Bitcoin Soars Amid El Salvador $0.20 Fuel Discount & BTC Mining
Bitcoin price prediction remains bullish amid stronger fundamentals. The Chairman of Virgin Galactic and CEO of Social Capital, Chamath Pali
The BTC/USD was last seen at $48,243.0, with a high of $48,187.0, and a low of $43,124.0. On Sunday, the BTC/USD reached its highest level since September 7, as the cryptocurrency market saw positive developments. The price prediction for Bitcoin remains bullish, amid the $0.20 fuel discount and BTC mining in El Salvador. The Chairman of Virgin Galactic and CEO of Social Capital, Chamath Palihapitiya, says that Bitcoin has effectively replaced gold. He also predicted that the price of the cryptocurrency could hit $200,000 in the coming five years. According to the executive, Bitcoin’s market cap will also grow in the future.
El Salvador offers a $0.20 discount on gasoline.
El Salvador is attempting to increase the use of its government-issued Chivo Bitcoin wallet by offering discounts of $0.20 per gallon on gasoline purchases to customers who pay with BTC. Currently, the price of Bitcoin stands at $48,000, and the market cap is $905.8 billion. The CEO of Social Capital said that he bought a lot of Bitcoin in 2013, and since then, he has not bought more. His optimistic predictions and comments added to the strength of the Bitcoin price over the weekend.
The President of El Salvador, Nayib Bukele, recently announced that the newly built mining facility that uses volcanic geothermal energy, has generated its first bitcoin. Furthermore, he acknowledged that the gains produced by the facility were still small, but he was optimistic about the project and said that the numbers would eventually increase. Bukele said that they were still in the testing and installation phase. However, the announcement that the first Bitcoin had been mined from the volcano-powered facility was official. These comments by Bukele also added further strength to the already rising prices of BTC/USD.
Hatten Land Ltd. and Frontier Digital Merge
Hatten Land Ltd. and Frontier Digital Asset Management Pte Ltd. have joined hands to manage more than 1,000 crypto mining rigs operating within the Hatten Group properties based in Malaysia. Moreover, Hatten Group announced that several new digital currency mining rigs would be installed between both companies in the fourth quarter of 2021. Frontier also operates about 700 mining rigs in Singapore.
The new partnership was prompted after Hatten announced that many of its malls would be revamped and utilized for digital currency mining purposes and e-commerce. The locations are to be partially powered by solar panels, in order to reduce the energy costs and emissions, thereby making Hatten a green energy company. This piece of news also favored the prices of BTC/USD over the weekend.
Bitcoin Price Prediction – El Salvador $0.20 fuel discount & BTC mining
The BTC/USD pair is trading at 47,635, with a strong positive bias. In the last four hours, Bitcoin has broken through the pivot point resistance level of 46,459. Now it is facing heavy resistance at 48,115. Bitcoin has produced a double top pattern on the 4-hour chart, extending firm resistance at 48,115. A bullish breakout at the 48,115 level exposes Bitcoin to the 49,690 level.
To the upside, Bitcoin may continue to trade bullishly until the levels of 51,346 and 52,546. The 46,459 level provides immediate support, and a break below that level opens the pair to the 44,803 level. Because the RSI and Stochastic have entered the overbought zone, the chances of a bearish correction remain high. As a result, the bullish bias prevails above the 48,115 mark, and vice versa. Good luck!
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