The BTC/USD closed at $44,960.0, after reaching a high of $46,823.0, and a low of $43,514.0. BTC/USD declined on Monday, after rising for two consecutive sessions, despite favorable developments surrounding the Bitcoin ecosystem.

According to the Finance Minister of Zimbabwe, Mthuli Ncube, the citizens of the country should embrace cryptocurrency payments. He said that the relatively lower cost of remitting funds after making Bitcoin legal in El Salvador could be an efficient solution for Zimbabweans, as they spend up to $90 million in remittance fees every year.

He said that any person with assets in Bitcoin, who is making high profits, would be exempted from tax. This has only been done to encourage foreign investments. He also stated that the country would not levy taxes on the capital increase in BTC and the income and profits earned from crypto investments.

Furthermore, the CEO of MicroStrategy, Michael Saylor, announced on Monday that the firm had purchased an additional 5,050 BTC for about $242.9 million in cash, during the third quarter of 2021. According to Saylor, the firm purchased the Bitcoin at an average price of $48,099. This purchase has increased the total holdings of BTC by the firm to 114,042 BTC, and the total purchase value amounts to $3.16 billion, with an average price of $27,713 per BTC.

Additionally, Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has also talked about Bitcoin and other cryptocurrencies, saying that he expects a trillion dollars more to flow into Bitcoin in the next couple of years. He also said that he believes cryptocurrencies will become an institutional asset class. He did not provide any timeline for this, but said it would eventually come, as cryptocurrencies are not going away.

Apart from all the above-mentioned favorable fundamentals, the price of BTC/USD dropped on Monday, and this could be attributed to the latest announcement by the Central Bank of Colombia. The manager of the Banco de la Republica (Central Bank of Colombia), Leonardo Villar, says that cryptocurrencies are highly risky assets and should be regulated.

According to Villar, cryptocurrencies are mechanisms that have elements that could be interesting in the future, but they must be regulated first, due to the high level of risk associated with them. It is estimated that the use of Bitcoin in Colombia represents around 2% of the GDP, and the government fears that the country’s criminal organizations could use digital assets, so they must first be regulated.

Bitcoin is trading at around 45,700 on Tuesday, and the tendency is bullish. BTC/USD is acquiring immediate support to the downside at 44,212, and a bearish crossover beneath this level could open up the subsequent support level of 43,300. Furthermore, if the 43,308 level is broken again, Bitcoin prices may be exposed to the following support level of 41,906.

Bitcoin has breached the pivot point mark of 45,700 in the 4-hour timeframe. This pivot point level is currently acting as a significant resistance level for Bitcoin. The breakthrough at the 45,700 level, on the other hand, exposes Bitcoin to the next resistance level at 46,780. Good luck!