- Bitcoin price prediction remains bullish above an immediate support level of $46,585 level.
- Coinbase announced it is launching in Japan through a new partnership with Mitsubishi UFJ (MUFG) Financial Group.
- Forex trading market participants should look for a buy trade above the $46,500 level.
The BTC/USD closed at $46,765.0 after placing a high of $48,060.0 and a low of $43,992.0. On Thursday, Bitcoin reversed its course after declining for five consecutive sessions and recovered some of its previous losses. Bitcoin price prediction remains bullish above an immediate support level of $46,585 level.
Wells Fargo filed to register a bitcoin fund with the SEC.
A multinational banking giant in the United States, Wells Fargo, has filed to register a bitcoin fund with the Securities and Exchange Commission. This initiative was taken with the partnership of FS Investments and New York Digital Investment Group. Moreover, the fund will be named FS NYDIG Bitcoin Fund, LP. This news added to the market sentiment and pushed BTC/USD prices higher.
Coinbase announced that it was launching in Japan.
Another news that circulated was the latest partnership between Coinbase and one of the largest banks in Japan added additional support to BTC. Coinbase announced that it was launching in Japan through a new partnership with Mitsubishi UFJ (MUFG) Financial Group. This move will allow 40 million account holders of MUFG to quickly access and start purchasing Bitcoin on Coinbase.
According to the head of Coinbase Japan, Nao Kitazawa, the aim was to reach out to a wide range of customers and offer them low-hurdle services. The initiative will enable Japanese customers to have immediate access to bitcoin purchases through the platform Coinbase.
According to Bloomberg, Coinbase will compete with 30 other companies registered to trade Bitcoin and other cryptocurrencies in Japan. This news also added to the prices of BTC/USD on Thursday.
JPMorgan Chase Blocked the activities of Compass Mining
JPMorgan Chase, has reportedly blocked all account activities of Compass Mining. It is a bitcoin mining company based out of Delaware, and this news was announced by the CEO of Compass Mining, Whit Gibbs. Besides this, no details have been reported from both sides, which has left the market with uncertainty. Thus, this news had little to no impact on BTC/USD prices on Thursday.
Banco Central de Reserva (BCR) published a draft regulation
The central bank of El Salvador, Banco Central de Reserva (BCR), has published a draft regulation for financial institutions and other banks. It will be seeking to offer bitcoin-related services. The BCR released a document earlier this week on Tuesday. This document contained the guidelines for banks, corporate banks, savings, and credit societies to provide digital wallet services for bitcoin and dollars.
The draft regulations state that these financial entities must seek approval from the central bank to provide such services. Furthermore, applicants will also be required to submit methods of risk management involving risks such as terrorism financing, money laundering, and cybersecurity.
The bitcoin-to-dollar and vice versa services will be provided for a fee and not free. This regulatory guideline suggested that the country was moving ahead with making bitcoin its legal tender despite the warnings from the IMF, World Bank, and other regulatory agencies. As a result, the news added strength to the prices of BTC/USD and pushed them higher today.
Bitcoin Price Prediction – Daily Technical Levels
Pivot Point: 45939.0
Bitcoin Price Prediction – Daily Technical Analysis: 50 EMA Support at 46,500
The Bitcoin price prediction remains bullish above an immediate support level of $46,585 level. The BTC/USD has violated the resistance level of 46,578, and the closing of candles above this level supports the buying trend.
On the bullish side, the double top pattern is likely to provide resistance at the 48,117 level. A bullish breakout of the 48,117 level could extend the buying trend to the 49,950 resistance level.
In contrast, the breakout of the 46,5800 support level could open up additional room for selling until the 45,400 level. The 50 daily EMA (exponential moving average – red line) provides support at 46,585. Since the current market price of BTC is above 50 EMA, it’s signaling a buying trend.
Therefore, the Forex trading market participants should look for a buy trade above the $46,500 level. The initial target remains at $48,100. Alternatively, we can capture sell trade below 46,500 level with a target of 45,700. All the best.
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