Bitcoin Price Prediction

The BTC/USD ended the day at $56,938.0, having reached a high of $59,174.0 and a low of $55,940.0.BTC/USD broke its 3-day bullish streak and reversed its course on Tuesday after hawkish comments from the chairman of the US central bank. The market saw a decline in the prices of leading cryptocurrency after 3-days of gains on Tuesday after the US Federal Reserve Chair Jerome Powell warned that the risk of higher inflation has increased and signalled that the Fed would consider accelerating the decline of its asset acquisition policies that have expanded the markets for risky assets.

Some analysts stated that bitcoin was trading more like a risky asset than an inflation hedge and a faster Fed taper along with increased rate hike expectations was a piece of bad news for bitcoin, which triggered sale in the leading cryptocurrency on Tuesday. The comments from the Fed chair expressed that inflation was no longer transitory and that to mitigate its effect, Fed would move more quickly to tighten monetary policy, which proved to be negative for speculative assets, including bitcoin.

On the other hand, the Assistant Governor of the Central Bank of Indonesia, Juda Agung, said that CBDC would be part of an effort to address crypto in financial transactions. The central bank of Indonesia has said that the digital versions of national currencies, CBDC, were launched in acknowledgment to growing cryptocurrency enactment would be an essential tool for fighting crypto.

The central bank of Indonesia was considering launching a digital rupiah to fight against cryptocurrencies like Bitcoin. These comments from assistant governor Juda Agung added further pressure on BTC/USD on Tuesday. Meanwhile, the Grayscale Bitcoin Trust operator issued a letter to the Secretary of the SEC, Venessa Countryman, and argued that the SEC was wrong to reject spot bitcoin ETFs since it has now approved three bitcoin futures ETFs, one each from VanEck, Valkyrie, and ProShares. These comments from the Grayscale operator kept the losses in BTC/USD limited for the day.

BTC/USD Intraday Technical Levels

Support Resistance

55527.4 58761.4

54116.7 60584.7

52293.4 61995.4

Pivot Point: 57350.7

BTC/USD - Technical Outlook

Technically, the leading cryptocurrency, Bitcoin, is exhibiting no change in its technical outlook. The BTC/USD coin is trading slightly lower at 56,748 after reaching a high of 58,849 earlier today. It’s consolidating in a wide trading range of 58,849–55,840, and a breakout of that range will determine further trends in the market.

A bullish breakout of 58,849 exposes the BTC towards 60,611 and 62,115 levels. While the breakout of a support level at 55,840 exposes it towards 54,079 and 51,650. On Wednesday, the bearish bias dominates below the pivot point resistance level of 57,350 and vice versa; all the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1788.45, with a high of $1801.50 and a low of $1783.35. Gold reversed course for the second day in a row on Monday, falling amid the strength of the US dollar. The US dollar enjoyed inflows due to its safe-haven status, notwithstanding market concern about whether this new form was more harmful than the Delta type. The new South African variant of coronavirus was spreading quickly, and it has now moved to the Netherlands, Denmark, and Australia. Given the increasing prevalence of potentially vaccine-resistant variations, an increasing number of governments have imposed travel restrictions to isolate the area against coronavirus.

According to the WHO, the new Omicron form has been substantially altered, posing a very high risk of infection. However, some investors believe that the impact may not be as bad as previously thought because a leading infectious disease expert in South Africa has stated that existing COVID-19 vaccinations may be useful at preventing severe sickness and hospitalization.

This report received much traction, and investors began to respond positively, causing a sell-off in safe-haven metals. The market reacted by believing that the variant would not be a considerable issue, putting additional pressure on precious metals, and gold fell on Monday. The greenback was solid across the board on Monday, continuing its positive trend for the second consecutive day and reaching a high of 96.44. In contrast, the 10-year Treasury note yield in the United States fell for the fifth straight day to 1.49 percent.

Meanwhile, at 20:00 GMT, Pending Home Sales increased in October to 7.5 percent, compared to the projected 0.8 percent, bolstering the US dollar and contributing to additional declines in gold prices, as both have a negative association. Furthermore, the US currency strengthened after Atlanta Fed President Raphael Bostic stated that the central bank's bond cut could be accelerated. With growing anxieties and concerns about the spread of the Omicron variety, market expectations of a rate hike have dipped slightly. However, Bostic's latest remarks bolstered the US currency and pulled gold prices lower on Monday.

GOLD Intraday Technical Level

Support Resistance

1780.70 1798.85

1772.95 1809.25

1762.55 1817.00

Pivot Point: 1791.10

GOLD - Technical Outlook

Technical side of gold continues to remain the same as investors seem to wait for the US NFP figures. The precious metal gold continues to trade sideways, maintaining a narrow trading range of 1,804 and 1,780 level. Oversold gold has risen over the $1,782 support level, with a 23.6 percent Fibonacci retracement level at $1,802 in sight. A rise in purchasing pressure might help gold break past a key resistance level at 1,803, taking it to $1,815 or $1,830.

On the other hand, a break of the $1,782 level might spark a sell-off until the $1,760 support level is reached. The RSI is above 50, indicating a positive turnaround in gold. As a result, bullish bias dominates above $1,791 with a target of $1,803. All the best!

Daily Price Outlook

The EUR/USD was closed at $1.1291 after placing a high of $1.1316 and a low of $1.1258. EUR/USD dropped for another session on Monday and extended its loss as the US dollar gained traction in the market. The US Dollar Index rose and reached the 96.44 level, which added strength to the US dollar and dragged EUR/USD to the downside. The soaring concerns over the spread of the new Omicron variant added to the inflows of the US dollar amid its safe-haven status, which pushed the greenback higher in the market.

Recently, the World Health Organization (WHO) designated Omicron a variant of concern and said that it was working with many researchers worldwide to find out how it could impact the COVID-19 pandemic. Several disease experts have said that Omicron will render the vaccine less effective; hence, the news raised concerns in the market and many countries, including the US, Canada, UK, Italy, France, Germany, and much more, to impose travel restrictions. First discovered in South Africa, the variant has reached Canada, Denmark, Netherland, and many other countries. The market's uncertainty about whether the Omicron variant was more severe than the Delta variant added in the risk-off market sentiment and dragged the riskier currency pair EUR/USD to the downside.

On the data front, the German Prelim CPI dropped in November to -0.2%, against the predicted -0.4%, and supported the euro, which capitulated further losses in EUR/USD. At 13:00 GMT, the Spanish Flash CPI for the year also surged to 5.6% against the predicted 5.5% and supported the euro, which limited the downfall in EUR/USD. On the US side, at 20:00 GMT, Pending Home Sales rose in October to 7.5%, versus the expected 0.8%, bolstering the US dollar and adding to the EUR/USD pair's losses.

Furthermore, on Monday, European Central Bank President Christine Lagarde said that the eurozone was fully equipped to face the economic influence of a new wave of COVID-19 viruses or the Omicron variant. These comments came in after several European countries imposed travel restrictions to curb the spread of this new variant as there were many new cases reported in Europe. The rising spread of the Omicron variant in the European countries added a negative impression on the single currency euro, adding further downside pressure on the EUR/USD pair.

EUR/USD Intraday Technical Levels

Support Resistance

1.1276 1.1312

1.1260 1.1332

1.1240 1.1347

Pivot Point: 1.1296

EUR/USD - Technical Outlook

The EUR/USD pair encountered sellers around the 23.6 percent retracement of its November slide at 1.1305, the pair's immediate resistance level. The daily chart reveals that the pair resumed its drop after correcting oversold circumstances, with technical indicators returning to negative territory. The 20 SMA has continued to fall, and it is now over the next Fibonacci resistance.

In the short term, the EUR/USD is staying above a modestly bullish 20 SMA, while technical indicators have corrected from overbought levels and turned flat inside positive levels, according to the 4-hour chart. However, the bearish potential is limited for the time being, albeit a greater loss could be predicted if the price breaks below 1.1245, the nearest support level. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $57,845.0 after placing a high of $58,886.0 and a low of $56,772.0. BTC/USD surged for the 3rd consecutive session on Monday and extended its gains amid its rebound from the sell-off.

Recently, Google has revealed that more than three-fourths of the 50 Google Cloud accounts that hackers breached were being used in cryptocurrency mining. According to the investigation report named Threat Horizons, criminal activities were being carried out by hackers from Russia and South Korea. The report stated that malicious actors used the accounts to scan other publicly available resources on the internet.

Google Cloud users can use the platform's computing power for their activities, including cryptocurrency mining, as the platform offers remote data and file storage to its customers off-site. The report suggested that out of 50 Google Cloud accounts hacked, around 86% were being used to mine cryptocurrencies. The report stated that the cryptocurrency mining software was downloaded within 22 seconds of the account breach. This news kept the gains in BTC/USD limited for the session on Monday.

Meanwhile, a German stock market operator, Deutsche Borse, has recently announced the listing of Bitcoin Spot ETN on its digital stock exchange Xetra. This product came from Invesco, an American Investment management company that filed for a Bitcoin futures ETF in the US in August but recently dropped. The Invesco Physical Bitcoin ETN offers physically secure access to Bitcoin performance.

Furthermore, Singapore has also moved forward with a spot Bitcoin ETF, which was blocked by the US SEC to be launched by US firms. Singapore-based fund manager Fintonia Group has launched the country's first spot BTC fund, which will buy and hold physical BTC after receiving approval from the Monetary Authority of Singapore. This news also added in the positive momentum of BTC/USD.

The US Dollar Index that measures the greenback value against the basket of six major currencies rose to 96.44 level and gave strength to the US dollar, but the strong dollar limited the rising prices of the leading cryptocurrency BTC/USD as both negatively correlated. The US dollar was high due to its safe-haven bets after the Omicron variant spread increased in many countries. The fears of spread prompted many countries worldwide to impose travel restrictions that triggered inflows in the US dollar, which dragged BTC/USD to the downside.

BTC/USD Intraday Technical Levels

Support Resistance

56782.6 58896.6

55720.3 59948.3

54668.6 61010.6

Pivot Point: 57834.3

BTC/USD - Technical Outlook

The BTC/USD pair slipped sharply to 56,350 level after placing a high at 58,822 level. It looks like the pair has completed 50% Fibonacci retracement, and now it’s gaining support at the 56,054 level. Closing of candles above this level exposes the Bitcoin price towards 57,705 pivot point resistance.

The breakout of 56,056 support exposes the coin towards the 54,937 level. At the same time, the RSI and Stochastic are in support of a downtrend. Thus, bearish bias dominates below 57,705 and vice versa. All the best!

Gold’s Daily Price Analysis

Gold was closed at $1797.25 after setting a high of $1797.90 and a low of $1782.80. Gold moved higher on Friday and reversed its course after investors started rushing towards safe havens over concerns about a new coronavirus variant in South Africa. However, gold remained low for the week as markets were betting on the US Federal Reserve to turn more hawkish.

On Friday, the World Health Organization named the new variant of the coronavirus first found in South Africa "Omicron" and categorized it as "of concern." The variant has been reported in several countries, including Belgium, Hong Kong, Botswana, and Israel. Omicron is associated with very high transmissibility and significant immune escape, which is alarming for another spread.

Given these concerns, many European nations, including France, Germany, Italy, and the UK, announced new travel restrictions for travellers from South Africa and neighbouring countries, including a 14-day quarantine period for travellers, whether vaccinated or not. Furthermore, Canada and the United States have also closed their borders to South Africa and surrounding countries due to the new variant. These conditions prevailing in the market added to the risk-off market sentiment and supported safe-haven metals on the last day of the week.

Meanwhile, the US Dollar Index that measures the greenback's value against the basket of six major currencies surged on Friday and reached 96.28. Greenback reversed its course on Friday despite the prevailing risk-off market sentiment. The dollar was gathering its strength over the bets of a rate hike and reduced stimulus. However, the gains in the dollar were limited and failed to turn the momentum of precious metals.

The yellow metal was also gaining some support because the Fed was unlikely to modify its taper timeline as monetary policies were closely intertwined with the public sentiment of government that any change would be negative for their next election prospects.

However, gold remained down for the week, with the lowest weekly level since mid-June and down by 2.9%. Due to the rising expectations, the US Federal Reserve could hasten interest rate hikes, which raised the opportunity cost of holding non-interest-bearing bullion.

GOLD Intraday Technical Level

Support Resistance

1787.40 1802.50

1777.55 1807.75

1772.30 1817.60

Pivot Point: 1792.65

GOLD - Technical Outlook

On Monday, the precious metal gold continues to trade sideways, maintaining a narrow trading range of 1,804 and 1,780 level. Oversold gold has risen over the $1,782 support level, with a 23.6 percent Fibonacci retracement level at $1,802 in sight. A rise in purchasing pressure might help gold break past a key resistance level at 1,803, taking it to $1,815 or $1,830.

On the other hand, a break of the $1,782 level might spark a sell-off until the $1,760 support level is reached. The RSI is above 50, indicating a positive turnaround in gold. As a result, bullish bias dominates above $1,791 with a target of $1,803. All the best!

Daily Price Outlook

The EUR/USD closed at $1.1293 after hitting a high of $1.1316 and a low of $1.1280. The EUR/USD reversed its course and dropped on Friday amid the strength of the U.S. dollar as well as the prevailing risk-off market sentiment. The US Dollar Index surged on Friday and reached a level of 96.28. The U.S. dollar's gains were also limited amid the thinned volumes with discovering a new potentially vaccine-resistant coronavirus variant named Omicron, which raised fears of fresh harm to the global economy.

The World Health Organization studied this new variant of the coronavirus, which has been detected in South Africa, which triggered the selloff in risk-associated currency pairs like EUR/USD. The emergence of a new coronavirus variant brought back concerns in the market that countries could re-impose lockdown and travel restrictions. Given the potential vaccine resistance of the new coronavirus variant, many countries in Europe, including France, Germany, Italy, and the United Kingdom, the United States, and Canada, imposed travel restrictions on visitors from neighboring South African countries.

At 12:00 GMT, German import prices increased by 3.8% versus the expected 2.0%, bolstering the Euro and limiting the currency pair EUR/USD decline. At 14:00 GMT, the M3 money supply for the year also increased by 7.7%, against the predicted 7.4%, and supported the Euro, which prevented a further loss in EUR/USD. The private loans for the year increased 4.1% against the anticipated 4.0% and supported the Euro, which limited the loss in EUR/USD.

Meanwhile, the single currency euro was already down as the central bank of Europe was hesitant to accept the hawkish calls for rate hikes or to end the PEPP, and the latest variant of the coronavirus offered another reason for a dovish stance. Hence, the Euro faced heavy pressure and dragged EUR/USD further to the downside.

EUR/USD Intraday Technical Levels

Support Resistance

1.1276 1.1312

1.1260 1.1332

1.1240 1.1347

Pivot Point: 1.1296

EUR/USD - Technical Outlook

The EUR/USD's technical outlook has shifted bullish. For example, the Relative Strength Index (RSI) tool has risen above 50 for the first time in a week, and the pair is trading above the 20-period simple moving average (SMA). The pair is currently targeting the 50-period SMA at 1.1280, with further advances toward 1.1300 (psychological level) possible. If buyers can convert the latter into support, the next resistance level is at 1.1370. (static level). Supports on the downside are found at 1.1230 (20-period SMA), 1.1200 (psychological level), and 1.1185. (2021 low). All the best!

Bitcoin Price Prediction

The BTC/USD ended the day at $57,325.0, having reached a high of $57,469.0 and a low of $53,482.0.On Sunday, BTC/USD continued its upward momentum for the second day and recovered most of its losses from the previous session. Recently, the Bank of England governor, Andrew Bailey, raised concerns about bitcoin being used as legal tender in El Salvador. He cited the latest warning from the International Monetary Fund (IMF) against the use of BTC as legal tender and said that he was worried that the citizens of El Salvador did not even understand the nature and volatility of the BTC.

El Salvador passed a bitcoin law in September, making the cryptocurrency legal tender alongside the US dollar. In response to the latest comments from Bailey, the President of El Salvador, Nayib Bukele, mocked the concerns shown by Bailey. He raised questions about the "genuine concern" shown by BOE for the people of El Salvador.

On the other hand, the author of Rich Dad, Poor Dad, Robert Kiyosaki, revealed that he was buying more BTC and ETH due to rising inflation concerns. He stressed that inflation was a tax on the poor and middle-class people, making the rich richer.

Kiyosaki and Sharon Lechter co-wrote Rich Dad, Poor Dad in 1997 and have been on the New York Times Best Seller List for almost six years, with over 32 million copies sold in over 51 languages in 109 countries. In this inflationary period, Kiyosaki has stated that he will acquire additional gold, silver, bitcoin, Ethereum, rental real estate, and oil.

In October, Kiyosaki said that President Joe Biden and the Federal Reserve were ripping off poor people and predicted that the US was sliding into a depression. He said that Biden and the bank needed inflation to prevent depression and that the two were corrupt. He warned that a giant crash was coming, followed by a new depression, and recommended that people buy gold, silver, and bitcoin. The fact that Kiyosaki recommended buying bitcoin added strength to the leading cryptocurrency and pushed its prices higher.

BTC/USD Intraday Technical Levels

Support Resistance

54715.0 58702.0

52105.0 60079.0

50728.0 62689.0

Pivot Point: 56092.0

BTC/USD - Technical Outlook

Bitcoin price gained support near $53,500 and began a new upward trend. BTC smashed over the $55,000 resistance zone, kicking off a solid recovery wave. It is presently trading above the $57,000 mark as well as the 100 hourly simple moving average. On the upside, an immediate barrier is near the $58,000 mark. It's near to the 76.4 percent Fib retracement level of the bearish move from the swing high of $59,376 to the swing low of $53,576.

The next significant resistance is located near the $61,200 level. Any further advances might push the price up to $62,000 in the short term. If bitcoin fails to break over the $58,000 barrier level, it may begin a new downturn. On the bearish side, there is support near the $57,200 level. The first significant support is already emerging near $56,500. The next significant support is near the $56,000 level and the 100 hourly SMA, below which the price may resume its drop towards the $55,000 support. Any further falls might send the price over.

Gold’s Daily Price Analysis

Gold prices were closed at $1789.80 after setting a high of $1796.25 and a low of $1778.10. Gold continued its bearish momentum and dropped for the fifth consecutive session on Wednesday amid the rising price of the US dollar. The US dollar was strong across the market on Wednesday, despite mixed macroeconomic data released on the day. The DXY surged for the fourth session in a row, reaching its highest level since July 2020 at 96.94.whereas the benchmark 10-year Treasury yield fell on Wednesday to 1.62% from a daily high of 1.69%.

The reduced GDP of the US drove the decline in US Treasury yields for the previous quarter. However, the decline was limited as unemployment claims came in favour of the local currency. The mixed macroeconomic data kept the losses in gold prices limited for the day.

At 18:30 GMT, the prelim GDP for the quarter dropped to 2.1%, against the forecasted 2.2%, and weighed on the US dollar, which led to a further loss in gold prices. The core durable goods orders remained flat with expectations of 0.5%. The Durable Goods Orders dropped to -0.5% against the expected 0.2% and weighed on the US dollar, which capped further losses in gold prices. Yellow metal prices fell further to the downside after last week's unemployment claims were reduced to 199K from the expected 259K, adding strength to the US dollar and dragging yellow metal lower.

The US trade balance showed a deficit of $82.9 billion against a forecasted $94.9 billion, which supported the US dollar and limited the downfall in precious metals. The Prelim GDP Price Index for the quarter surged to 5.9% against the projected 5.7% and supported the US dollar, which dragged gold prices further to the downside. Preliminary wholesale inventories surged to 2.2% against an estimated 1.0% and weighed on the US dollar, which capitulated further losses in gold prices. At 20:00 GMT, the Core PCE Price Index remained flat with expectations of 0.4%.

The Revised UoM Consumer Sentiment surged to 67.4 against the forecasted 66.8 and supported the US dollar, which added to further losses in gold prices. The new home sales declined to 745K from the predicted 801K and weighed on the US dollar, limiting the declining gold prices. Personal income surged by 0.5%, against the expected 0.2%, and supported the US dollar, which added to the further loss in gold. Personal spending also surged to 1.3%, against the predicted 1.0%, and supported the US dollar, which added to the further decline in gold prices. The revised UoM inflation expectations remained unchanged at 4.9%.

Meanwhile, the losses in precious metals were also limited on Wednesday after the World Health Organization (WHO) said in a report that the global COVID-19 death toll was up by 6% in the past week. The report from the WHO suggested that almost 3.6 million people were infected during the last week, of which 51,000 died.

GOLD Intraday Technical Level

Support Resistance

1778.09 1808.79

1764.57 1825.97

1747.39 1839.49

Pivot Point: 1795.27

GOLD - Technical Outlook

Gold is trading at 1,794 with a bearish bias. The metal has already breached a firm support level of 1,803, which currently acts as a gold barrier. On the bullish side, gold's major resistance stays at 1,795, which is extended by a pivot point level. The break above this level exposes gold prices towards the 1,807 and 1,824 levels. The RSI has entered the oversold zone.

On the downside, gold's immediate support is at 1,783, and a break below that level can push the gold price towards 1,760. The 20 and 50 days EMAs also indicate a selling bias below the 1,793 level; so, downtrend dominates below 1,795 and vice versa. All the best!

Daily Price Outlook

During Thursday's Asian trading session, the EUR/USD currency pair succeeded in stopping its bearish bias and picking up bids to refresh its daily top at 1.1211. The currency pair dropped to a fresh low since July 2020 the previous day before bouncing off the 1.1186 level. However, the gains in the major pair have appeared after the US dollar was down on Thursday morning in Asia.

The dollar was lower, but it was at a five-year high against the yen. The hawkish tone of the US FED last meeting minutes contrasted with its Japanese counterpart's dovish stance. Apart from this, the positive MACD signals provided further support to the EUR/USD recovery moves. Furthermore, the focus now shifts to the minutes of the European Central Bank's (ECB) meeting, due later today.

On the same day, ECB president Christine Lagarde will deliver a speech at an ECB legal conference, including board members Frank Elderson and Edouard Fernandez-Bollo. In contrast to this, more than 70,000 new coronavirus infections have been reported in Germany, the largest one-day increase on record, with some places still to report. The EUR/USD is likely to be under some downward pressure as a result of this report. The EUR/USD is currently trading at 1.1214, representing a 0.15 percent increase.

However, the ECB minutes and remarks from various ECB policymakers, including President Christine Lagarde, are expected to keep the euro on edge ahead of the ECB minutes and policy divergence between the Fed and the ECB. Following Austria's announcement of a statewide lockdown last week, France is expected to declare new covid measures, as a government official warned that the country's Covid-19 incidence rate is expected to exceed 200 per 100K in the next days. Whereas, allegations are circulating that Germany is planning to impose stricter Covid-19 restrictions, possibly even a complete shutdown, in the wake of record daily infections and rising pressure on hospitals.

The broad-based US dollar was lower at the USD front, but it was still near a five-year high against the yen. The hawkish tone of the US Federal Reserve's minutes from its most recent meeting contrasted with its Japanese counterpart's dovish stance. In its minutes issued on Wednesday, the Fed warned that it might accelerate its asset cutting program and boost interest rates sooner than planned if rising inflation persists. Shorter duration yields and, as a result, the dollar will continue to be supported by hawkish comments from Fed official Mary Daly, as well as Fed minutes reflecting a desire for faster tapering and earlier rate hikes.

Due to the US markets closing for the holiday on Thursday, all eyes are on the European Central Bank's meeting minutes, expected later in the day. ECB president Christine Lagarde will speak at an ECB legal conference on the same day, as will board members Frank Elderson and Edouard Fernandez-Bollo.

EUR/USD Intraday Technical Levels

Support Resistance

1.1172 1.1241

1.1144 1.1282

1.1103 1.1310

Pivot Point: 1.1213

EUR/USD - Technical Outlook

The EUR/USD bullish bias seems get stronger as the pair managed to break over the 1.1213 pivot point level. On the 4-hour timeframe, the EUR/USD has also violated a descending trend pattern that was extending resistance at 1.1215. The increased demand in EUR/USD, as well as the break through the 1.1249 barrier, exposes the pair to 1.1273 or 1.1298. Alternatively, a break below the 1.1224 level exposes the EUR/USD pair towards the 1.1212 and 1.1190 levels on the bearish side. The RSI and stochastic are holding in a buy zone. Therefore, the EUR/USD’s trading bias remains bullish above 1.1210 and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $57,209.0 after reaching a high of $57,762.0 and a low of $55,916.9. The BTC/USD dropped on Wednesday amid the strength of the U.S. dollar and the negative market mood surrounding the cryptocurrency industry. On Wednesday, reports came from the cryptocurrency market that Norway might be the following country after China hit hard on Bitcoin mining operations. However, the Scandinavian country has expressed its concerns over the potential environmental impact of crypto mining activities.

After Great China banned cryptocurrency-related activities in the country, including mining, Norway became one of the top destinations for mining operations. The minister of the local government, Bjorn Arild Gram, said the government was mulling over potential policies to discuss the difficulties related to crypto mining. He also added that it was difficult to justify the extensive use of renewable energy. He also referred to a proposal by the Swedish government urging European nations to ban energy consumption from proof-of-work crypto mining. This news negatively impacted the whole crypto market as another country was planning to join China in banning crypto mining over energy concerns.

Moreover, the International Monetary Fund (IMF) has warned El Salvador that it could be on the path to financial instability following making Bitcoin legal tender. The IMF acknowledged that bitcoin and other digital currencies could facilitate efficient payments, but making them legal tender could disrupt the financial system. The IMF suggested that El Salvador narrow its Bitcoin law's scope and focus more on strengthening its regulations and supervisory oversight of the new payment system. These concerning suggestions from the IMF to El Salvador added to the negative market mood and dragged BTC/USD further to the downside.

Meanwhile, on Tuesday, the Indian Parliament published a bill that is, for the moment, awaiting votes from the legislative for the creation of an official digital currency and a potential ban on all private cryptocurrencies. Parliament announced the introduction of 26 new bills in the Winter Session, including a Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. This news triggered a massive sell-off on a major cryptocurrency exchange in the country and caused a drastic price drop for leading cryptocurrencies like BTC/USD and ETH/USD.

On the flip side, investment funds from major US investment banks like Morgan Stanley have increased their exposure to Bitcoin through purchases of shares of Grayscale Bitcoin Trust. On Tuesday, the U.S. SEC filed that Morgan Stanley Insight Funs had increased its holdings of Grayscale Bitcoin Trust by more than 63% in the second quarter of this year. This news added strength to the BTC/USD and capped a further decline in its prices on Wednesday.

BTC/USD Intraday Technical Levels

Support Resistance

56163.2 58008.3

55117.5 58807.7

54318.1 59853.3

Pivot Point: 56962.6

BTC/USD - Technical Outlook

On Thursda, the BTC/USD sliped below a pivot point support level of 56,950 level. Bitcoin's price held above the $55,500 support level. BTC has created a base over $55,500 and is now attempting a decent comeback wave. The price broke through the $56,500 and $57,000 barrier levels. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a strong negative trend line with resistance near $57,100. The pair even surpassed the $57,500 mark and the 100 hourly simple moving average.

However, the price is still trying to break through the $58,000 barrier. The price has hit a high near $58,222 and is now consolidating gains.The bears pushed the market below the 23.6 percent Fib retracement level of the upward run from the swing low of $55,909 to the high of $58,222. The $57,500 level provides instant support. Near the $57,000 level, the first substantial support is formed.

If bitcoin remains above the $56,500 support level, it may continue to increase. On the upside, an early resistance level is near $58,000. The next significant resistance is located near the $58,500 level. A close over the $58,000 and $58,500 levels could signal the start of a steady rise in the near term. The next major barrier is located near the $60,000 level.