Eyes on CPI Figures Ahead

The EUR/USD closed at $1.1718 after placing a high of $1.1744 and a low of $1.1710. On Tuesday, the currency pair EUR/USD dropped for the 8th consecutive session and followed its bearish trend amid the rising strength of the U.S. dollar. The U.S. Dollar Index that measures the greenback's value against the basket of six major currencies surged on Tuesday and reached above 93 levels that weighed on riskier asset EUR/USD. The U.S. Treasury Yields on benchmark 10-year note also rose on Tuesday and reached 1.357%, which added strength to the U.S. dollar and dragged EUR/USD downwards.

On the data front, at 14:00 GMT, the ZEW Economic Sentiment for August dropped to 42.7 against the forecasted 55.3 and weighed on the single currency Euro that added further loss in EUR/USD. The German ZEW Economic Sentiment also declined in August and fell to 40.4 against the projected 54.9 and weighed on the single currency Euro that added further loss in EUR/USD pair.

From the U.S. side, at 15:00 GMT, the NFIB Small Business Index for July declined to 99.7 against the anticipated 101.9 and weighed on the U.S. dollar that further caped loss in EUR/USD. At 17:30 GMT, the Prelim Nonfarm Productivity for the quarter surged to 2.3% against the projected 3.3% and supported the U.S. dollar that added further decline in EUR/USD. The Prelim Unit Labor Costs remained flat with the projections of 1.0%.

The economic sentiment around Europe and Germany fell short of expectation and weighed on the single currency Euro. The third consecutive monthly decline in economic sentiment points was due to increased risks for the German economy, including the possible fourth wave of coronavirus starting in autumn. This also kept the single currency under pressure and dragged EUR/USD downwards.

Meanwhile, two Federal Reserve officials indicated on Monday that the pace of the U.S. recovery and higher inflation could prompt discussions about reducing economic support and starting interest rates hikes by the central bank. The investors will keep a close watch on the release of U.S. consumer price index and producer price index data expected to come out on Wednesday and Thursday, respectively.

The U.S. dollar strength driven by the hopes that Fed might start reducing economic support and increase interest rates sooner than expected kept the riskier asset EUR/USD lower for seven consecutive sessions.

EUR/USD Intraday Technical Levels

Support Resistance

1.1704 1.1738

1.1690 1.1758

1.1671 1.1772

Pivot Point: 1.1724

EUR/USD - Technical Outlook

The EUR/USD is trading with a strong bearish bias, having violated the narrow trading range of 1.1730 – 1.1700 level. The EUR/USD pair has entered the oversold zone; however, the recent bearish engulfing candle still supports a selling trend in EUR/USD pair. On the 4-hour chart, the EUR/USD's next support holds around 1.1690 and 1.1670 level. At the same time, the resistance continues to stay at the 1.1725 level. Closing of candles below 1.1725 level is supporting bearish bias in the EUR/USD pair. Today, the investor's primary focus will be staying on the U.S. CPI data that will likely trigger further market price action. All the best.

Upward Channel Supports Bitcoin

The BTC/USD was closed at $45,612.0 after placing a high of $46,674.0 and a low of $44,644.0. BTC/USD reversed its course on Tuesday and turned red for the day after rising to its highest since the mid of May. On Tuesday, the administration of President Joe Biden has announced that it supports a harsher tax regulation policy on cryptocurrencies.

The Senate was discussing ways to tackle the crypto business in the United States. The White House prompted a cryptocurrency tax which is part of the Senate Infrastructure Bill that was presented to leverage the U.S. economy. The original bill required the digital asset brokers to report crypto capital gains.

On the other hand, the former President of the Chilean Central Bank, Jose Gregorio, wrote an article demonstrating several misunderstandings about the leading cryptocurrency Bitcoin. He noted that it was essential to highlight the distinction between bitcoin and other cryptocurrencies. The leading crypto has unique characteristics and was separated from the rest of the market by functionalities that belong solely to bitcoin’s protocol.

The article supported the leading cryptocurrency and defended it against the belief that bitcoin could not be used worldwide to buy all sorts of goods and services. He said that bitcoin has a short lifespan of 12 years compared to fiat currencies, and in this short time, it has achieved much success.

Talking about three principles and functionalities of money, he said that gold was about 100 years old and did not fulfil all those properties. How could people expect bitcoin to reach maturity in these three properties in just 12 years. He also gave many supporting answers to bitcoin critiques regarding other issues and said that bitcoin was the future of money. This article in support of bitcoin pushed BTC/USD further higher towards the $46,000 level.

BTC/USD Intraday Technical Levels

Support Resistance

43912.6 47552.8

41532.2 48812.6

40272.4 51193.0

Pivot Point: 45172.4

BTC/USD - Technical Outlook

The leading crypto pair BTC/USD is trading with a bullish bias at a 45,923 level. Bitcoin is maintaining a narrow trading range of 46,745 – 45,180 levels. A bearish breakout of 45,182 levels exposes the BTC/USD towards the next support area of 43,750 and 42,550 levels. The technical side of Bitcoin is mostly unchanged, and it’s keeping the prices mostly steady.

At the moment, Bitcoin immediate resistance continues to hold around 46,750. The bullish crossover of this level has the potential to expose BTC prices towards 48,880 and 49,825 levels.

The 50 days simple moving average is providing support at 41,317 levels. Since the current market price of BTC is above 50 SMA, it’s suggesting a solid bullish trend in Bitcoin. Lastly, the MACD is still trading in a buying zone, holding above 0, indicating a bullish trend in Bitcoin. Thus, the bullish bias dominates in Bitcoin, and investors will be keeping close eyes on the 46,745 – 45,180 level. All the best!

Choppy Session Continues

Gold prices were closed at $1733.10 after placing a high of $1753.75 and a low of $1710.95. After falling for five consecutive sessions, gold prices jumped to Monday. They reversed their course based on expectations that the Federal Reserve might take monetary action to push the U.S. dollar significantly.

The U.S. Dollar Index that measures the greenback's value against the basket of six major currencies, reached its highest in three weeks at 92.99. It's after the stronger-than-expected jobs data from the U.S., which raised the bets that the Fed might start reducing monetary support of $120 billion worth of monthly asset purchases sooner than expected. A rollback in the stimulus along with the eventual rate hike could weigh heavily on gold prices in the short term.

On Monday, two Federal Reserve officials said that the U.S. economy was growing rapidly while the job market was still far from reaching the full-employment target. The inflation was already at a level that the Fed has set as a target for the beginning of interest rate hikes. The President of Atlanta Federal Reserve Bank, Raphael Bostic, said that he would be looking closely at the progress made in the fourth quarter to reduce bond purchases. However, he said that he was open to an earlier start of tapering if the labor market keeps showing improvement at the current pace.

Meanwhile, the Richmond Federal Reserve President Tom Barkin said that inflation has already achieved the 2% target set as a threshold by the Federal Reserve. Barkin and Bostic both believed that it was one of the two requirements to be met before rate hikes can be considered and since, one has been reached its target and the other was showing improvement, there were chances that the Fed might start tapering sooner than expected.

These remarks from Fed officials showed that the central bank had discussions about tapering asset purchases. The bank was getting more detailed in its debate about what it will take to satisfy the Fed's inflation target under the new framework. These comments from Fed officials added further strength to the U.S. dollar that ultimately added pressure on the gold prices. However, on Monday, the precious metal managed to remain on the green side despite the strength of the U.S. dollar and hawkish comments from Fed officials. On the data front, at 19:00 GMT, the JOLTS Job Openings for June surged to 10.07M against the forecasted 9.27M and supported the U.S. dollar and further capped gains in the yellow metal.

Gold Intraday Technical Level

Support Resistance

1711.45 1754.25

1689.80 1775.40

1668.65 1797.05

Pivot Point: 1732.60

Gold - XAU/USD - Technical Outlook

On Tuesday, the precious metal gold continues to trade sideways, and its technical outlook remains primarily unchanged. Gold is trading with a neutral bias after falling to 1,686 support levels. On the hourly timeframe, the metal has already completed 50% Fibonacci retracement at 1,743 level, and now this level is extending support to gold.

A bullish bias continues, and gold is going after completing 61.8% Fibonacci retracement at 1,757 levels. This level will be extending solid resistance on Monday. The MACD is coming out of the oversold zone, and the closing of candles below the 1,757 level has the potential to reverse gold's bullish correction. Therefore, the investor's focus will be staying at the 1,757 level. In case of a bullish breakout of 1,757 levels, the next resistance will prevail at 1,765 areas. Bullish bias dominates today. All the best!

Double Bottom Support Breakout

The EUR/USD was closed at $1.1737 after placing a high of $1.1769 and a low of $1.1734. EUR/USD continued its bearish streak for the 8th consecutive session on Monday and dropped to its lowest since the ending week of March amid the strength in the U.S. dollar. On Monday, the greenback strengthened against its rival currencies during American trading hours after JOLTS jobs opening data release. The stronger than expected data figures added further strength to the already rising U.S. dollar and dragged EUR/USD pair further on the downside towards its fresh four-month lowest level.

The U.S. Dollar Index that measures the greenback's value against the basket of six major currencies reached 92.99 level on Monday during the last trading hours as the U.S. Treasury Yields on benchmark 10-year note jumped to its highest since July 16 at 1.319% and added strength in the greenback. The combination of higher yields and rising DXY and the better-than-expected jobs figure pushed the U.S. dollar towards 93 levels, which ultimately negatively impacted EUR/USD.

On the data front, at 11:00 GMT, the German Trade Balance in June remained flat with the expectations of 13.6B. At 13:30 GMT, the Sentix Investor Confidence dropped in August to 22.2 against the forecasted 29.2 and weighed on the single currency Euro that added further loss in EUR/USD. From the U.S. side, at 19:00 GMT, the JOLTS Job Openings for June rose to 10.07M against the anticipated 9.27M and supported the U.S. dollar that dragged EUR/USD pair on the downside.

Meanwhile, the Fed officials were also discussing reducing the monetary support as one of the two targets set by the Fed for this action was achieved, and the other one was in progress. The Fed Reserve President Raphael Bostic said that he would be looking at the economic recovery till the fourth quarter before tapering the asset purchases. The Richmond Fed President Tom Barkin said that the inflation target had been reached and the job market was improving, which means the Fed will soon start increasing interest rates. These hawkish comments also added strength to the U.S. dollar and dragged EUR/USD currency pair further on the downside.

Moreover, the ECB policymaker Jens Weidmann said that the European Central Bank must tighten monetary policy to counter inflationary pressures. European countries have increased their borrowing to cope with the coronavirus pandemic, which exposed them to increased debt servicing costs. Weidmann said that ECB would have to act in line with the price stability objective to make inflation sustainable. These comments from ECB policymakers added further weakness in single currency Euro that dragged EUR/USD pair further on the downside.

EUR/USD Intraday Technical Levels

Support Resistance

1.1725 1.1760

1.1712 1.1782

1.1690 1.1794

Pivot Point: 1.1747

EUR/USD - Technical Outlook

The EUR/USD is trading bearish, disrupting the narrow trading range of 1.1769 – 1.1741 level. The EUR/USD pair has entered the oversold zone, as we can see on the 4-hour timeframe. However, the stronger dollar continues to dominate the selling bias in EUR/USD pair. The pair has already violated the double bottom support level of 1.1765 level, and the closing of candles below this level supports selling bias in EUR.

The EUR/USD's immediate resistance holds around 1.1741 level, and blow this; the pair is exposed towards the next support area of 1.1705 level. The 50 SMA and MACD are supporting a selling trend in the EUR/USD pair today. All the best.

Bitcoin Bullish Bias Continues to Dominate

The BTC/USD was closed at $46293.0 after placing a high of $46432.2 and a low of $42792.0. BTC/USD resumed its bullish momentum on Monday and reached above the $46,000 level amid the recent improvement in the cryptocurrency space. On Monday, U.S. Senator Rob Portman announced that the key senators had reached an agreement on IRS reporting rules for cryptocurrencies. Sparing the details, the industry regulators were now confident about who will be and who will not be a broker in the blockchain business. The cryptocurrency miners and stakers will be considered brokers by the U.S. federal government.

On the other hand, AMC Entertainment has announced that its customers can buy movie tickets and concessions in bitcoin if purchased online at all of its U.S. theaters. According to an announcement made by CEO Adam Aron, the movie theater chain will integrate IT systems in place that will enable the acceptance of bitcoin as a payment option by the end of 2021. This news added further strength in BTC/USD and pushed its price higher.

Bitcoin grew as much as 3.1% to $45,328 during the weekend, its highest level since May 18. Ether grew as much as 3.5% to $3,191, reaching for a fifth day amid the Ethereum network’s London upgrade, which diminishes the pace of extension in the coins.

Furthermore, a non-profit organization named Bitcoin Cash Argentina, which aims to increase the knowledge and adoption of cryptocurrency, has successfully arranged funds for its second Flipstarter campaign. The company expressed its gratitude to everyone who donated the amount via a Twitter account. The company gathered 250 bitcoin cash to support its operations to help the company reach its newly set goals. The new campaign has established an aim of adding 250 new merchants on board shortly. His announcement also added some strength to the already rising prices of BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

43912.6 47552.8

41532.2 48812.6

40272.4 51193.0

Pivot Point: 45172.4

BTC/USD - Technical Outlook

On Tuesday, the leading crypto pair BTC/USD is trading with a neutral bias at a 45,523 level. Bitcoin is maintaining a narrow trading range of 46,745 – 45,180 levels. A bearish breakout of 45,182 levels exposes the BTC/USD towards the next support area of 43,750 and 42,550 levels. At the same time, the resistance continues to hold around 46,750. The bullish crossover of this level has the potential to expose BTC prices towards 48,880 and 49,825 levels.

The 50 days simple moving average is providing support at 41,317 levels. Since the current market price of BTC is above 50 SMA, it’s suggesting a solid bullish trend in Bitcoin. Lastly, the MACD is still trading in a buying zone, holding above 0, indicating a bullish trend in Bitcoin. Thus, the bullish bias dominates in Bitcoin, and investors will be keeping close eyes on the 46,745 – 45,180 level. All the best!

US NFP Drives Gold Price Lower

On Monday, gold slipped as much as 4.4% to a more than 4-month low as vital U.S. jobs figure stoked concerns that the Federal Reserve would hike rates sooner than expected. It increased the opportunity cost of keeping non-interest-bearing bullion. The global financial markets were jolted early by a swift plunge in gold as a break of $1,750 triggered stop-loss sales to get it as low as $1,684 an ounce. It traded bearishly by 1.3% at $1,740.

Apart from this, the covid-19 updates from Australia and progress over the U.S. stimulus also favor the market trading mood. As per the recent updates, the $1.0 trillion stimuli is set for final passage from the Senate, which might be Tuesday. However, the House of Representatives will require to asset the bill before it reaches President Biden for a sign.

At the data front, China's headline Consumer Price Index (CPI) MoM rose past +0.2% market expectations and -0.4% before +0.3% in July. In contrast, the Producer Price Index (PPI) crossed the 8.8% YoY forecast and prior level to 9.0%. In addition to this, the latest U.S. jobs report, released on Friday, said nonfarm payrolls grew by a better-than-expected 943,000.

Whereas, the unemployment rate dropped to 5.4% in July. Investors keep their eyes on further data, including the core consumer price index (CPI). Thus, the prevalent risk-on mood and the firmer USD will keep the gold remain pressured.

Despite the positive catalysts, the broad-based U.S. dollar managed to extend its early-day positive moves. During the 2nd half of the Asian session, it remained well bid as vital U.S. jobs data increased hopes that the U.S. Federal Reserve would hike interest rates and begin asset tapering earlier than expected.

This was seen as one of the major factors that kept the U.S. dollar up. Meanwhile, the U.S. data raised hopes over the U.S. economic recovery, adding further optimism to the greenback. However, the upticks in the U.S. dollar held the gold prices remained under pressure as gold's price is negatively related to the price of the U.S. dollar.

Gold Intraday Technical Level

Support Resistance

1677.69 1765.34

1633.97 1809.27

1590.04 1852.99

Pivot Point: 1721.62

Gold - XAU/USD - Technical Outlook

Gold price is trading with a bullish bias after falling to 1,686 support levels. On the hourly timeframe, the metal has already completed 50% Fibonacci retracement at 1,743 level, and now this level is extending support to gold.

A bullish bias continues, and gold is going after completing 61.8% Fibonacci retracement at 1,757 levels. This level will be extending solid resistance on Monday. The MACD is coming out of the oversold zone, and the closing of candles below the 1,757 level has the potential to reverse gold's bullish correction. Therefore, the investor's focus will be staying at the 1,757 level. In case of a bullish breakout of 1,757 levels, the next resistance will prevail at 1,765 areas on Monday. Bullish bias dominates today. All the best!

Fibonacchi Retracment in Play

On Monday, the direct currency pair EUR/USD managed to bounce back nearly 20-25 pips from 4-month lows, though it lacked any follow-through bullish bias. For now, the EUR/USD is seen trading with modest gains, around the 1.1765 areas heading into the European session.

The covid-19 updates from Australia and progress over the U.S. stimulus also favor the market trading mood. As per the recent updates, the $1.0 trillion stimuli is set for final passage from the Senate, which might be Tuesday. However, the House of Representatives will require to asset the bill before it reaches President Biden for a sign.

At the data front, China's headline Consumer Price Index (CPI) MoM rose past +0.2% market expectations and -0.4% before +0.3% in July. In contrast, the Producer Price Index (PPI) crossed the 8.8% YoY forecast and prior level to 9.0%. In addition to this, the latest U.S. jobs report, released on Friday, said nonfarm payrolls grew by a better-than-expected 943,000.

Friday's blockbuster U.S. labor market report stoked speculations that the U.S. central bank could begin tapering its QE (asset purchases) sooner this year. The sentiments pushed investors to bring forth the likely timing for the Fed policy contraction. This was obvious from the continuing move up in the U.S. Treasury bond yields. The unemployment rate dropped to 5.4% in July. Investors keep their eyes on further data, including the core consumer price index (CPI). Thus, the prevalent risk-on mood and the firmer USD will keep the gold remain pressured.

Despite the positive catalysts, the broad-based U.S. dollar managed to extend its early-day positive moves. During the 2nd half of the Asian session, it remained well bid as vital U.S. jobs data increased hopes that the U.S. Federal Reserve would hike interest rates and begin asset tapering earlier than expected.

Later today, during the U.S. session, trader's focus will shift on the scheduled speeches by Atlanta Fed President Raphael Bostic and Richmond Fed President Thomas Barkin for further clues on Fed policy. These speeches, along with the wider market risk sentiment, might offer some trading shots in the EUR/USD pair.

EUR/USD Intraday Technical Levels

Support Resistance

1.1851 1.1890

1.1835 1.1913

1.1811 1.1930

Pivot Point: 1.1874

EUR/USD - Technical Outlook

On Monday, the EUR/USD is trading choppy, maintaining a narrow trading range of 1.1769 – 1.1741 level. The EUR/USD pair has entered the oversold zone as we can see on the 4 hour timeframe. The Fibonacci retracement indicator is extending resistance at 23.6% level of 1.1770 level. Bullish crossover of this level expose EUR/USD pair towards 38.2% Fibobacci retracement level of 1.1785 level. Further upward movement in EUR can expose it towards 61.8% Fibo level of 1.1813 level. The support levels hold at 1.1740 level and breakout below this level expose the pair towards 1.1732 and 1.1702 levels. The EUR/USD bullish correction can be seem today on Monday. All the best.

Bullish Bias Dominates

The BTC/USD was closed at $43,895 after placing a high of $45,199 and a low of $43,252. Bitcoin and Ether touched their highest marks in more than two months following a significant Ethereum upgrade. The bullish bias dominates even in the face of uncertainty over crypto laws in the U.S. infrastructure system.

Bitcoin grew as much as 3.1% to $45,328 during the weekend, its highest level since May 18. Ether grew as much as 3.5% to $3,191, reaching for a fifth day amid the Ethereum network’s London upgrade, which diminishes the pace of extension in the coins.

Christopher Giancarlo, a previous commissioner with the Commodity Futures Trading Commission (CFTC) has claimed that crypto regulation does not come beneath the authority of the SEC. These remarks came in after the U.S. Securities and Exchange Commission extended the scope of oversight of the cryptocurrency business.

The previous CFTC Chairperson has demonstrated that the CFTC was the only governing agency in the United States with expertise regulating exchanges for Bitcoin and other cryptocurrencies. CFTC commissioner Brian Quintenz also announced that cryptocurrencies like Bitcoin should be regulated by the CFTC instead of the SEC.

A report recommended that the financial advisors at JPMorgan Chase were permitted to begin placing private bank clients into a new bitcoin fund that was the creator with the guidance of crypto firm NYDIG. The news had a meaningful influence on BTC/USD prices. The banking giant had earlier been against the digital asset market, although its conversion to provide bitcoin exposure to its wealthy customers in high demand appended market sentiment.

BTC/USD Intraday Technical Levels

Support Resistance

40565 44042

38475 45422

37095 47515

Pivot Point: 41949.7

BTC/USD - Technical Outlook

The BTC/USD pair continues trading on Monday with a dramatic bullish bias at the 43,453 level. It’s gaining immediate support at the 42,650 level. Violation of this support level exposes the Bitcoin price towards the next support level of 41,945. An intraday pivot point level extends this level. On the resistance side, it’s holding at the 44,020 level, and a bullish breakout of this level can expose Bitcoin price towards the next resistance level of 45,235.

The 50 period moving average is also pushing Bitcoin higher, as it extends support at 40,550 level. The closing of bullish engulfing pattern on the 4-hour timeframe is suggesting bullish bias among investors. Therefore, the bullish trend dominates above 41,949 levels today. The MACD is also supporting a bullish trend in Bitcoin. All the best!

Bullish Engulfing to Support Buying

ETH/USD was closed at $2827.52 after placing a high of $2843.32 and a low of $2531.58. ETH/USD rose for a second consecutive session on Thursday and reached above the $2800 level amid the launch of the long-awaited upgrade of the London hard fork. On Thursday, the most significant change and upgrade in Ethereum blockchain since 2015 went live and pushed the prices of ETH/USD higher. The new upgrade showed that the network was on its way to make an even bigger upgrade to reduce its energy usage by 99%. London hard-fork, the latest update in the world's most-used blockchain software, included a fee-reduction feature called EIP-1559.

According to tracking website data, only a few hours later, the fee cur eliminated about $2 million worth of its native cryptocurrency Ether, which put upward pressure on ETH/USD. The co-founder and creator of Ethereum, Vitalik Buterin, said 1559 was the most important part of the London upgrade. This upgrade was proof that the Ethereum ecosystem could make significant changes.

Ethereum blockchain has gone through about 11 updates, and London hard fork is the biggest game-changer among all. The latest London hard fork consists of five Ethereum Improvement Proposals (EIP), with each set of changes to the code. Out of five EIPs included in London hard fork, EIP-1559 is the one catching most of the market's attention. It is associated with the burning of coins and eventually casing a deflation of ETH, which will ultimately add to the value of ETH due to scarcity.

Furthermore, on Thursday, a precious metal firm Kitco Gold announced a gold-backed stable coin launch. Kitco announced a partnership with First Digital Trust, Tradewind Market, and an asset tokenization provider to launch the gold-backed ERC20 tokens called Kitco-gold (KGLD). One token will represent one true troy ounce of fine gold. These tokens were built on Ethereum blockchain, and ETH/USD prices moved higher after this news announcement and reached above the $2800 level for the first time in 2-months.

ETH/USD Intraday Technical Levels

Support Resistance

2624.96 2936.70

2422.40 3045.88

2313.22 3248.44

Pivot Point: 2734.14

ETH/USD - Technical Outlook

The ETH/USD is trading with a bullish bias at a 2,779 level on Friday. The second leading cryptocurrency has violated the double top resistance level of 2,691 level. Closing of candles above 2,691 level is exposing Ethereum price towards next resistance level of 2,862 level. The 50 periods simple moving average and the MACD is supporting a bullish trend in ETH/USD pair.

Ethereum's immediate support holds around 2,694 level and a breakout of this exposes its price towards 2,539 level. Therefore, ETH/USD bullish bias can stay strong above 2,690 level as the pair has closed a bullish engulfing candle on the 4-hour chart. All the best!

50 EMA Bullish Crossover

The BTC/USD was closed at $40,887.0 after placing a high of $41,352.0 and a low of $37,361.0. After declining for four straight sessions, BTC/USD surged for the second day in a row on Thursday, reached above $41,000 level, and closed the session above $40,000 level amid recent positive developments in the cryptocurrency market.

Christopher Giancarlo, a former commissioner with the Commodity Futures Trading Commission (CFTC) has argued that crypto regulation does not come under the jurisdiction of the SEC. These comments came in after the U.S. Securities and Exchange Commission expanded the scope of oversight of the cryptocurrency industry.

The former CFTC Chairperson has argued that the CFTC was the only regulatory agency in the United States that has experience regulating markets for Bitcoin and other cryptocurrencies. CFTC commissioner Brian Quintenz also declared on Twitter that cryptocurrencies like Bitcoin should be regulated by the CFTC rather than the SEC.

Meanwhile, on Thursday, a report suggested that the financial advisors at JPMorgan Chase were allowed to start placing private bank clients into a new bitcoin fund that was the creator with the help of crypto firm NYDIG. The news had a significant impact on BTC/USD prices. The banking giant had previously been against the digital asset market, but its transformation to provide bitcoin exposure to its wealthy clients in high demand added to the market sentiment.

After this move, JPMorgan became the first U.S. big bank to give retail clients bitcoin exposure. It means that, unlike other big banks, JPMorgan will not limit the access of this fund to only ultra-wealthy clients. This news supported the prices of BTC/USD and pushed higher the whole market sentiment on Thursday.

A German fashion company Philipp Plein International AG has announced that its customers will have a chance to buy products in digital assets instead of fiat money. The company will integrate about 15 cryptocurrencies in this service, including the top cryptos like Bitcoin and Ethereum. The clients of the fashion group will now be able to pay for clothes, shoes, and other products in BTC, ETH, and dozen other cryptocurrencies. This news also added strength to the already rising prices of BTC/USD.

Furthermore, a computer-driven fund manager based in Paris, Melanion Capital, has reportedly acquired approval to launch an exchange-traded fund that can track Bitcoin-related stocks for investors across the European Union. Additionally, the fund will not be considered as a bitcoin ETF as it will not invest or hold bitcoin directly. This news added further strength to the BTC/USD and pushed its prices above the $41,000 level on Thursday.

BTC/USD Intraday Technical Levels

Support Resistance

38381.4 42372.4

35875.7 43857.7

34390.4 46363.4

Pivot Point: 39866.7

BTC/USD - Technical Outlook

On Friday, the BTC/USD pair continues trading with a bullish bias at the 40,750 level. It’s gaining immediate support at the 39,650 level. Violation of this support level exposes the Bitcoin price towards the next support level of 37,495 level. A double bottom pattern gives this support level on the 4-hourly chart.

Regarding resistance, it’s holding at 41,200 level, and a bullish breakout of this level can expose Bitcoin price towards the next resistance level of 42,850. The 50 periods moving average is also pushing Bitcoin higher, as it extends support at 39,650 level. The closing of bullish engulfing pattern on the 4-hour timeframe is suggesting bullish bias among investors. Therefore, the bullish trend dominates above 39,650 levels today. The MACD is also supporting a bullish trend in Bitcoin. All the best!