Good morning traders, 

The BTC/USD closed at $51,762.0, after placing a high of $51,900.0, and a low of $49,500.0. The BTC/USD continued its upward momentum for the sixth consecutive session, moving to its highest level since May 9. The BTC/USD went on moving in a continuous bullish trend, rising for the seventh consecutive week, and reaching almost $52,000 over the weekend, amid the recent favorable environment surrounding the cryptocurrency market.

Bloomberg’s Crytpo Outlook for September

The senior commodity strategist at Bloomberg, Mike McGlone, has said that the leading cryptocurrency is well on its way to becoming a global reserve asset and a counterpart to the US dollar. In Bloomberg’s Crytpo Outlook for September, the expert suggested that levels of $100,000 for BTC and $5,000 for ETH will be the path of least resistance.

The two assets have survived more than 50% correction through the summer. This outlook by Bloomberg, for the two most prominent coins in the market,  added further strength to BTC/USD and improved the whole market mood.

Twitter announced a new Tip Jar Feature

The leading cryptos were already high after Twitter announced a new Tip Jar feature, which is under development. The Tip Jar will use the Lightning Network to allow users collect their Bitcoin payments. It will also enable users to collect tips in BTC and ETH. The Twitter platform will enable them add their respective address tips to their profile.

The reports about a small business in Crypto Asset Recovery in New Hampshire also favored the rising prices of the BTC/USD over the weekend. A 2-person team of computer programmers, made up of a father and his son, has made it their business to help find lost passwords for crypto wallets. 

After conducting a survey, Chris and Charlie Brooks concluded that about 68,110 to 92,855 BTC that were lost because of forgotten passwords were recoverable.

They aim to help find lost passwords for cryptocurrency wallets by figuring out how their clients’ minds work. They have estimated that after recovering these Bitcoins, they can recoup an amount worth $4.7 billion that is currently stranded in locked wallets. 

Crypto Trading, the Online Treasure Hunting Business

Charlie Brooks, a 20-year old computer programmer, has called the business of crypto-asset recovery “online treasure hunting.” If they successfully recover a large amount of BTC, or even a fraction of it, it could be excellent for the industry. 

Another reason behind the rising prices of Bitcoin was the weakness of the US dollar. The greenback was facing heavy pressure over the previous six consecutive days, amid the cautious behavior of investors, who were waiting for any hints from the FED about tapering. 

Lastly, the US Dollar Index, which measures the greenback’s value against a basket of six major currencies, fell to its lowest level in one month, coming in at 91.95. This pushed the BTC/USD higher over the weekend, towards the $52,000 level.

Bitcoin (BTC/USD) – Violated Pivot Point Resistance at 51,069

On Monday, the main cryptocurrency, BTC/USD, has been trading at 51,642, with a bullish bias, obtaining quick support at 51,300. On the downside, the pair is testing another level of support at 49,790. The breach of the 49,790 support level, on the other hand, would open the BTC/USD pair to support zones of 48,579 and 47,062.4.

Daily Technical Levels

Support                    Resistance

5,028.0                    5,2608.0

4,8654.0                  5,3454.0

4,7808.0                 5,5008.0

Pivot Point:            5,1054.0

The breakthrough of the 51,850 resistance level, on the other hand, exposes Bitcoin to the 52,513 and 54,025 levels. The RSI and the 50 EMA support a bullish trend in Bitcoin. As a result, the focus should stay on 51,850, as there is still a strong selling bias beneath this level and vice versa. Good luck!