minimize risks and improve investor protection. In January, the central bank of Thailand will define "red lines" for the crypto industry.

The governor of the Bank of Thailand (BoT), Sethaput Suthiwartnarueput, said that the bank wants to strike the right balance between allowing financial innovation and managing risks. He said that the new rules would safeguard consumers if the risks were underappreciated. The restrictions will be specified in a collaboration between the Bank of Thailand, the finance ministry, and the Thai Securities and Exchange Commission. Unfortunately, this news of regulations like cryptocurrencies cannot become a means of payment, and more negative pressure on the whole crypto market and BTC/USD followed the trend and declined on Thursday.

On the other hand, the International Monetary Fund's (IMF) Chief Economist, Gita Gopinath, stated that developing economies should refrain from banning cryptocurrency and that regulating the industry is more important. She said that global policy on digital assets was an urgent need to address the challenges the technology poses to emerging markets. These comments from Gopinath had a subdued effect on the whole market, and BTC/USD remained on the downside.

Furthermore, the trading app Robinhood has recently announced that its users will gift friends and family crypto over the holiday season. Starting on Dec. 22, all Robinhood users, except those who belong to Nevada and Hawaii, will be able to spend as little as $1 in BTC or six other cryptocurrencies with a personalized digital card starting on Dec. 22. The timeline for accepting the gift has been set as 14-days, at which point the user will not be charged. This news positively impacted cryptocurrencies, but it also capped further losses in the BTC/USD pair.

BTC/USD Intraday Technical Levels

Support Resistance

47162.0 50080.0

45423.0 51259.0

44244.0 52998.0

Pivot Point: 48341.0

BTC/USD - Technical Outlook

Bitcoin has begun a recovery wave above the $48,500 resistance level. However, BTC could not break beyond the $49,500 barrier level and attempted twice to clear $49,500, but there was no decisive break. As a result, a bearish reaction occurred below the $48,500 mark. The price fell below the 50 percent Fib retracement level of the upward run from the swing low of $46,662 to the high of $49,512. It is currently trading below the $48,500 mark and the 100 hourly simple moving average. The first big support is currently emerging near the $47,500 mark and the trend line. If the price breaks below the trend line, it may expose BTC towards the $46,500 mark. The next significant support is near $45,800. All the best!

Gold’s Daily Price Analysis

Gold prices were closed at $1780.20 after setting a high of $1782.05 and a low of $1753.70. During early trading hours, gold dropped to its lowest since October 6th on Wednesday, but in late trading hours, it found some support and started rising after the US retail sales data release.

The US Dollar Index rose to 96.91, its highest since November 24th, during early trading hours on Wednesday. However, the greenback started declining during the American trading session and reached 96.51 after the US retail sales data against the currency.

At 18:30 GMT, Core Retail Sales fell to 0.3% from 0.9% expected, weighing on the greenback on the data front. Retail sales in November fell to 0.3% versus a forecasted 0.8%, weighing on the US dollar. The Empire State Manufacturing Index surged to 31.9 against the anticipated 24.9 and supported the US dollar. Import prices also advanced to 0.7% against the projected 0.5% and supported the US dollar.

At 20:00 GMT, business inventories increased by 1.2% against the expected 1.0% and weighed on the dollar. The NAHB Housing Market Index remained flat with an expectation of 84. Most of the data released on Wednesday was unfavourable for the US dollar, which helped gold strengthen in the market.

Meanwhile, the US central bank signalled that its inflation target had been met on Wednesday, which has paved the way for about three interest rate hikes next year. The Federal Reserve has said that it will cut back its stimulus program more quickly than planned due to rising inflation.

The Federal Reserve had already announced that it was tapering off the monthly support introduced to bolster the economy during the pandemic. However, on Wednesday, the officials said that the process would be speeded up and that the stimulus would end by March. This news should have had a negative impact on the precious metal, but the initial reaction came against the US dollar as it was highly expected, and markets had already priced this move.

GOLD Intraday Technical Level

Support Resistance

1751.24 1779.54

1737.97 1794.57

1722.94 1807.84

Pivot Point: 1766.27

GOLD - Technical Outlook

Gold is trading with a slight bullish bias at $1,782 per ounce. On the bullish side, the precious metal gold’s significant resistance stays at 1,787, and an uptrend can expose its price towards the 1,796 level.

On the lower side, gold is gaining immediate support at 1,780, and a break below this level exposes the metal towards the 1,770 pivot point support level. The RSI and MACD are in the overbought zone; however, the recent candles support an uptrend. A surge in bullish pressure dominates an uptrend above 1,780 and vice versa. Good luck!

Daily Price Outlook

The EUR/USD pair ended the day at $1.1285 after reaching a high of $1.1300 and a low of $1.1221. The EUR/USD rose on Wednesday after dropping for two consecutive sessions. The losses in EUR/USD could be attributed to the subdued movement of the US dollar. On Wednesday, the US dollar came under pressure despite the Federal Reserve’s announcement that it was doubling up the pace of reducing economic support. At its December monetary policy meeting, the Fed said that it would double the pace of its QE taper to $30B a month from January. This news pushed Wall Street higher and, in turn, limited the dollar’s strength.

After the monetary policy meeting, US Federal Reserve chairman Jerome Powell noted that economic activity was on track to expand robustly this year. However, he added that the Omicron variant still poses risks to the outlook. He also noted that all officials think the labour market will reach maximum employment next year. He further said that the Fed’s focus would remain on bottlenecks and supply constraints as inflation is expected to decline by more than 2% by the end of next year. Given these comments, the stock market skyrocketed and pushed the dollar back to the downside, strengthening its rival currencies.

On the data front, at 12:45 GMT, the French Final CPI remained flat with expectations of 0.4%. At 18:30 GMT, core retail sales in the United States fell to 0.3%, versus the expected 0.9%, weighing on the greenback. Retail sales in November fell by 0.3% versus a predicted 0.8% drop, weighing on the US dollar. The Empire State Manufacturing Index rose to 31.9 against a forecasted 24.9 and supported the US dollar. Import prices also improved by 0.7% against the anticipated 0.5% and supported the US dollar.

At 20:00 GMT, business inventories surged to 1.2% against an estimated 1.0% and weighed on the dollar. The NAHB Housing Market Index remained flat with projections of 84. Most of the data came from the US side, which weighed on the US dollar, ultimately putting upward pressure on the currency pair EUR/USD.

Meanwhile, the focus of market participants shifted to the European Central Bank as it is expected to hold its monetary policy meeting on Thursday. The bank is widely expected to maintain its current policy on hold. The single currency euro gathered strength ahead of the release of the ECB’s monetary policy decision and helped the currency pair EUR/USD remain higher on board on Wednesday.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1231 1.1305

1.1206 1.1352

1.1158 1.1378

Pivot Point: 1.1279

EUR/USD - Technical Outlook

The EUR/USD is trading at the 1.1284 level, gaining immediate support at 1.1271, which is extended by a pivot point level. The break below the 1.1271 level exposes the pair towards the next support level of the 1.1243 level. Further on the lower side, the next support stays at 1.1193 or 1.1162.

On the upper hand, the downward trendline extends resistance at the 1.1290 level. The break above this level exposes the EUR/USD towards the 1.1320 or 1.1348 level. On Thursday, the bullish bias dominates over the 1.1271 level. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $48,901.0 after placing a high of $49,520.0 and a low of $46,602.0. BTC/USD extended its gains and rose for a second consecutive session on Wednesday mainly because of the weakness of the US dollar. The US dollar, which has a negative correlation with the leading cryptocurrency BTC, dropped on Wednesday after the stock markets rallied higher amid the latest announcement from Federal Reserve. The US central bank said that it was increasing its reducing bond purchases from January.

After the monetary policy meeting, Fed chair Jerome Powell said that Fed would speed up stimulus withdrawal by $30 billion every month to wind down early next year, doubled from the current pace of withdrawal of $15 billion every month. Federal Reserve acknowledged the threat of inflation reaching a 39-year high level and said that the quicker winding down of the asset purchases could allow it to proceed more quickly to start raising interest rates for the first time since 2018.

Fed cut interest rates closer to zero after the spread of the coronavirus in March 2020 began to hit global markets and economies, and it has held them there since then. The rising inflation and increased consumer prices have raised concerns in the market. Many digital-asset traders were closely watching the Fed announcement on Wednesday as they believe the cryptocurrency is a better hedge against the potential debasement of the US dollar that might result from the monetary stimulus.

Apart from this, the US dollar was under pressure on Wednesday despite the favourable Fed decision. The DXY dropped and reached 96.51 level after the Wall Street indexes moved higher. The rising stock prices in the US added further negative pressure on the US dollar and dragged its prices to the downside. The greenback's weakness then supported the leading cryptocurrency and pushed it higher on board.

Furthermore, Tesla CEO Elon Musk believed that Bitcoin was not a good currency for everyday payments against the meme-based cryptocurrency DOGE. According to Musk, BTC was not a good substitute for transactional currency; instead, it was an excellent store of value. He said that Dogecoin was better suited for transactions that were actually created as a joke. The transaction value of Dogecoin was more than bitcoin as people tend to use BTC for holding rather than making payments because the cost per transaction was very high. These negative comments from Musk caped further gains in BTC/USD on Wednesday.

BTC/USD Intraday Technical Levels

Support Resistance

47162.0 50080.0

45423.0 51259.0

44244.0 52998.0

Pivot Point: 48341.0

BTC/USD - Technical Outlook

Bitcoin has begun a recovery wave above the $47,500 resistance level with BTC bull's increased momentum to break through the $48,000 barrier level. The price broke the Fib retracement level of the latest slide from the $48,762 swing high to the $46,666 low. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a connecting negative trend line with resistance near $48,200.

Bitcoin is currently trading above the $48,500 mark and the 100 hourly simple moving average. It is approaching the $49,250 resistance level. The 1.236 Fib extension level of the recent slide from the $48,762 swing high to the $46,666 low appears to be functioning as resistance.

Near the $48,000 mark, the first substantial support is formed. The primary support is presently close to $47,500. A breach below the $47,500 support level may signal the commencement of a new drop in the near future. The scenario above might fall into the $45,000 support zone.

Gold’s Daily Price Analysis

Gold prices ended the day at $1772.90, having reached a top of $1789.80 and a low of $1766.45. After climbing for the previous two days, gold reversed course and fell on Tuesday. Soaring yields and a stronger dollar hit on the precious metal as investors awaited signals from the Federal Reserve about how quickly it might be able to phase out economic support measures at its upcoming monetary policy meeting.

At this week's monetary policy meeting, Fed Chairman Jerome Powell's recent remarks have already been emphasised. The rate-setting committee will almost certainly declare that it would expedite the pace of lowering the bond-buying programme in order to complete it by March rather than June. This will assist the Fed in raising interest rates from around zero, where they have been since March 2020, when the coronavirus outbreak created a brief but severe recession.

Rising inflationary pressures have held the US dollar strong recently, but the latest CPI report showed that the Fed might not contemplate raising interest rates sooner because consumer prices did not rise sufficiently to warrant a rate hike. Inflation is expected to peak in March of next year, after the Fed has concluded its bond taper, making it difficult for officials to express a more patient course.

Meanwhile, inflationary pressures may have been exacerbated by the lingering supply chain concerns and rising labour shortages caused by the impact of the Omicron variation, which was causing less impact on the economy's growth than prior variants. On Tuesday, gold remained under pressure due to a strong US currency and increasing US Treasury yields on the benchmark 10-year note. As a result, the DXY continued to rise, reaching a high of 96.59 for the day. While the US Treasury yield regained some of its recent losses and reached 1.47 percent, non-interest-bearing gold fell.

The NFIB Small Business Index stayed steady at 16:00 GMT, with expectations of 98.4. At 18:30 GMT, the November PPI had risen to 0.8 percent from the expected 0.5 percent, bolstering the US dollar. The Core PPI increased to 0.7 percent in November, up from 0.4 percent projected, strengthening the US dollar. The stronger-than-expected macroeconomic statistics from the United States bolstered the greenback, dragging gold prices lower on Tuesday.

GOLD Intraday Technical Level

Support Resistance

1762.96 1786.31

1753.03 1799.73

1739.61 1809.66

Pivot Point: 1776.38

GOLD - Technical Outlook

Gold is trading at $1,770 per ounce on Wednesday, breaking through the upward trendline at $1,775 per ounce. Gold is likely to find immediate support on the 2-hour period at the 1,766 double bottom level. On the downside, this violation may expose the gold price to the 1,760 level. The RSI and Stoch RSI indicate a strong selling tendency, so it's worth taking a look for a bearish entry.

Alternatively, a break above 1,775 can initiate an uptrend till the next resistance level of 1,782 or 1,789. For more price action, keep an eye on the US FOMC and the Federal Funds Rate. All the best!

Daily Price Outlook

The EUR/USD was closed at $1.1257 after placing a high of $1.1327 and a low of $1.1253. EUR/USD dropped for the second consecutive session on Tuesday and extended its decline mainly because of the strength of the US dollar ahead of the Fed meeting. The US dollar was high on board and weakened its rival currencies like Euro as the monetary policy decision from the Fed meeting was coming closer.

On Wednesday, Fed will start its 2-day policy meeting in which officials will decide whether to increase the pace of reducing bond purchases. Market participants were betting that fed would move forward with accelerating the bond tapering pace to wrap up the process until March 2022. These hints had already been provided by Fed Chairman last week, and investors were behaving accordingly and taking positions in the market to benefit from the actual announcement.

These bets pushed the US dollar higher in the market at the 96.59 level while the US treasury yield on the benchmark 10-year note also increased and reached 1.47%, which supported the rising prices of the greenback and had a negative impact on EUR/USD. Meanwhile, the losses in EUR/USD were subdued as the positive news from the pandemic front came forth and helped risk currencies. Pfizer-BioNTech reported that two shots of its vaccine provide 70% protection against Omicron hospitalization and 33% protection against infection. The company also reported that its experimental COVID-19 pill, named Paxlovid, was also effective against Omicron. This optimism supported the market's risk appetite and capped further losses in the EUR/USD pair.

On the data front, at 15:00 GMT, industrial production from Europe dropped in October by 1.1% against the projected 1.2% and weighed on the Euro. That dragged EUR/USD further to the downside. At 16:00 GMT, the NFIB Small Business Index remained unchanged at 98.4. At 18:30 GMT, the PPI in November rose to 0.8% against the predicted 0.5% and supported the US dollar. The Core PPI also increased to 0.7% against the anticipated 0.4% in November and supported the US dollar. The strong US dollar then weighed on the prices of the currency pair EUR/USD.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1231 1.1305

1.1206 1.1352

1.1158 1.1378

Pivot Point: 1.1279

EUR/USD - Technical Outlook

The EUR/USD is trading at the 1.1269 level, gaining immediate support at 1.1253. The break below the 1.1253 level exposes the pair towards the next support level of the 1.1230 level. Further on the lower side, the next support stays at 1.1208 or 1.1162.

On the upper hand, the pivot point extends resistance at the 1.1278 level. The break above this level exposes the EUR/USD towards the 1.1303 or 1.1348 level. The RSI is holding in a neutral zone; therefore, the bearish correction dominates below the 1.1278 level. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $48,408.0 after placing a high of $48,6560 and a low of $46,356.20. Despite various negative developments surrounding its ecosystem, BTC/USD changed its course again and recovered some of its previous day losses.

According to the latest comments issued by the Bank of England, Bitcoin could be worthless, and people investing in cryptocurrencies should be prepared to lose everything. The central bank of Britain warned of the potential risk for investors and questioned whether there was any inherent value in the most prominent digital currency, which has soared to more than $50,000 this year.

The deputy governor of the BOE, Sir Jon Cunliffe, said that the price of a digital currency could vary quite considerably and could theoretically drop to zero. The bank also said that there was little direct threat to the stability of the UK’s financial system from crypto assets as the current pace of growth has connected these digital assets with the traditional financial services, which poses several risks to the system itself. The bank also suggested that institutions take a cautious approach while adopting crypto-assets and pay close attention to the developments in the market. This report from BOE added negative pressure on the value of BTC/USD and capped further gains in its value.

Meanwhile, the Russian Central Bank continued its strict policies regarding the cryptocurrency industry and officially banned mutual funds from investing in cryptocurrencies. The Bank of Russia released an official statement regulating investment opportunities by mutual investment funds. According to the document, the fund managers were prohibited from buying cryptocurrencies and financial assets whose values depend on the prices of cryptocurrencies.

The statement emphasized that since mutual funds cannot provide crypto exposure to either qualified or unqualified investors, This statement added negative pressure on the whole cryptocurrency market and weighed on the leading crypto asset BTC/USD on Tuesday.

However, the popular cryptocurrency Bitcoin managed to end the day with minor gains due to some positive developments. Reports from Europe suggested that German saving banks planned to allow their customers to invest in major digital currencies, including BTC and ETH, from their checking accounts.

Sparkssen, or savings banks in German-speaking countries, worked on a pilot project to launch an in-house cryptocurrency wallet and exchange next year. This project is subject to approval by Sparkasse committees early next year. According to the German Savings Banks Association, more and more consumers are interested in cryptocurrencies, especially if One in ten customers of the German Savings Banks stated that they owned cryptocurrencies. This news from Germany supported the price of BTC/USD on Tuesday.

BTC/USD Intraday Technical Levels

Support Resistance

44970.5 49403.2

43163.9 52029.3

40537.9 53835.9

Pivot Point: 47596.6

BTC/USD - Technical Outlook

Bitcoin's price has dropped to the $46,000 support level. BTC appears to be creating a base above $46,000 and $46,400. A low was set near $45,759 before the price began to rise. On the flip side, an immediate barrier is near the $48,100 mark. The first significant barrier held near the $48,250 level. The next significant resistance level could be $48,800. It is close to the 61.8 percent Fib retracement level of the negative move from the swing high of $50,785 to the low of $45,759

If bitcoin fails to break over the $48,880 barrier level, it may trend downward. There is immediate support near the $47,500 level on the lower side. The first significant support is already emerging near $47,000. The primary support is presently close to $46,000. A breach below the $46,000 support level may increase losses in the immediate term.

Gold’s Daily Price Analysis

Gold ended the day at $1786.25, having reached a high of $1792.05 and a low of $1782.35. Gold gained ground for the second day in a row as traders took positions ahead of this week's crucial central bank meetings. The central bank is anticipated to indicate the rate at which pandemic-era economic assistance measures would be phased out. Gold was finding support because no central bank was expected to raise interest rates this week. In addition to the Fed, the European Central Bank and the Bank of Japan will review their monetary policies this week.

The European Central Bank will half the volume of assets it purchases each April. Reduced monetary stimulus and interest rate hikes tend to raise government bond yields, increasing the potential cost of storing non-interest-bearing bullion.

On Monday, the US Treasury yield on the key 10-year note fell dramatically to as low as 1.41 percent, giving the yellow metal some support. The US Dollar Index rose to 96.44 on Monday, limiting further gains in gold. Gold was also benefiting from the previous week's high inflation data. Consumer prices in the United States climbed further in November as the cost of products and services surged substantially due to supply restrictions, resulting in the highest annual increase since 1982.

The World Health Organization reinforced its warning, saying that the Omicron coronavirus variety has been documented in more than 60 countries and constituted a very high worldwide risk, with some indication that it evades vaccine coverage. Nevertheless, clinical data on its severity is still few. However, the ambiguity surrounding Omicron and its possible hazard to the economic recovery due to its high immunity to vaccines heightened market concerns and elevated gold's safe-haven appeal.

GOLD Intraday Technical Level

Support Resistance

1782.74 1793.34

1777.17 1798.37

1772.14 1803.94

Pivot Point: 1787.77

GOLD - Technical Outlook

Gold is trading at $1,786, surging from the $1,782 support level. Gold has violated the pivot point resistance level at the $1,782 mark and is now trading above the same level. The pivot point level is acting as a support and has the potential to keep gold bullish.

On the higher side, gold’s significant resistance stays at the 1,791 level, and an upward breakout of 1,791 exposes the metal towards 1,800 or 1,810 levels. On the lower side, the break below the 1,780 mark reveals the precious metal’s downtrend until 1,772 or 1,761 level. Good luck!

Daily Price Outlook

The EUR/USD ended the day at $1.1283 after reaching a high of $1.1321 and a low of $1.1259. The EUR/USD declined on Monday and lost all of its previous session's gains amid the strength of the greenback and the fresh Omicron variant risks. The Euro was under pressure as the likelihood of the EU becoming the epicentre of the new COVD variation, Omicron, grew.

According to the European Center for Disease Prevention and Control, the new strain found at the end of November has already been detected in 70 countries, with at least 6430 confirmed cases worldwide. Because European countries were among the first to record cases, the variation is dominant throughout Europe.

Meanwhile, the World Health Organization also updated its warning against the Omicron variant and said that the new variant posed a very high global risk because of some evidence that it evades vaccine protection. According to WHO, preliminary evidence is that the number of people getting reinfected with the virus has increased in South Africa. However, considerable uncertainties remain surrounding the Omicron variant, and its mutation might lead to higher transmissibility and more coronavirus cases. The warning from WHO added further pressure on the market's risk sentiment and weighed on riskier currencies like the Euro, which ultimately dragged down the EUR/USD pair.

The US Dollar Index rose on Monday and reached a 96.44 level. The dollar's strength could be attributed to the fact that investors had started taking positions before the Fed monetary policy meeting this week. Although there were no expectations about interest rate hikes from the Fed or any other central bank this week, the focus of traders shifted towards the meeting, and, hence, the greenback gained strength.

There were no macroeconomic figures to be released from the US on Monday on the data front. At 12:00 GMT, the German WPI remained flat with an expected 1.3%. At 14:00 GMT, the Italian Quarterly Unemployment Rate dropped to 9.2%, against the expected 9.4%, and supported the Euro, which capped further losses in the EUR/USD pair.

Additionally, European traders kept a close eye on the upcoming ECB monetary policy meeting this week. The ECB is expected to cut its asset purchases by half this week, and this thing has also been supporting the Euro, which kept the losses in EUR/USD limited for the day.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1255 1.1317

1.1227 1.1349

1.1194 1.1378

Pivot Point: 1.1288

EUR/USD - Technical Outlook

The EUR/USD is trading choppy in a tight trading range of 1.1288 – 1.1265. It’s currently trading at 1.1279, having dropped below the pivot point support level of 1.1288 level. The formation of hourly candles below this level supports a selling bias in the EUR/USD. On the downside, the EUR/USD pair is heading lower towards the 1.1260 support level. The breakout of the 1.1260 level can extend a selling bias until 1.1228 and 1.1198 levels.

On the other hand, the breakout of the 1.1316 level exposes the EUR/USD towards 1.1347 and the 1.1375 level. The RSI is holding in a neutral zone; therefore, the bearish correction dominates below the 1.1288 level. All the best!

Bitcoin Price Prediction

The BTC/USD pair closed at $46,777.0 after hitting a high of $50,222.70 and a low of $45,790.0. The BTC/USD pair reversed course on Monday and turned red for the day, mainly because of the latest comments from Elon Musk. Tesla CEO Elon Musk, who has been named Time Magazine's Person of the Year, has said that BTC was suitable as a store of value, but the meme-cryptocurrency dogecoin was more suitable for transactions. He added that even though it was created as a silly joke, the meme-coin was better suited for transactions.

According to the CEO of Time, Edward Felsenthal, for nearly a century, Time has named a Person of the Year, the individual or group who most shaped the previous 12 months for better or for worse. Person of the Year is a measure of influence, and few people have had more influence on life on Earth, and potentially on life beyond Earth, than Musk.

Elon Musk said that he has a better understanding of the money system as he played a significant role in creating Paypal and suggested that bitcoin was unsuitable for payments. He further said that the transaction volume of bitcoin was low, and the cost per transaction was high. He pointed out that, fundamentally, BTC was not a good substitute for transactional currency. Musk's comments exacerbated the negative perception of the leading cryptocurrency, and BTC/USD fell on Monday.

Meanwhile, the digital asset bitcoin also faced negative pressure after the Twitter account of Indian PM Narendra Modi was compromised and taken over by hackers to promote a fake Bitcoin giveaway. Using Modi's account, the perpetrator tweeted that the country has adopted Bitcoin as a legal tender. The account has over 72.4 million followers, and many people started sharing screenshots of the tweet.

According to the fake tweet posted by the hacker, India has officially accepted Bitcoin as legal tender, and the government has bought 500 BTC and aims to distribute the coins to all residents in the country. Indian government officials soon removed this tweet as the account was secured.

The Indian government is considering regulating digital assets, while a complete ban on the new asset has been debated. Hackers' news of fake bitcoin giveaways added a negative impression on the cryptocurrency and dragged BTC/USD to the downside.

Furthermore, the strength of the US dollar also added selling pressure on BTC/USD. The DXY was strong across the board as it moved to a 96.44 level ahead of the release of the monetary policy meeting from the Fed.

BTC/USD Intraday Technical Levels

Support Resistance

44970.5 49403.2

43163.9 52029.3

40537.9 53835.9

Pivot Point: 47596.6

BTC/USD - Technical Outlook

Bitcoin's price has failed to remain just above the $50,000 support level. As a result, BTC saw a significant negative reaction and fell underneath the $50,000 pivot mark. A bottom near $45,759 was formed, and the price is gradually correcting losses. Bitcoin is currently trading near the 23.6 percent Fib retracement level of the decline from the swing high of $50,788 to the low of $45,759 in price. A primary barrier is near the $47,400 level on the higher side.

If bitcoin fails to break through the $48,250 resistance mark, it may continue to drop. There is immediate support near the $46,500 level on the lower side. The first significant support is already emerging near $46,000. If the price falls below the $46,000 support, it may move towards the $45,500. Any additional dip could push the price down to the $45,000 support level in the short term.