- Miguel Pesce hinted at some regulation coming for the transactions of bitcoin soon.
- Bitcoin price prediction will be bullish upon a breakout of a triple top resistance level of 46,750 level.
- Forex trading market participants should look for a buy trade above the $46,750 level.
On Friday, the leading crypto pair BTC/USD is trading with a bullish bias at a 4,6350 level. Yesterday, it closed at $44,423.0 after placing a high of $46,185.0 and a low of $43,789.0. The BTC/USD dropped on Thursday for the third consecutive session amid the recent downward trend triggered after touching the three-month highest level. Bitcoin price prediction remains bullish today; however, the triple top pattern extends solid resistance at 46,835.
Miguel Pesce Hinted Some Regulation for Bitcoin
The declining prices of BTC/USD could be attributed to the recent announcement made by the President of the Central Bank of Argentina. Miguel Pesce hinted at some regulation coming for the transactions of bitcoin soon. He added that they needed to avoid linking bitcoin with the traditional exchange market. They were going to the intersection of bitcoin with the payment system and the exchange market.
Furthermore, Bitcoin could not fall into the category of a financial asset as an asset did not back it, and it also does not guarantee a stable yield. On the other hand, he also ascertained that the scarcity of bitcoin helps move its prices upward, giving an impression that it was a financial asset. He continued that the Central Bank was not affected because bitcoin can be used for transactions.
However, he mentioned that the risks that these instruments could be used for scams, and if the money coming from cryptocurrencies mixes with the traditional exchange market, it would not be fair for the economy. The central bank was working to find effective ways of warning investors about the dangers of putting their savings behind cryptocurrencies like Bitcoin. These comments from Pesce added weight on already declining BTC/USD on Thursday.
Ryan Radloff, the CEO of Choice Set to Launch New IOS App
On the other hand, an investment firm with over $18 billion in AUM, Choice, has announced that it was launching its new IOS app that will allow its users to invest in bitcoin and tax-free. Ryan Radloff, the CEO of Choice, has said that it was the moment people could decide their investment for the future in their phone by creating an account and trading thousands of assets, including bitcoin, and without capital gains taxes.
According to Choice, about 15.2 million Americans own bitcoin and have a retirement account, but they do not hold any BTC in their retirement account. The new app will allow them to invest in Bitcoin more quickly and conveniently and benefit from zero tax. This news caped further loss in BTC/USD on Thursday.
Meanwhile, a crypto trading firm Valkyrie Investments filed a proposal with the SEC for a Bitcoin future exchange-traded fund. The proposal suggested that the fund will not directly invest in bitcoin but will purchase several bitcoin futures contracts. The bitcoin future contract will be purchased through a Cayman Island-based subsidiary wholly owned by the fund via exchange registered with the US Commodity Futures Trading Commission.
This filing came in after SEC Chairman Gary Gensler suggested approving exchange-traded products exposed to regulate BTC futures contracts.
Bitcoin Price Prediction – Daily Technical Levels
Support Resistance
43413.0 45809.0
42403.0 47195.0
41017.0 48205.0
Pivot Point: 44799.0
Bitcoin Price Prediction – Daily Technical Analysis: Triple Top Resistance
Bitcoin price prediction will be bullish upon a breakout of a triple top resistance level of 46,750 level. The BTC/USD has again traded in line with my previous Bitcoin Price Prediction – Aug 12. Bitcoin is facing challenges violating the narrow trading range of 46,755 – 45,000, and break out of this range will determine the further trend in Bitcoin.
The BTC/USD’s next resistance lingers at the $46,765 level, and a bullish breakout of this level can continue buying until the $47,655 and $48,570 levels. On the 4-hour chart, the BTC/USD pair attempts to intrude the resistance level of $46,765. If this occurs, the subsequent target will be a $48,570 level.
The oscillator indicator like Stochastic RSI holds at 72 in the buying zone while the 50 daily EMA (exponential moving average – red line) supports a bullish trend. The 50 EMA provides support at the 46,450 level; therefore, investors should expect a breakout of 46,755 resistance levels.
Therefore, the Forex trading market participants should look for a buy trade above the $46,750 level. The initial target remains at $47,550 and $48,550. All the best.
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