- A $500 billion German asset manager revealed its plans to adopt crypto after assessing bitcoin certificates.
- The Bitcoin price prediction remains bearish below the 50-day EMA resistance level of 47,940.
- Forex trading market participants should look for a sell trade below the $47,350 level.
The BTC/USD closed at $46,389.0 after hitting a high of $48,397.0 and a low of $45,591.0. After trading bearish for two consecutive sessions, BTC/USD reversed its course on Thursday and found support at the $45,000 level, which helped bitcoin recover a small portion of its previous daily loss. The Bitcoin price prediction remains bearish below the 50-day EMA resistance level of 47,940.
Bitcoin is supported by the British Standard Chartered Bank.
The surge in Bitcoin prices could be attributed to the latest report from the British Standard Chartered bank. They predicted that BTC could hit the $100K level soon. The report also suggested that the rally of BTC to 100K could trigger further price surges in Ether.
Meanwhile, a firm focused on building crypto infrastructure based on Bitcoin, Blockstream, announced a partnership with financial services group Macquarie. They will be developing and managing zero-emission Bitcoin mining facilities. The news about a $411 billion financial services firm partnership with Blockstream to get into green bitcoin mining added further strength to the prices of BTC/USD.
Ukrainian Parliament proposes Draft Law
Another important piece of news that triggered a reversal in BTC/USD was from the Ukrainian Parliament. They gave the Draft Law on Virtual Assets approval on Thursday. This law will grant bitcoin and other cryptocurrencies legal status in the Eastern European nation. The bill received support from 276 members, but it still needs to be signed into law by President Volodymyr Zelensky.
According to the bill, if it gets approval from the President, Ukrainians will be able to buy goods and services with local currency and bitcoin and other digital assets. Citizens are limited to using local currency, the hryvnia, but the new law will bring bitcoin closer to the forefront and give locals more confidence to invest.
A $500 billion German asset manager revealed its plans to adopt crypto after assessing bitcoin certificates. The DZ Bank Group’s investment arm, Union Investment, showed intentions of converting a small percentage of its funds to BTC.
The company has shown an interest in converting 1-2% of its investment into BTC. However, the date for the plan is yet to be fixed. The idea came after the company’s first addition of crypto to a mixed fund known as Private Funds Flexible Pro.
The world’s largest asset manager, BlackRock, with $9.5 trillion in assets under management, has stated that the company owns some of Bitcoin. Though the Managing Director of the firm, Rick Rieder, refrained from saying the exact amount invested in BTC, the news about the firm’s holding BTC was enough to push BTC/USD prices higher on board on Thursday.
Bitcoin Price Prediction – Daily Technical Levels
Support Resistance
45521.0 47327.0
44653.0 48265.0
43715.0 49133.0
Pivot Point: 46459.0
Bitcoin Price Prediction: 50% Fibonacci Retracement Resistance at 47,850
The Bitcoin price prediction remains bearish below the 50-day EMA resistance level of 47,940. In the 4-hour timeframe, the BTC/USD pair has completed a 38.2% Fibonacci correction level at the 46,748 level.
So far, Bitcoin prices are consolidating in a broad trading range of 47,940- 45275. The break out of this particular trading range will likely define additional price action in Bitcoin prices.
On the bullish side, the break out of the 47,940 resistance level could extend further bullish momentum in Bitcoin prices until the 50,606 level. However, on the way to the 50,606 resistance level, Bitcoin may face slight resistance at the 49,130 level. A 61.8% correction level extends this particular resistance level.
On the bearish side, the breakout of 45,268 support levels can extend further selling trends until the next support level of 42,889 levels. The oscillator indicator like Stochastic RSI has started coming out of an overbought zone. It signals the chances of a bearish trend below the 47,500 level. While the 50 daily EMA (exponential moving average – red line) stays at 47,555, it may extend resistance to Bitcoin’s bullish trend.
Therefore, Forex trading market participants should look for a sell trade below the $47,350 level. The initial target remains at $45,250 and $44,750. Alternatively, the traders can place a buy stop above the 48,000 level to target 49,132 and 50,650 support levels. All the best.
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