Bitcoin Price Prediction

The BTC/USD ended the day at $46,445.0, having reached a high of $47,578.0 and a low of $45,701. The BTC/USD pair dropped for another session on Monday and extended its loss, mainly because of the strong dollar. Last month, the Twitter account of Indian Prime Minister Narendra Modi was hacked and was used to make posts about a bitcoin giveaway scam. On Sunday, a similar event took place in which the Twitter accounts of the Indian Medical Association (IMA), the Indian Council of World Affairs (ICWA), and Mann Deshi Mahila Bank were also hacked.

The perpetrators changed the name and profile picture of the IMA account to that of Tesla's CEO, Elon Musk, and posted many tweets promoting cryptocurrencies. The issue was solved quickly, but these accounts' malicious tweets remained visible on Twitter. The increased number of cyber-crimes and crypto involvement in these crimes added negative pressure on BTC/USD, which ultimately dragged the leading crypto to the downside in the early days of the New Year.

Furthermore, the BTC/USD declined on Monday amid the rising strength of the US dollar. The greenback was strengthening due to rising expectations of Federal Reserve rate hikes this year. These expectations pushed US Treasury yields up to 1.64% and the DXY to 96.33. The strength of the US dollar then weighed on the leading cryptocurrency, Bitcoin, as both share a negative correlation.

On the other hand, the co-founder and managing partner at Nexo, Antoni Trenchev, has said that bitcoin could see further upside and surge as high as $100,000 by the middle of 2022. Nexo claims to be the world's largest lending institution in the digital finance industry and has issued more than $6 billion in credit and manages assets for more than 2.5 million users globally. This prediction by the Nexo leader added some positive momentum in the BTC/USD ecosystem, which, however, failed to reverse the bearish momentum on Monday.

BTC/USD Intraday Technical Levels

Support Resistance

45571.4 47448.4

44697.7 48451.7

43694.4 49325.4

Pivot Point: 46574.7

BTC/USD - Technical Outlook

Bitcoin's price failed to get above $48,000 and began a new drop. BTC dropped underneath the $47,500 and $47,200 support levels, moving into a bearish zone. The price has even fallen below $46,500 and the 100 hourly simple moving average. A bottom near $45,707 was formed, and the price is now holding losses. It tested the recent slide's 23.6 percent Fib retracement level from the swing high of $47,950 to the low of $45,707.

If bitcoin does not return over $47,000, it may continue to fall. An immediate support level is around $46,000; the first significant support is close to $45,800. A break below $45,800 on the downside might push the price much lower. In the aforementioned scenario, the price may fall toward the $43,500 mark in the next few sessions. All the best!

Gold’s Daily Price Analysis

Gold prices remained stable on Monday as increased US Treasury yields countered safe-haven purchasing due to an Omicron-driven increase in COVID-19 infections worldwide. By 0058 GMT, spot gold was mainly constant at $1,830.09 per ounce after touching a more than one-month high of $1,831.49 earlier in the day.

The Omicron coronavirus variety hampered New Year's Eve celebrations worldwide, with Paris cancelling its fireworks display, London relegating its television, and New York City reducing its famed Times Square ball drop event. The Omicron coronavirus variety hampered New Year's Eve celebrations worldwide, with Paris cancelling its fireworks display, London relegating its television, and New York City reducing its famed Times Square ball drop event.

A year ago, a newly available vaccination offered hope that the COVID-19 pandemic could be contained by the beginning of 2022. Instead, the unexpected introduction of Omicron has led to an increase in coronavirus cases worldwide. According to Reuters data, worldwide infections reached a seven-day high, with an average of just over a million cases recorded every day between Dec. 24 and Dec. 30, up 100,000 from the previous peak on Wednesday.

On the other hand, deaths have not increased in proportion, raising hopes that the new variety is less dangerous. New York City claimed a historic 44,000 infections on Wednesday and another 43,000 on Thursday, prompting some critics to wonder whether the festivities should even take place.

At midnight, the lit ball composed of Waterford crystal panels descended its pole in Times Square, although only 15,000 viewers were allowed into the official viewing area, less than the normal 58,000. On Sunday, over 4,000 flights were cancelled around the world, with more than half of them being in the United States, adding to the toll of holiday week travel difficulties caused by bad weather and a surge in coronavirus cases caused by the Omicron variant.

According to flight-tracking website FlightAware.com, nearly 2,400 flights entering, departing from, or within the United States had been cancelled by 8 p.m. GMT on Sunday. Over 11,200 flights were delayed worldwide. The Christmas and New Year's holidays are traditionally busiest for air travel, but the quick spread of the highly transmissible Omicron form has resulted in a dramatic surge in COVID-19 infections, prompting airlines to cancel flights while pilots and cabin personnel are quarantined.

GOLD Intraday Technical Level

Support Resistance

1818.84 1834.74

1808.57 1840.37

1802.94 1850.64

Pivot Point: 1824.47

GOLD - Technical Outlook

Gold is trading sharply bullish at 1,824, exhibiting a bearish correction after testing the 1,830 resistance. On the 4-hourly chart, the XAU/USD coin is gaining immediate support at 1,824, which is being extended by an intraday pivot point level. The closing of candles above this supports an uptrend in gold; on the higher side, the significant resistance stays at 1,834 and 1,840. A bullish break above this exposes the metal toward the 1,850 mark.

Conversely, the break below the 1,824 level of 1,824 exposes the XAU/USD toward the 1,818 or 1,808 support zone. Further on the lower side, the next support level prevails at the 1,802 level. Bullish bias seems to dominate over 1,824 and vice versa. All the best!

Daily Price Outlook

The EUR/USD has a sluggish start to 2022, down 0.25 percent intraday around 1.1345 on Monday morning. The currency pair had reached a seven-week high the day before, despite widespread US dollar weakness. However, the market's stabilization during the slow start to the year sparked a corrective fall in the quotation amid mixed worries.

The rising suspicions over the South African COVID version, Omicron, are the primary factors dragging on EUR/USD rates. Covid infections in the bloc and elsewhere are on the rise, casting doubt on the old continent's earlier recovery prospects. According to Reuters, "global infections touched a record high during the past seven days, with an average of a little over a million cases recorded every day between Dec. 24 and 30."

According to the news, "Over 4,000 flights were cancelled throughout the world on Sunday, with more than half of them being US flights, contributing to the toll of holiday week traveling disruptions due to severe weather and the rise in COVID-19 cases,".

The news that China's troubled real-estate giant Evergande has halted operations undermines market sentiment and boosts the US dollar's recovery. Furthermore, the Chinese government has directed the corporation to demolish 39 unauthorized residential constructions. According to Reuters, "China Evergrande Group shares will be stopped from trading on Monday pending the publication of "inside information."

On the plus side, news that Germany will announce tax relief for locals in 2023 combined with studies indicating Omicron as less harsh than prior COVID-19 variations put the EUR/USD bears on the defensive.

Above all, the monetary policy difference between the US Federal Reserve (Fed) and the European Central Bank (ECB) is the most important thing to watch in 2022, as the Fed is anticipated to be moving quicker than the ECB toward monetary policy tightening, which might weigh on EUR/USD values in the future.

Thus, the FOMC Meeting Minutes on Wednesday and the US Nonfarm Payrolls (NFP) on Friday will be critical for pair traders. The final results of the US Markit Manufacturing PMI for December could provide immediate guidance to markets for the day.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1318 1.1401

1.1269 1.1435

1.1235 1.1484

Pivot Point: 1.1350

EUR/USD - Technical Outlook

The EUR/USD is trading with a neutral bias at the 1.1342 level, maintaining a narrow trading range of 1.1300 – 1.1385. Since mid-November, the EUR/USD has taken a step back from the 50-day moving average and a horizontal area containing multiple resistances. Given the bullish MACD indications and the pair's impressive run-up beyond the 21-day moving average, EUR/USD buyers are expected to conquer the immediate hurdle of 1.1390. However, a downward sloping trend line from early September, which was at 1.1440 at the time of publication, will be crucial to watch for the bulls after that. On the other hand, pullback moves may aim for a 21-DMA retest, close to 1.1310 at the very least, before attempting an ascending support line from late November around 1.1250. All the best!

Bitcoin Price Prediction

During Monday's Asian trading session, the BTC/USD coin failed to extend its previous week's recovery rally and hit an intra-day low of $46,740.9 level. However, Bitcoin's price could not rise beyond $48,500 and began a new downward trend. BTC moved into a negative zone after trading below the $48,000 and $47,500 levels. However, the reason for its downward tragedy could be tied to the ongoing risk-off sentiment in the crypto market, which tends to undermine most of the cryptocurrencies. The declines in Bitcoin were relatively unaffected by the positive predictions relating to Bitcoin for 2022.

El Salvador's president predicts that two more countries will legalize bitcoin this year. Meanwhile, he anticipates the development of El Salvador's Bitcoin City to begin this year, and the country's volcano bonds will be oversubscribed. The price of Bitcoin may continue to fall if it fails to recover over $48,000. Strong support exists at or near the $46,400 level. Near $46,100 is the first significant support. If the price falls below $46,100, it may fall to the $45,500 support level. Further losses could trigger a deeper drop below the $45,000 support level. The price might drop to $43,200 in this scenario. Elsewhere, the broad-based US dollar strength was seen as one of the key factors that kept the BTC/USD coin down. BTC/USD is presently trading at 47,121.0, with a range of 46,740.9 to 47,292.0.

According to sources, El Salvador's president has made six bitcoin forecasts for 2022. This year, he expects two more countries to recognize bitcoin as a legal currency. Meanwhile, he anticipates the development of El Salvador's Bitcoin City to begin this year, and the country's volcano bonds will be oversubscribed. President Bukele also expects BTC to hit $100,000 in value. Since bitcoin became the country's official currency, El Salvador has purchased around 1,391 BTC. Thus, the optimistic predictions regarding Bitcoin futures have not had any notable impact on the BTC/USD coins so far.

Elsewhere, the finance expert at the University of Pennsylvania's Wharton School has issued a warning about inflation and the Fed raising rates far more frequently than the market anticipates. He also stated that for millennials, bitcoin had become the new gold.

On Monday morning, the dollar rose in Asia, but it had a quiet start to 2022 because of holidays in many key Asia-Pacific markets. Market sentiment is still being influenced by the global spread of the omicron COVID-19 strain, which is boosting safe-haven demand. Even though the number of cases in the western Chinese city of Xi'an has decreased, statistics from Johns Hopkins University show that the global number of cases has surpassed 290 million as of January 3. The US Dollar Index, which tracks the greenback against a bucket of other currencies, was up 0.29% to 95.870.

US dollar traders will have a busy week ahead of them. The ISM data, the Federal Open Market Committee minutes, and nonfarm payrolls at the end of the week will be the calendar's highlights. In addition, US President Joe Biden's selections for three Federal Reserve governor seats may attract notice.

BTC/USD Intraday Technical Levels

Support Resistance

46131.0 48046.0

45106.0 48936.0

44216.0 49961.0

Pivot Point: 46648.07

BTC/USD - Technical Outlook

On Monday, the BTC/USD is supported above the 46,648 level, having surged above the 46,618 pivot point level. On the higher side, the BTC/USD may find immediate resistance at the 47,969 level, and a break above this exposes the coin towards 48,825 or 49,879 resistance levels.

On the downside, 46,648 is acting as a major support and a break below this exposes the coin towards the 46,058 level. The RSI and StochRSI are holding above the 50 level, supporting an uptrend in Bitcoin. Therefore, the bullish bias dominates over the 46,648 level and vice versa. All the best!

Gold’s Daily Price Analysis

Gold prices gained in thin trade on Thursday, reversing previous losses as US Treasury yields fell from one-month highs, mitigating the effects of a strong dollar. By 1347 EDT (1847 GMT), spot gold was up 0.5 percent at $1,813.16 per ounce, while US gold futures were up 0.5 percent at $1,814.10. "We're in a very low-volume holiday trading period. I believe gold is at a comfortable level just above or below $1,800, "said Phillip Streible, chief market strategist at Chicago-based Blue Line Futures. With volumes projected to increase through next week, gold prices could find more of a direction, according to Streible.

Benchmark With no strong catalysts to drive market direction and many traders away before the New Year's break, 10-year US Treasury rates fell from one-month highs. This decreased the opportunity cost of storing bullion, which does not pay interest. Gold prices are down roughly 5% this year, on course for their worst drop since 2015, as economies recover from the pandemic's impact, cutting demand for safe-haven bullion.

Prices reached a one-month peak on Tuesday before falling to a one-week low the following day. Over the last two days, the back and forth saw has less to do with any fundamental catalyst and more to do with the fragile market, which amplifies volatility. The Labor Department said that new claims for US unemployment benefits started falling in the week leading up to Christmas, and benefits rolls fell to their lowest level of the coronavirus pandemic era the week before, data that showed no impact on employment from the rapidly spreading Omicron variant.

Initial jobless claims fell to a seasonally adjusted 198,000 for the week ending Dec. 25 from a revised 206,000 the previous week. Early this month, claims fell to a level not seen since 1969.

Reuters polled economists, who predicted 208,000 applications for the most recent week. Jobless claims have dropped from a high of 6.149 million in early April of 2020. The latest data reveal that Omicron, the newest and most contagious COVID-19 form, has yet to stymie a tight job market or impede a US economy that appears to be on course to close the year at a brisk growth rate. While the original claims data was skewed due to so-called seasonal adjustment factors, the non-seasonally adjusted figures - which were nearly 60,000 higher - showed essentially no week-over-week change. Limiting bullion's gains, US stocks rose on increased risk appetite as a decline in weekly unemployment claims allayed concerns about the economic impact of a widespread rise in COVID-19 infections in the US. Spot silver jumped 0.8 percent to $22.98 per ounce, while platinum fell 0.6 percent to $961.94, and palladium rose 0.1 percent to $1,984.31.

GOLD Intraday Technical Level

Support Resistance

1800.84 1822.74

1787.57 1831.37

1778.94 1844.64

Pivot Point: 1809.47

GOLD - Technical Outlook

On Friday, gold was trading bullish at 1,818, surging towards the next resistance levels of 1,822 and 1,830. The intra-day pivot point extends the support at 1,809, and the bullish bias remains solid above this. In the 4-hour timeframe, the formation of the "three white soldiers" pattern indicates the chances of an uptrend continuation. Therefore, on Friday, gold prices are exposed to the 1,822 or 1,830 resistance zone.

Gold’s immediate support stays at the 1,809 level on the bearish side, and a break below this level exposes the metal towards the 1,801 level. Further, the next support remains at the 1,788 level on the lower side. I wish you a very happy new year. All the best!

Daily Price Outlook

ETH/USD ended the day at $3709.42, having reached a high of $3767.96 and a low of $3588.14. The ETH/USD pair reversed its momentum on Thursday and broke its 4-day bearish streak after the market turned positive. After dropping to a multi-week low, Ethereum has seen a continuous decline in its value. Most leading coins have been under pressure lately as investors are moving their funds out of the crypto segment in the last days of 2021. However, on Thursday, the second-largest cryptocurrency by market cap turned green and recovered a minor portion of its previous losses, mainly due to a price correction.

According to analytics firm Wu Blockchain, the whale wallets holding more than 1000 ETH dropped by nearly 5% in 2021. The report suggested that Justin Sun, the founder of TRON, also joined the Ether Whale Dump Party and has one of the biggest known Ethereum wallets, and in 2021, he has been seen dumping his holdings of ETH.

According to the report, Sun sold approximately 165,989 ETH for $592 million. However, the report from Colin Wu explained that the founder of Tron did not sell his Ethereum holdings for personal profit but that the transactions were made from internet deployment wallets that were not used to profit. Justin Sun also clarified the reason behind the transactions and said that it had nothing to do with Tron or ETH but was part of an internet deployment of wallets.

Meanwhile, the Chief Executive of Real Vision, Raoul Pal, has said that he was confident that Ethereum would surpass Bitcoin to become the leading crypto in the market. He believes that the Ethereum network will outperform BTC in the not-so-distant future, as suggested by its current speed and growth. ETH has seen an increase of 500% on a year-to-year basis compared to 95% of Bitcoin’s in the same period. This prediction by Raoul Pal added some positivity surrounding the ETH ecosystem and pushed it higher on Thursday.

Furthermore, the sudden rise in ETH/USD after four consecutive days of decline could also be attributed to a price correction. For example, investors might have started taking profit from selling positions, which could have triggered gains in ETH/USD on Thursday ahead of New Year Eve.

ETH/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

3609.06 3788.88

3508.69 3868.33

342924 3968.70

Pivot Point: 3688.51

ETH/USD - Technical Outlook 

The ETH/USD is trading with a neutral bias at the 3,732 level, maintaining a narrow trading range of 3,760 – 3,686. Considering the holiday session, the market is exhibiting thin trading volume and volatility. Therefore, the choppy session continues to prevail in the market.

A surge in ETH/USD demand, as well as a breakout of 3,760, expose the price to the 3,796 or 3,870 level. Further on the higher side, the breakout of 3,870 exposes Ethereum's price towards the 3,979 level. On the flip side, the breakout of the 3,686 support zone opens up a downtrend until the 3,613 or 3,503 support zone. On Friday, the bullish bias dominates over 3,686 levels and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $47,156.0 after hitting a high of $47,911.0 and a low of $45,996.0. Bitcoin reversed its course on Thursday after dropping for three consecutive sessions and turned green with minimum gains. The CEO of Tesla, Elon Musk, has recently shared his views about who he thinks is the real Satoshi Nakamoto. 

Bitcoin was created in 2009 by an anonymous person whose identity is still a mystery, and during an interview, Musk guessed that a computer scientist named Nick Szabo might be that unknown creator of bitcoin. He said that he was unaware of Nakamoto's real identity, but if he had to guess, then he would take Szabo's name as he ticks all the boxes that indicate he could be the founder of BTC.

Szabo proposed the creation of a digital currency in 1998, and at that time, scientists named the currency "BitGold." Musk believes that Szabo was more responsible for the idea behind Bitcoin than anyone else. Meanwhile, according to Thursday's filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy has revealed that it purchased 1914 BTC between Dec. 9 and Dec. 29 for $94.2 million, which brings its total holdings to 124,391 BTC. The company's holdings are valued at roughly $5.9 billion, representing more than $2.1 billion in gains. 

Furthermore, the Central Bank of Mexico has announced that it will have its digital currency in circulation by 2024. According to the federal government, these new technologies and next-generation payment infrastructure are essential. The financial regulations of Mexico block banks from dealing with other cryptocurrencies as their central bank is developing a similar alternative to cryptocurrencies. Most of the news fragments came in favour of Bitcoin on Thursday. Hence, BTC/USD reversed its course and turned green after declining for three consecutive sessions.

BTC/USD Intraday Technical Levels

Support Resistance

46131.0 48046.0

45106.0 48936.0

44216.0 49961.0

Pivot Point: 47021.0

BTC/USD - Technical Outlook 

On Friday, the BTC/USD is supported above the 46,915 level, having surged above the 47,021 pivot point level. On the higher side, the BTC/USD may find immediate resistance at the 47,969 level, and a break above this exposes the coin towards 48,825 or 49,879 resistance levels.

On the downside, 46,915 is acting as a major support and a break below this exposes the coin towards the 46,058 level. The RSI and StochRSI are holding above the 50 level, supporting an uptrend in Bitcoin. Therefore, the bullish bias dominates over the 46,915 level and vice versa. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1805.40, having reached a top of $1807.95 and a low of $1789.20. Gold continued its losses and fell for the third session in a row, reaching a five-day low, owing mostly to rising US Treasury yields. Treasury rates on the benchmark 10-year note in the United States increased substantially on Wednesday, reaching 1.56 percent, their highest level since November 19th. Rising government yields boosted the opportunity cost of non-interest-bearing gold, driving down precious metals. Nevertheless, the US Dollar Index, which gauges the dollar's value against a basket of six main currencies, fell to 95.93 on Wednesday, limiting gold's losses.

The US dollar fell on Wednesday due to the release of adverse macroeconomic data and the market's current risk appetite. Consequently, the dollar has recently strengthened in the market due to its safe-haven position, but market players have switched to riskier currencies as optimism has returned to the market.

According to Rochelle Walensky, Director of the Centers for Disease Control and Prevention, COVID-19 mortality and hospitalizations were relatively modest despite the number of cases reaching record highs due to the spread of the Omicron variety. She stated that the quick spread of the Omicron variation had significantly increased the number of cases, yet hospitalizations and deaths remained comparatively low, implying that the Omicron form was less severe than the Delta variant. Following these remarks, market players began to shift toward riskier assets, putting pressure on safe-haven currencies such as the dollar. Furthermore, gold, a safe-haven asset, fell as the market's risk appetite increased.

On the statistics front, the Goods Trade Balance fell to -97.8 billion at 18:30 GMT, falling short of the anticipated -89.0 billion and weighing on the US dollar. The preliminary wholesale inventories declined to 1.2 percent, vs. the predicted 1.5 percent, bolstering the US dollar. Pending Home Sales fell to -2.2 percent at 20:00 GMT, compared to an anticipated 0.6 percent, weighing on the US dollar. The majority of the data issued from the United States was negative for the dollar, and as a result, the greenback remained under pressure.

GOLD Intraday Technical Level

Support Resistance

1793.75 1812.50

1782.10 1819.60

1775.00 1831.25

Pivot Point: 1800.85

GOLD - Technical Outlook 

On Thursday, gold is trading bearish at 1,800, having violated a narrow range of 1,808 – 1,804 levels. The intra-day pivot point extends the support at 1,800, and the bearish bias remains solid below this. In the 4-hour timeframe, closing bearish engulfing candles indicates strong selling bias among investors. Therefore, on Thursday, gold prices are exposed to 1,795 or 1,793 support zone.

Daily Price Outlook

The EUR/USD pair ended the day at $1.1332 after reaching a high of $1.1360 and a low of $1. 1331.The EUR/USD surged on Wednesday as risk appetite returned to the market and supported the Euro against the US dollar, which was on the back foot. The US dollar was weak across the board on Wednesday as it lost its safe-haven appeal after risk sentiment turned on in the market. The US Dollar Index, which measures the greenback's value against the basket of six major currencies, fell to 95.93 levels and weighed on the US dollar, ultimately pushing the EUR/USD pair higher.

The market's risk appetite returned after the latest comments from the Director of the Centers for Disease Control and Prevention allayed concerns about the Omicron variant and its impact on the economy. Rochelle Walensky said that despite the rising number of infections in the United States due to the rapid spread of the Omicron variant, the rates of hospitalization and deaths were comparatively low compared to the Delta variant.

The fact that Omicron was 70% more transmissible than other variants of the coronavirus but was less severe than the Delta variant pushed optimism in the market that it might not affect the global economic recovery as previously anticipated. This ease of concern added risk appetite, which ultimately pushed riskier currencies higher in the market, including the Euro. The strength of the Euro then moved the EUR/USD pair higher and helped it recover most of its previous losses.

The US dollar was also low across the board amid the unfavorable macroeconomic data release. At 18:30 GMT, the Goods Trade Balance declined to -97.8 billion against the anticipated -89.0 billion and weighed the US dollar. The prelim wholesale inventories decreased by 1.2% against an estimated 1.5% and supported the US dollar. At 20:00 GMT, the pending home sales fell by 2.2% against the predicted 0.6% and weighed on the US dollar. The declining US dollar added further gains to the currency pair EUR/USD.

At 14:00 GMT, the M3 Money Supply fell to 7.3%, against the forecasted 7.6%, and weighed on the Euro from the European side. Private loans remained flat at 4.2%. The EUR/USD's gains were limited on Wednesday due to unfavorable European macroeconomic data.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1290 1.1387

1.1234 1.1426

1.1194 1.1483

Pivot Point: 1.1330

EUR/USD - Technical Outlook 

The EUR/USD spike tested the 1.1368 resistance level and reversed immediately to trade at the 1.1325 level. It’s currently trading at the 1.1326 level, gaining immediate support at the 1.1290 mark. A breakout of 1.1290 level exposes the EUR/USD pair towards 1.1277 or 1.1234 support zone.

On the flip side, the break above the 1.1330 level exposes the EUR/USD price towards the next resistance area of 1.1386 or 1.1424 level. The RSI and Stoch are holding in a sell zone, while the 50 days simple moving average supports an uptrend in EUR/USD pair. Investors are likely to keep an eye on 1.1330 to stay bearish below and bullish above the same level. All the best!

Bitcoin Price Prediction

The BTC/USD ended the day at $46,465.0, having reached a high of $48,166.0 and a low of $46,129.0. The BTC/USD fell for the third session in a row, reaching its lowest level since December 20th, 2016. There was no single catalyst for the decline in cryptocurrencies; however, the focus remained on the impending removal of central bank stimulus that has helped push cryptocurrencies higher over the last 12 months.

As a result, the US Federal Reserve has increased the pace of its tapering of asset purchases, and the European Central Bank has announced that its pandemic emergency purchase program will end next year. Meanwhile, the Bank of England somewhat surprised markets earlier this month by voting in favor of increasing interest rates for the first time since August 2018. The highly speculative cryptocurrencies have come under pressure as investors now have much more stable and secure assets.

Furthermore, the Bitcoin mining firm Marathon Digital Holdings has revealed the final amount of $879 million that will be paid for new Bitmain bitcoin mining machines. The company has said that it will buy 78,000 units of BTC mining hardware from China-based Bitmain Technologies Ltd. The delivery from Bitmain will start in June 2022. The size of the order and the amount Marathon Holding will pay are among the biggest in the history of cryptocurrency mining.

The CEO of Marathon Holding, Fred Thiel, has said that this deal will help the company become one of the biggest BTC mining companies globally. This news should have brought back the bullish sentiment surrounding the Bitcoin ecosystem, but BTC continued declining on Wednesday despite this favorable news fragment.

Additionally, a Bitcoin influencer and podcaster, Anthony Pompliano, has said that there was no need to apologize for Bitcoin’s energy use because crucial things in the world use energy. These comments also failed to trigger positive momentum in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

45674.0 47711.0

44883.0 48957.0

43637.0 49748.0

Pivot Point: 46920.0

BTC/USD - Technical Outlook 

On Thursday, the BTC/USD continues to decline, having dropped from 47,800 level to 46,350 level. Bitcoin's price has failed to recover from over $48,800 and has begun a new drop. BTC dropped below the $48,500 and $47,500 support levels, moving into a bearish zone. A decisive break above the $47,500 resistance level might kick-start a new uptrend. The next significant resistance level is near $48,500, where the bears may appear. Any further gains might push the price up to $50,000.

If bitcoin does not return more than $47,200, it may fall further. There is immediate support atthe $46,200 level. The initial major contribution is close to $46,000. If the price falls below $46,000, it may move towards the $45,000500 support. Any further losses might push the price down to the $45,000 support level, below which there is a chance of a greater drop in the following sessions. All the best!