Bitcoin Price Prediction

The uptrend of Bitcoin to a new all-time high sparked a flood of activity throughout the market. Crypto assets such as Solana have recaptured levels not seen in months, extending the rise. Ethereum has nearly closed the gap to the all-time high, but it has now retreated to test support at $4,100.

Bitcoin is currently trading at $63,150, having lost over 2% of its value in the last 24 hours. The flagship cryptocurrency reached a fresh all-time high of $67,027, boosting investor confidence in the sector. Most analysts anticipate that Bitcoin will soar above $70,000 in the foreseeable future.

Since the inception of October, the cryptocurrency has increased by more than 50%, surpassing the market capitalization of tech titans such as Facebook and Tesla.

BTC continues to rise after breaching the $64,800 mark set in April and was trading over $66,000 on Thursday evening. It is a stunning comeback for bitcoin, which fell below $30,000 in July. However, later it fell to the $63,000 range on the back of profit-taking.

Other major cryptocurrencies have followed bitcoin's trend, most noticeably Ethereum (ether) and Solana (SOL), both of which are up more than 10% in the previous 24 hours. As a result of the price gains, the whole crypto market cap surpassed its previous record, reaching more than $2.6 trillion.

Several prominent cryptocurrency analysts predict bitcoin is now on the second big leg of a bull run that will bring it above $100,000 by the end of 2021. However, others have warned that another catastrophic meltdown is possible.

BTC/USD Intraday Technical Levels

Support Resistance

60909.99 65765.77

59227.30 68304.14

56371.50 69986.70

Pivot Point: 63765.70

BTC/USD - Technical Outlook

Bitcoin's price has slipped below the pivot point resistance level of 63,765.70 level amid profit-taking. On the 4-hour timeframe, the BTC/USD pair is gaining strong support at the 61,954 level and the closing of candles above this level is demonstrating weakness in the bearish bias. Therefore, Bitcoin’s prices are exposed to the 65,135 and 66,950 levels until they hold above 61,954 support.

A break below 61,954 levels exposes the pair towards 60,570 and 58,650 levels. However, the RSI is holding in a buying zone, supporting a bullish bias in Bitcoin. Alongside, Bitcoin has closed a Doji candle above the 61,954 level and bullish bias dominates due to this, especially above the 61,954 level. On the flip side, bearish bias will dominate upon the breakout of the 61,954 support level. All the best!

XAU/USD Surge Above 1,779 Pivot Point

Gold prices rose as the US dollar fell, amid concerns about rising inflation and supply chain challenges that drove demand for the safe-haven commodity. Spot gold had risen 0.9 percent to $1,785.25 per ounce (1800 GMT). Gold futures in the United States for December closed 0.8 percent higher at $1,784.90 per ounce.

The dollar fell, making gold more desirable to foreign currency holders. "There is widespread anxiety about what is happening with supply constraints and the Federal Reserve's lack of action." "It appears that the Fed is lagging on inflation," said Bob Haberkorn, senior market strategist at RJO Futures. "How will equities continue to make new highs in the face of supply chain and inflation issues?" According to Haberkorn, "there is a flight to safety into gold that will continue for the next few months."

If inflation continues to rise at its present rate in the coming months, Fed Governor Christopher Waller warned on Tuesday, and officials may need to adopt "a more aggressive policy response" next year. Although reduced stimulus and interest rate hikes push up government bond yields, raising the potential cost of keeping non-yielding metal, gold is typically regarded as an inflation hedge.

In addition to helping gold, benchmark 10-year Treasury yields in the United States fell after reaching a five-month high earlier in the day.

According to StoneX analyst Rhona O'Connell, gold's range will shift once it breaches the critical $1,800 per ounce barrier, with the risk leaning to the upside ahead of India's Diwali festival and solid demand in China. In other news, platinum increased 1% to $1,050.50 per ounce. Palladium slid 1.2 percent to $2,072.71 per ounce.

Two Federal Reserve officials in the United States said on Wednesday that while asset tapering should begin soon, it was too soon to raise interest rates. Fed Governor Randal Quarles said he supports an initial effort to begin asset reductions in November 2021, but he also expressed concern about rising inflationary pressures that could necessitate a policy response.

GOLD Intraday Technical Level

Support Resistance

1756.81 1787.01

1744.08 1807.48

1724.61 1819.21

Pivot Point: 1779.28

GOLD - Technical Outlook

Gold’s technical analysis is still mostly unchanged as the market’s focus remains on Bitcoin and the Bitcoin ETF. Thus, gold continues to trade bullish and is now priced at $1,782 per ounce. The technical side of gold suggests a strong bullish bias. The RSI is still holding above 50 and it’s suggesting a bullish trend in XAU/USD on a 4-hour timeframe.

The daily pivot point level is supporting gold at 1,779, and a breach of that level exposes the metal until the levels of 1,769 and 1,757.On the flip side, gold’s major resistance stays at 1,788 and a bullish crossover of this exposes the metal until the 1,800 level. All the best!

Pivot Point to Support at 1.1641

The EUR/USD pair has maintained its positive momentum, reaching its highest daily closing since late September at 1.1650 on Wednesday, aided by further USD weakness. Nevertheless, it is too early to assume that the current rally represents the start of a reversal rather than a correction since traders are reluctant to overlook the European Central Bank's (ECB) dovish policy stance for long. For the time being, technical levels may define the pair's near-term direction.

On Wednesday, Jens Weidmann, a member of the European Central Bank's (ECB) Governing Council and the President of the Bundesbank, announced that he would step down at the end of the year.

Weidmann was a well-known hawk and a vocal critic of the ECB's ultra-easy monetary policy, and his departure implies that the ECB will not encounter strong opposition if it proceeds to minimize eurozone inflation concerns. Additionally, ECB Governing Council member Francois Villeroy de Galhau stated that the ECB could afford to be patient because the inflationary surge is projected to be short. In the meantime, the dollar persists under stress as the Wall Street rise enables risk inflows to completely dominate global markets.

Later today, the US economic docket will include the weekly Initial Jobless Claims, October Philadelphia Fed Manufacturing Survey, and September Existing Home Sales. Moreover, the European Commission will release preliminary Eurozone Consumer Confidence figures at 1400 GMT.

If US stocks reverse course and the benchmark 10-year US Treasury bond yield maintains multi-month highs, EUR/USD may struggle to find buyers. On the other hand, a technical breakout might keep the bullish bias intact ahead of the weekend. Keep the bullish bias intact ahead of the weekend.

EUR/USD Intraday Technical Levels

Support Resistance

1.1625 1.1668

1.1601 1.1683

1.1583 1.1708

Pivot Point: 1. 1641

EUR/USD - Technical Outlook

The EUR/USD is consolidating in a narrow trading range between 1.1666 – 1.1625. On the 4-hour timeframe, the EUR/USD has formed an "ascending triangle" pattern that supports the strong upward trend in the EUR/USD pair. On the higher side, the next resistance stays at the 1.1666 level and a bullish crossover of 1.1666 exposes the EUR pair towards the 1.1683 and 1.1708 levels.

On the downside, support prevails at the 1.1625 and 1.1600 levels. The EUR/USD has already violated the intraday pivot point support level of 1.1641 level and now this is operating as a resistance for the pair. Lastly, the technical tools like RSI and MACD are in support of a selling trend. Therefore, the bearish bias dominates below the 1.1641 level and vice versa. All the best!

Bitcoin Price Prediction

The world's most valuable cryptocurrency, Bitcoin has finally broken above the $64,900 price barrier, setting a new price high above $65,000. The BTC/USD trading pair gained considerable momentum before the US trading session, sparking social media excitement. For example, MicroStrategy CEO Michael Saylor proposed:

"The halls of eternity echo with the cries of those who sold their Bitcoin."

This new price rounds off a historic week for BTC, which saw the popular digital currency outperform several major fiat currencies. Furthermore, Cointelegraph predicts that BTC will rise considerably higher in the weeks and months ahead. However, the site stated that several retracements would be required to create new support levels. This also indicates that prospective bullish traders and investors will have several good entry points into the market.

Furthermore, the greatest forecasts for the short term are now about $300,000 per Bitcoin. Furthermore, several data sources indicate that BTC may continue to outperform altcoins for the foreseeable being. As a result, well-known traders advised against concentrating on altcoin-heavy portfolios. The Valkyrie product, like ProShares, will not invest directly in Bitcoin but instead attempt to purchase a variety of BTC futures contracts. The VanEck Bitcoin Strategy ETF, slated to begin trading on the New York Stock Exchange underneath the ticker XBTF on Monday, October 25, will be the next Bitcoin futures fund to open.

Based on the performance of the ProShares, these two could see considerable demand from large investors seeking exposure to the world's greatest digital asset. The ProShares fund, which debuted on Tuesday, set a new record of $1 billion in total trade during its first day, the nation's second fund in history.

The accolades didn't stop there; BITO accumulated a billion dollars in assets under management (AUM) in its first two trading days. This new record was originally owned by a gold-based fund that surpassed $1 billion in its first three days of operation.

BTC/USD Intraday Technical Levels

Support Resistance

63928.01 67411.77

61951.49 68916.0

60446.10 70893

Pivot Point: 66233.0

BTC/USD - Technical Outlook

Bitcoin's price has risen beyond the $63,500 resistance level. BTC has broken through the crucial $65,000 resistance zone and is trading above the 100 hourly simple moving average. It even broke through the $65,500 resistance and reached a new all-time high of $66,982. It is currently correcting lower and selling under $66,000.

There was a break below the rising wave's 23.6 percent Fib retracement level from the swing low of $61,320 to the high of $66,982. The $64,200 level provides instant support. On the hourly timeframe of the BTC/USD pair, a critical bullish trend line is forming with support of about $63,000.

On the upside, an early resistance level is near $65,200. The first significant resistance is located near $65,500. A decisive break above the $65,500 resistance level could pave the way for more gains. The next considerable barrier is located near the $66,800 level, above which the price may increase to the $68,000 level. Any additional gains might push the price up to $68,000.

XAU/USD Surge Above 1,772 Pivot Point

Gold prices fell on Tuesday after climbing more than 1% the day before, as increasing U.S. Treasury yields and optimistic news from American corporations weighed on its safe-haven appeal. Gold's spot price was up 0.3 percent to $1,769.94 per ounce. It had risen as much as 1.2 percent earlier in the session due to a weaker dollar, making precious metals more affordable to foreign investors. December gold futures in the United States closed 0.3 percent higher at $1,770.5.

Tuesday's gains on Wall Street were bolstered by positive reports from Johnson & Johnson and insurer Travelers. Gold's non-yielding attraction has been diminished as benchmark 10-year Treasury yields in the United States reached their highest level since early June, at 1.6302 percent.

Market participants are widely expecting the Fed to begin trimming its asset purchases eventually, given that the earnings season has been good thus far, and recent data has shown a solid uptick in U.S. consumer prices. As investors awaited statements from Federal Reserve officials this week, which could provide insight into the possibilities of tightening monetary policy, gold held steady.

The price of gold has recently varied as markets analyze the prospect of earlier-than-expected tightening to curb inflationary pressures. Following Governor Christopher Waller's statement Tuesday that the Fed should begin tapering its bond-buying program next month. However, interest-rate increases are likely "still some time off," upcoming speeches, as well as dialogues by officials including Randal Quarles, Mary Daly, and Chair Jerome Powell, could provide more hints.

Traders in the United States are now pricing in a full rate hike at the Fed's September meeting held next year. However, excluding the European Central Bank, many of the world's central banks are projected to proceed faster.

GOLD Intraday Technical Level

Support Resistance

1756.81 1787.01

1744.08 1807.48

1724.61 1819.21

Pivot Point: 1776.28

GOLD - Technical Outlook

On Wednesday, gold’s technical outlook continues to be the same as the market’s focus remains on Bitcoin and Bitcoin ETF. Thus, gold continues to trade bullish and is now priced at $1,775 per ounce. The technical side of gold is suggesting a strong bullish bias. The RSI has surged above 50 and it’s suggesting a bullish trend in gold on a 4-hour timeframe.

The 1,772 level, on the other hand, is gold's immediate support. If the 1,772 level is broken, a sell-off might ensue till the 1,765 and 1,760 levels are reached. On the upside, gold's following resistance levels remain at 1,777 and 1,787, respectively.

We might anticipate a bearish correction in bullion on Wednesday, particularly below the 1,782 mark. Gold bullish bias dominates above 1,772 and vice versa. All the best!

Pivot Point at 1.1636

In the Asian session on Wednesday, the EUR/USD pair remained sluggish. The pair remains within a narrow trade band with less than a 10-pip fluctuation. The EUR/USD is trading at 1.1632, down 0.02 percent for the day. The US dollar is rising near 94.00, reflecting higher 10-year benchmark Treasury yields in the US. Despite poor data, the Fed's tapering forecasts have held US T-yields at 1.66 percent, the highest since May. Higher corporate earnings boosted sentiment as well.

Investors readily expect the Fed to begin tapering as early as November, while the European Central Bank's (ECB) dovish stance weighs on the common currency. Furthermore, the US President and the Democratic Party remained on pace to reach an agreement on the extent of their cornerstone economic restoration program, with the hope of reaching an agreement within a week.

Christine Lagarde, President of the European Central Bank (ECB), stated that the central bank will continue to assist the eurozone economy as the damage from the epidemic continues, adding to her previous comments about inflation being "mainly transitory."

Furthermore, ECB Governing Council member and Bank of France Governor Francois Villeroy remained gloomy about interest rate hikes by the end of 2022, citing the eurozone's inflation falling back below the ECB's 2 percent objective.

The dollar recovered some of its losses on Tuesday as Treasury rates rose, but it remained weaker on the day as other currencies, particularly sterling, were buoyed by anticipation of earlier-than-expected interest rate hikes. Last week, the dollar reached a one-year high versus a basket of other currencies as Treasury yields rose and traders bet the Federal Reserve would need to raise rates to meet stubbornly high inflation.

Traders are waiting eagerly for the German Inflation Rate and Eurozone Consumer Price Index (CPI) data. Moreover, ECB Elderson's speech and the US Fed's Quarles speech provide fresh trading momentum.

EUR/USD Intraday Technical Levels

Support Resistance

1.1584 1.1615

1.1570 1.1632

1.1553 1.1645

Pivot Point: 1. 1605

EUR/USD - Technical Outlook

The EUR/USD is on a bullish mode, trading higher towards the major resistance level of 1.1652. On the 4-hour timeframe, the EUR/USD has formed a "Three White Soldiers" pattern that’s supporting the strong upward trend in the EUR/USD pair. On the higher side, the next resistance stays at the 1.1652 level and a bullish crossover of 1.1652 exposes the EUR pair towards the 1.1681 level.

On the downside, support prevails at the 1.1630 and 1.1601 levels. The EUR/USD has already violated the symmetrical triangle pattern that was extending resistance at 1.1601. This level is now acting as a support for the EUR/USD pair. The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1630 level today. All the best!

Bitcoin Price Prediction

Bitcoin's price began a significant rise just above the $62,000 resistance level. BTC has broken above the critical $63,000 resistance zone and is now trading just above the 100 hourly simple moving average. It even broke through the $63,500 resistance level and reached a new multi-week high of $64,448. It is currently correcting lower and trading under $64,000. An immediate support level is near $63,700. BTC is approaching the 23.6 percent Fib retracement level of the uptrend from the swing low of $61,320 to the high of $64,448.

On the hourly timeframe of the BTC/USD pair, a crucial bullish trend line has formed with support at about $62,800. On the upside, an early resistance level is approaching $64,000. The first significant resistance is located near $64,250.

The shares of the first bitcoin-linked exchange-traded fund in the United States soared in their trading debut on Tuesday. The ProShares Bitcoin Strategy ETF (BITO) increased 4.8 percent to $41.94.The fund monitors CME bitcoin futures, or contracts gambling on bitcoin's future price, rather than the cryptocurrency itself.

As a result, traders in the ETF can anticipate the price and success of the shares to deviate from the price of bitcoin directly. This isn't ideal for existing investors; many of them are long-term investors in cryptocurrencies and had expected an ETF that would follow physical bitcoin that traders could buy and hold.

As per Coin Metrics, the price of bitcoin increased by more than 4% on Tuesday to $64,206.51, down around 1% from its all-time high of $64,899 on April 14. Bitcoin futures are up roughly 4% as well. Will Hershey, CEO of Roundhill Investments, told CNBC that the launch exemplifies the ETF industry's tremendous development.

BTC/USD Intraday Technical Levels

Support Resistance

59484.49 62858.77

576672.49 59162.0

56110.10 64421.0

Pivot Point: 66233.0

BTC/USD - Technical Outlook

On Wednesday, the BTC/USD is exhibiting a strong bullish trend at 63,963. The BTC/USD has broken through the ascending triangle pattern at 62,959 on the 4-hour period. This level is now likely to act as a support for the BTC/USD. Furthermore, Bitcoin's immediate support is at 62,959 levels. A break below this level may cause Bitcoin to fall to depths as low as 62,100 and as high as 61,175 USD.

On the upside, the major resistance is located around 65,125 levels. A break of this level might continue the buying momentum all the way to the 66,847 mark. The RSI and Stochastic indicators are pointing to a strong rising trend in Bitcoin. Furthermore, the violation of the rising triangle pattern supports the BTC/USD values. Thus, the bullish bias dominates over the 62,959 level on Wednesday. All the best!

XAU/USD Surge Above 1,765 Pivot Point

During Tuesday's Asian trading hours, the safe-haven-metal price extended its overnight gaining streak and drew some strong bids around well above $1,775 as the U.S. Dollar Index dropped 0.23% to 93.727 marks amid weaker-than-expected U.S. factory data. As a result, the dollar's bearish bias was considered a significant factor, providing extra support to the dollar-denominated commodities (gold).

Meanwhile, the market risk-off-sentiment, induced by various circumstances, played a significant role in bolstering yellow-metal prices. The positive sentiment surrounding gold was also bolstered by sluggish U.S. factory output and China's weaker growth in Q3. Besides, the Reserve Bank of Australia's (RBA) most recent monetary policy minutes underlined the Delta COVID-19 variant's risk to the country's economic recovery, which pushed investors toward safe-haven assets and enhanced the appeal of the precious metal. In addition, India, the world's second-largest gold consumer, saw a 252 percent increase in gold imports to $24 billion in the April-September period, owing to increased festival demand and the lifting of coronavirus restrictions.

The weak U.S. factory output and China's slower growth in Q3 continued to weigh on market sentiment. As a result, the safe-haven precious metal received extra support from a generally softer tone in the equity markets. Market worries were exacerbated by Monday's poor Chinese macro data, which revealed that the country's economic growth slowed drastically from 7.9% to 4.9 percent in the 3rd-quarter. Moreover, the Reserve Bank of Australia's (RBA) most recent monetary policy minutes emphasized the risk that the Delta COVID-19 variation raised doubts over Australia's economic recovery. Concerns that the current widespread increase in commodity prices might feed inflation and disrupt the global economic recovery were considered a crucial element that gave gold a boost.

According to factory data released on Monday, industrial production in the United States fell 1.3 percent month over month in September and rose a smaller-than-expected 4.6 percent year over year.A global semiconductor shortfall contributed to a drop in motor vehicle production, demonstrating that supply restrictions impede COVID-19 recovery.

A weaker U.S. dollar:

The rise in gold prices was further aided by the emergence of new selling around the U.S. dollar, boosting dollar-denominated commodities such as gold. Following a minor pullback in U.S. Treasury bond yields, the USD saw some additional supply following the previous day's solid two-way price moves. This was seen as a significant aspect that served as a positive for the dollar-denominated commodity. Meanwhile, the previously released downbeat U.S. data also played a major role in undermining the dollar. Moreover, the increasing bets that monetary policy will normalize faster in other countries also contributed to the U.S. losses.

Elsewhere, India, the world's second-largest gold consumer, saw a 252 percent increase in gold imports to $24 billion in the April-September period, owing to increased festival demand and the lifting of coronavirus restrictions. This, in turn, was viewed as a significant element that bolstered gold prices.

Market participants believe the Fed will start unwinding its huge post-pandemic stimulus before the end of the year. Fears of a faster-than-expected rise in inflation have prompted investors to price in the probability of an interest rate hike in 2022. As a result of the hawkish signals from major central banks, traders may be hesitant to make aggressive bullish wagers on non-yielding gold and curb gains.

Looking forward, no significant market-moving economic news is expected, putting gold at the mercy of broader market risk sentiment and bond yields. However, expected comments by Catherine Mann, a member of the BoE's MPC, and Governor Andrew Bailey may provide gold a boost. Later in the U.S. session, Fed Governor Michelle Bowman's remarks will impact USD price dynamics and create some exciting gold trading chances.

GOLD Intraday Technical Level

Support Resistance

1756.81 1787.01

1744.08 1807.48

1724.61 1819.21

Pivot Point: 1776.28

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,775 per ounce. The technical side of gold is suggesting strong bullish bias. The RSI has surged above 50 and it’s suggesting a bullish trend in gold on a 4-hour timeframe.

The 1,772 level, on the other hand, is gold's immediate support. If the 1,772 level is broken, a sell-off might ensue till the 1,765 and 1,760 levels are reached. On the upside, gold's following resistance levels remain at 1,777 and 1,787, respectively.

We might anticipate a bearish correction in bullion on Tuesday, particularly below the 1,782 mark. Gold bullish bias dominates above 1,765 and vice versa. All the best!

Pivot Point at 1.1605

The Euro initially dipped during Monday's trading session but has now reversed around to challenge the same resistance level we watched for several days. The Euro first sought to retreat throughout the trading day on Monday but has since fully reversed course and is showing signs of life. As a result, I believe the market would continue to stay around 1.16 until we take a longer-term judgment. However, I continue to dislike the Euro in general because, quite frankly, it underperforms other currencies against the U.S. dollar. In that sense, it is a relative strength style of play and must be viewed through that lens.

The U.S. Dollar Index is currently attempting to break through the closest resistance level of 94.20. If this effort is successful, it will gather more positive momentum and push towards the resistance level near the yearly highs at 94.50, which will be bearish for EUR/USD.

The rise in EUR/USD prices was further aided by the emergence of new selling around the U.S. dollar, boosting dollar-denominated commodities such as EUR/USD. Following a minor pullback in U.S. Treasury bond yields, the USD saw some additional supply following the previous day's solid two-way price moves. This was seen as a significant aspect that served as a positive for the dollar-denominated commodity. Meanwhile, the previously released downbeat U.S. data also played a major role in undermining the dollar. Moreover, the increasing bets that monetary policy will normalize faster in other countries also contributed to the U.S. losses.

Market participants believe the Fed will start unwinding its huge post-pandemic stimulus before the end of the year. Fears of a faster-than-expected rise in inflation have prompted investors to price in the probability of an interest rate hike in 2022. As a result of the hawkish signals from major central banks, traders may be hesitant to make aggressive bullish wagers on non-yielding EUR/USD and curb gains.

Looking forward, no significant market-moving economic news is expected, putting EUR/USD at the mercy of broader market risk sentiment and bond yields. However, expected comments by Catherine Mann, a member of the BoE's MPC, and Governor Andrew Bailey may provide EUR/USD a boost. Later in the U.S. session, Fed Governor Michelle Bowman's remarks will impact USD price dynamics and create some exciting EUR/USD trading chances.

EUR/USD Intraday Technical Levels

Support Resistance

1.1584 1.1615

1.1570 1.1632

1.1553 1.1645

Pivot Point: 1. 1605

EUR/USD - Technical Outlook

The EUR/USD is on a bullish run, heading towards the major resistance level of 1.1652. On the 4-hour timeframe, the EUR/USD has formed "Three White Soldiers" patter that’s supporting the strong upward trend in the EUR/USD pair. On the higher side, the next resistance stays at the 1.1652 level and a bullish crossover of 1.1652 exposes the EUR pair towards the 1.1681 level.

On the downside, support prevails at the 1.1630 and 1.1601 levels. The EUR/USD has already violated the symmetrical triangle pattern that was extending resistance at 1.1601. This level is now acting as a support for the EUR/USD pair. The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1630 level today. All the best!

Bitcoin Price Prediction

The price of BTC/USD, the most valuable cryptocurrency by market cap, surpassed $62,000 after the Securities and Exchange Commission approved the launch of the first bitcoin-linked exchange-traded fund. According to Coin Metrics, Bitcoin extended its climb over the weekend and is now trading at over $61,285. This, coupled with other headlines such as Jamie Dimon labelling bitcoin "worthless" and Coinbase announcing plans to develop an NFT, or nonfungible token, platform, dominated the news this week. Here are seven significant events in the crypto world.

According to CNBC, the United States is currently the most popular destination for bitcoin miners. According to new data from the University of Cambridge, the United States accounted for 35.4 percent of bitcoin's hash rate, or the collective computing power of all miners, surpassing China for the first time.

This follows China's renewed ban on bitcoin mining earlier this year, which drove the market offshore. Cambridge discovered that China's average monthly share of global hash rate dropped out in July, a significant reversal from September 2020, when China took approximately 67 percent of the market. The price of bitcoin has risen in recent weeks, spurred by expectations that a US launch is coming. Since it's low in late July, the price of the cryptocurrency has more than doubled.

The growing usage of cryptocurrencies may weaken the efficiency of US economic and financial sanctions, potentially undermining the function of the US currency, according to the Treasury Department, as reported by news agency AFP. Treasury discovered that "although sanctions remained an essential and effective policy instrument, they also face new difficulties, including rising dangers from new payments systems, the expanding use of digital assets, and cybercriminals" following an assessment of the US sanctions system.

BTC/USD Intraday Technical Levels

Support Resistance

59484.49 62858.77

576672.49 59162.0

56110.10 64421.0

Pivot Point: 66233.0

BTC/USD - Technical Outlook

The technical side of Bitcoin hasn’t changed a lot as the BTC continues to follow the same technical levels as discussed yesterday. On the BTC/USD hourly chart, there was also a break over a strong negative trend line with resistance above $60,850. On the bullish side, a break of the 63,008 resistance level might push the Bitcoin price up to the 65,084 level. While the support level remains at around 60,0048 levels, On the 4-hour timeframe, Bitcoin has formed a bullish engulfing pattern that’s supporting a buying trend. While the leading technical tools like RSI and Stochastic are supporting a bullish trend in Bitcoin, it’s not just the fundamentals that are supporting a buying trend in Bitcoin, but also the technical side. "Bullyish bias" dominates over 60,704 and vice versa. All the best!