Bitcoin Breaks Past Pivot Point at $47,777 as Bullishness Dominate

After the $46,738 low and $48,440 high, BTC/USD managed to close at $48,136. On Wednesday, Bitcoin extended its surging moves, nearing $49,000. That came as the market saw favorable conditions throughout the day.

AMC Entertainment Chief Executive Officer Adam Aron declared yesterday that the Theaters would start accepting BTC payments. With that, its customers can use the leading crypto for ticket payments.

The announcement boosted the already surging BTC/USD. The theatre firm also declared accepting other top coins such as Bitcoin Cash, Litecoin, and Ethereum. The increased BTC and crypto adoption improved the mood in the market, helping BTC/USD rise higher.

Fidelity Investments Urges SEC to Accept its BTC ETF

Fidelity Investments, an American financial corporation, urges the United States SEC to allow its BTC exchange-traded funds. The firm pushes the SEC to accept the move as cryptocurrency has seen significantly increased demand among investors.

The company’s representative quoted multiple reasons for SEC to accept its Bitcoin exchange-traded funds. He cited that the BTC market has seen its trading volume increasing considerably.

Also, he mentioned the magnified digital assets appetite and surged demand for BTC direct exposure through ETFs and that European nations like Canada had accepted such funds. These developments boosted BTC/USD rises on Wednesday.

Moreover, Interactive Brokers, a multinational broker firm based in America, declared partnering with Paxos Company to launch cryptocurrencies for its users. Customers can access digital assets, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Users will incur a commission charge ranging from 0.12% to 0.18%, contingent on monthly trading volume. Internet Brokers CEO quoted that the partnership deal was to satisfy the increasing cryptocurrency demand by institutional investors. The news also helped the leading coin explore higher prices.

Technical Analysis

On Thursday, BTC traded at $48,362, violating the pivot resistance at $47,772. On the upside, Bitcoin might find the nearest resistance around $48,843.

  • Support levels – $47,102.6, $46,069.3, $45,400.6
  • Resistance – $48,804.6, $49,473.3, $50,506.6
  • Pivot Point – $47,771.3

A $48,843 breakout might catalyze an upsurge towards the resistance zones at $49,536 and $50,600. On the downside, BTC will secure support at $47,772, bolstered by a pivot point.

Good Luck!!!

Gregoire Blanchard

Author: Gregoire Blanchard

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