Bitcoin Violates Downward Trendline at 46,360 – What’s Next? - Forex News by FX Leaders
Bitcoin - BTC/USD Chart

Bitcoin Violates Downward Trendline at 46,360 – What’s Next?

Posted Wednesday, September 15, 2021 by
Arslan Butt • 2 min read
The BTC/USD closed at $47,078.0, after posting a high of $47,235.0, and a low of $44,726.0. BTC/USD surged on Tuesday, and found some support, reaching a one-week high amid recent positive network developments.
A New York-based real estate group, Magnum, has announced that it is looking to sell three ground-floor stores in Manhattan, valued at $29 million, and was open to accepting Bitcoin payments for services.

The said stores were a part of a luxury residential project with some current occupants of the property being M&T Bank, Mighty Pita and ProHEALTH Urgent Care. The retail space is approximately 9,000 square feet in area. All Magnum BTC transactions will be handled by the world’s leading supplier of Bitcoin and cryptocurrency payment services, BitPay. This news added strength to the value of the BTC/USD on Tuesday.

 

BTC/USD
According to the CEO of Ark Investment, Cathie Wood, the Bitcoin price could hit $500,000 over a period of five years. The said value shows an increase of more than ten times from where the flagship cryptocurrency is currently trading. At the SALT Conference in New York, Wood said that in order for the Bitcoin price to meet her forecast, a couple of key industry trends are needed. Companies must continue to use BTC on their balance sheets and move out of cash.

Next, institutional investors must earmark 5% of their assets under management to BTC. It looks like companies are already starting to adopt these conditions, as Michael Saylor, CEO of MicroStrategy, recently revealed that his company has invested more than $242 million of its treasury assets to buy 5,050 BTC, bringing the total number of BTC on the balance sheet to approximately 114,042. Other famous executives who have also followed in Saylor’s footsteps include Jack Dorsey and Elon Musk.

Furthermore, on Tuesday, an American fintech company, MoneyLion, announced that it would enable users to trade digital assets through its all-in-one financial services application. The firm has plans to offer more cryptocurrencies to its clients, but initially, they are only able to operate with BTC and ETH. The new cryptocurrency service launched by MoneyLion will allow users to buy and sell BTC and ETH within its all-in-one app. This news added to the upward pressure on BTC/USD, keeping it in the green.

On the flip side, one of the officials from the central bank of Uzbekistan has said that the Republic of Uzbekistan will never adopt cryptocurrencies like BTC as a payment method. The deputy chairman of the Central Bank of Uzbekistan, Behzod Khamraev, has predicted that local authorities will never allow residents to use Bitcoin as a payment method, as it is not backed by anything. This news capped some of the BTC/USD gains on Tuesday.

Bitcoin (BTC/USD) – Technical Outlook

The BTC/USD pair is trading with a positive bias at 46,955 on Wednesday. The 46,140 level is providing immediate support, which is being extended by a daily pivot point mark. Bitcoin will be exposed to the support levels of 45,325 and 44,663 if it falls below this level.

On the downside, Bitcoin’s immediate resistance barrier remains around 47,616. The BTC/USD pair will be exposed to its next resistance level of 48,431 if this level is broken in a bullish run. Furthermore, if the bullish trend continues, BTC will be exposed to the 49,908 mark.

Bitcoin - BTC/USD Chart

Daily Technical Levels

Support             Resistance
45,457.6            47,966.6
43,837.3           48,855.3
42,948.6          50,475.6
Pivot Point:     46,346.3The stochastic is pointing to a downward trend. However, investors will be watching the 47,616 level. Today, the bulls may have the upper hand over the 47,616 level and vice versa. Good luck!

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