- The Bitcoin price prediction remains bearish today; however, the double bottom pattern extends solid support at $46,339.
- Google trend reports that the “Bitcoin” phrase has declined to a 9-month lowest level.
- Forex trading market participants should look for a buy trade above the $46,350 level.
On Friday, the leading crypto pair, Bitcoin, is trading sideways at 47,396 levels. The day before, the BTC/USD closed at $46,832 after placing a high of $48,385.0 and a low of $46,370.7. It dropped on Thursday despite recent positive developments surrounding its environment. The Bitcoin price prediction remains bearish today; however, the double bottom pattern extends solid support at $46,339.
A Dip in Bitcoin’s Google Trends Drags BTC/USD Lower
The leading cryptocurrency, BTC/USD, dropped after data from Google Trends showed that the number of searches for the “Bitcoin” phrase had declined to a 9-month lowest level. The Google trend is a tool that measures users’ interest in a particular keyword. The data suggests that searches for Bitcoin have dropped to a nine-month lowest level due to a lack of interest in the flagship cryptocurrency.
Despite the comeback of the digital asset to the $50,000 level, this result added weight to BTC/USD and dragged its prices lower.
DigitalMint and Coinsource Launch CCC
The prominent Bitcoin ATM operators in the United States joined forces and set up an association to counter money laundering. The Bitcoin ATM operators DigitalMint and Coinsource have launched a new association named Cryptocurrency Compliance Cooperative (CCC) to establish compliance standards for the Bitcoin ATM industry.
The collaboration of major blockchain analytics firms, like Chainalysis and Ellipit, along with 15 initial members, made it easier to launch a new compliance effort. The association encouraged cash-based crypto money services businesses, regulators, financial institutions, and non-state and law enforcement agencies to participate.
The CCC association will specifically target Bitcoin ATMs to ensure KYC and anti-money laundering compliance, as these types of ATMs are often associated with a lack of KYC requirements. This news improved the sentiment of the whole cryptocurrency market. However, the leading crypto, Bitcoin, was facing resistance and remained lower for the day.
Grayscale Bitcoin Trust (GBTC) Owns 760 BTC Worth of Shares
A recent filing with the SEC by investment banking giant Morgan Stanley showed that the banking giant holds over a million shares of the Grayscale Bitcoin Trust (GBTC). The SEC files suggest that over 30 Morgan Stanley funds have a large number of GBTC shares. The Insight Fund’s biggest fund, Morgan Stanley, owns about 928,051 shares worth about $36 million. However, it’s equal to about 760 BTC at the current market price. Meanwhile, a five-star hotel in a luxurious area of the Swiss Alps, Andermatt hotel, has announced it will accept bitcoin and Ether as payment from guests.
On Thursday, the hotel said it would now allow its clients to settle bills of more than 200 Swiss francs, or $218, by using BTC or ETH. The prices were seemingly set in fiat to reduce any volatility risk, and the hotel would convert any cryptocurrency received immediately into francs. This news also caused a further loss in BTC/USD on Thursday.
On the other hand, the declining prices of BTC/USD could be attributed to the renewed strength of the U.S. dollar ahead of the Jackson Hole symposium. The U.S. Dollar Index, which measures the greenback’s value against the basket of six major currencies, surged to 93.08 level and weighed on BTC/USD as both have a negative correlation.
Bitcoin Price Prediction – Daily Technical Levels
Support Resistance
45673.4 48687.7
44514.9 50543.5
42659.1 51702.1
Pivot Point: 47529.2
Bitcoin Price Prediction: Upward Trendline Support
The Bitcoin price prediction remains bearish today. The double bottom pattern extends solid support at $46,339. On the 4-hour chart, the BTC/USD pair has formed an upward trendline that supports the pair at around 46,339 levels. Bitcoin has also closed Doji and spinning top candles above the 46,339 area, supporting strong chances of an upward trend.
On the bullish side, Bitcoin’s significant resistance stays at the 48,139 and 49,888 levels. In contrast, the breakout of the 46,339 support can extend the selling trend until the next support levels of 45,485 and 43,933.
The oscillator indicator like Stochastic RSI has started coming out of an oversold zone. It’s signaling chances of a bullish bounce-off above the 46,339 level. While the 50 daily EMA (exponential moving average – red line) stays at 48,500 and it may extend resistance to Bitcoin’s bullish trend.
Therefore, the Forex trading market participants should look for a buy trade above the $46,350 level. The initial target remains at $48,139 and $49,150. Alternatively, the sell-stop can be placed below the 46,000 level to target 45,485 and 43,933 support levels. All the best.
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