Bitcoin (BTC/USD) Breaks Above $47,777 Pivot Point – Bullish Bias Dominates
Arslan Butt • 2 min read
The BTC/USD closed at $48,136.0, after hitting a high of $48,440.0, and a low of $46,738.0. The Bitcoin (BTC/USD) extended its gains for the second straight session on Wednesday, reaching nearly $49,000, as favorable market conditions pushed its prices higher for the day.
On Wednesday, AMC Entertainment CEO Adam Aron announced that AMC Theaters will now accept Bitcoin for online ticket and concession payments. This news added strength to the already rising prices of BTC/USD. The theatre company also said that, just like BTC, it would also accept other cryptocurrencies, including ETH, Litecoin and Bitcoin Cash.
The increased adoption of BTC and other cryptocurrencies improved the market mood and helped BTC/USD increase its gains for the day.
Fidelity Investments has urged the US SEC to approve its Bitcoin ETF
Meanwhile, the American financial services corporation, Fidelity Investments, has urged the US SEC to approve its Bitcoin exchange-traded fund. The company is pushing the agency to allow the initiative as the demand for digital assets has increased significantly among investors.
The representative of the firm has cited many reasons for the watchdog agency to give its BTC ETFs the green light, among others, that the Bitcoin market has increased its trading volume considerably. The surging appetite for digital assets and the increased demand for direct exposure to BTC via ETFs was also mentioned, along with the fact that Canada and some European nations had already approved similar funds. These developments also pushed BTC/USD higher on Wednesday.
Furthermore, an American multinational brokerage firm, Interactive Brokers Group, has announced a partnership with Paxos Trust Company, a blockchain infrastructure platform, to launch digital asset services for its customers. The partnership will enable the customers of the brokerage firm to have exposure to some of the largest cryptocurrencies by market cap, including BTC, ETH, LTC and BCH.
The company will charge a commission of between 0.12% and 0.18%, depending on monthly volume. The clients will be able to use the new offering with a minimum of $1.75 per order. The CEO of the brokerage firm cited the growing interest of institutional investors in digital assets as the main reason for the partnership. This news also added to the value of BTC/USD and pushed its prices higher.
On the other hand, reports suggested that US lawmakers were planning to impose the same trading rules that apply to stocks and bonds on the stock market on cryptocurrencies as well. The bill was proposed on Monday, by Democratic lawmakers in the US House of Representatives, who were seeking approval for the closure of the tax loophole used by crypto investors. If the bill is approved, investors in BTC and other digital assets will lose the current benefits offered by the lack of regulations. This news capped some of the daily gains in BTC/USD.
Bitcoin (BTC/USD) – Technical Outlook – Pivot Point Breakout 47,775
On Thursday, the Bitcoin prices are trading at the 48,362 level. Recently, Bitcoin violated the pivot point resistance level of 47,772. On the higher side, the BTC/USD is likely to find immediate resistance at the 48,843 level.
Pivot Point: 47,771.3
An additional breakout at the 48,843 level could trigger further bullish trends until the 49,536 and 50,600 resistance levels. On the lower side, Bitcoin is likely to find immediate support at 47,772, which is being extended by an intraday pivot point level. Furthermore, an additional break below this level could extend further selling trends until 47,080 and 46,009. A bullish bias dominates in Bitcoin today, especially above the 47,772 level. Good luck.