Bitcoin Price Prediction

The BTC/USD was closed at $57,209.0 after reaching a high of $57,762.0 and a low of $55,916.9. The BTC/USD dropped on Wednesday amid the strength of the U.S. dollar and the negative market mood surrounding the cryptocurrency industry. On Wednesday, reports came from the cryptocurrency market that Norway might be the following country after China hit hard on Bitcoin mining operations. However, the Scandinavian country has expressed its concerns over the potential environmental impact of crypto mining activities.

After Great China banned cryptocurrency-related activities in the country, including mining, Norway became one of the top destinations for mining operations. The minister of the local government, Bjorn Arild Gram, said the government was mulling over potential policies to discuss the difficulties related to crypto mining. He also added that it was difficult to justify the extensive use of renewable energy. He also referred to a proposal by the Swedish government urging European nations to ban energy consumption from proof-of-work crypto mining. This news negatively impacted the whole crypto market as another country was planning to join China in banning crypto mining over energy concerns.

Moreover, the International Monetary Fund (IMF) has warned El Salvador that it could be on the path to financial instability following making Bitcoin legal tender. The IMF acknowledged that bitcoin and other digital currencies could facilitate efficient payments, but making them legal tender could disrupt the financial system. The IMF suggested that El Salvador narrow its Bitcoin law's scope and focus more on strengthening its regulations and supervisory oversight of the new payment system. These concerning suggestions from the IMF to El Salvador added to the negative market mood and dragged BTC/USD further to the downside.

Meanwhile, on Tuesday, the Indian Parliament published a bill that is, for the moment, awaiting votes from the legislative for the creation of an official digital currency and a potential ban on all private cryptocurrencies. Parliament announced the introduction of 26 new bills in the Winter Session, including a Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. This news triggered a massive sell-off on a major cryptocurrency exchange in the country and caused a drastic price drop for leading cryptocurrencies like BTC/USD and ETH/USD.

On the flip side, investment funds from major US investment banks like Morgan Stanley have increased their exposure to Bitcoin through purchases of shares of Grayscale Bitcoin Trust. On Tuesday, the U.S. SEC filed that Morgan Stanley Insight Funs had increased its holdings of Grayscale Bitcoin Trust by more than 63% in the second quarter of this year. This news added strength to the BTC/USD and capped a further decline in its prices on Wednesday.

BTC/USD Intraday Technical Levels

Support Resistance

56163.2 58008.3

55117.5 58807.7

54318.1 59853.3

Pivot Point: 56962.6

BTC/USD - Technical Outlook

On Thursda, the BTC/USD sliped below a pivot point support level of 56,950 level. Bitcoin's price held above the $55,500 support level. BTC has created a base over $55,500 and is now attempting a decent comeback wave. The price broke through the $56,500 and $57,000 barrier levels. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a strong negative trend line with resistance near $57,100. The pair even surpassed the $57,500 mark and the 100 hourly simple moving average.

However, the price is still trying to break through the $58,000 barrier. The price has hit a high near $58,222 and is now consolidating gains.The bears pushed the market below the 23.6 percent Fib retracement level of the upward run from the swing low of $55,909 to the high of $58,222. The $57,500 level provides instant support. Near the $57,000 level, the first substantial support is formed.

If bitcoin remains above the $56,500 support level, it may continue to increase. On the upside, an early resistance level is near $58,000. The next significant resistance is located near the $58,500 level. A close over the $58,000 and $58,500 levels could signal the start of a steady rise in the near term. The next major barrier is located near the $60,000 level.

Gold’s Daily Price Analysis

Gold prices ended the day at $1791.60, with a high of $1812.45 and a low of $1781.75. Gold prices fell for the fourth straight session, reaching their lowest level since November 4th, owing primarily to surging US dollar prices. The US Dollar Index, which measures the value of the greenback against a basket of six major currencies, rose for the third straight session on Tuesday, reaching 96.61. While the 10-year Treasury note yield in the United States reached its highest level since mid-October on Tuesday, at 1.68 percent. While the 10-year Treasury note yield in the United States reached its highest level since mid-October on Tuesday, at 1.68 percent.

On the data front, at 19:45 GMT, the Flash Manufacturing PMI stayed unchanged at 59.1. The Flash Services PMI in November fell to 57.0 from 59.1 expected, weighing on the US dollar and causing gold prices to fall further. At 20:00 GMT, the Richmond Manufacturing Index increased in November to 11 from 10 expected, supporting the US dollar and adding to the decrease in gold prices.

The US dollar was high in the market, owing to renewed hopes that interest rates in the United States will rise next year following the re-nomination of US Federal Reserve Chairman Jerome Powell. The Dollar Index achieved a record 16-month high following the announcement of Powell's re-nomination, which increased confidence that the central bank will raise interest rates in 2022.

Initially, the market believed that President Joe Biden would favour Lal Brainard to be the next Fed chair since she was perceived to be more dovish than Powell in terms of monetary policy or longer-term economic stimulus. Investors currently believe that recently re-nominated Fed Chairman Jerome Powell will have to expedite the central bank's normalisation of monetary policy in order to deal with rising consumer prices.

Gold prices were falling as demand for it as an inflation hedge decreased day by day on bets that interest rate hikes would begin next year. However, the decline in gold prices was capped by growing fears about the spread of the coronavirus when European countries began enforcing new lockdowns to stem the mounting number of cases across the area.

GOLD Intraday Technical Level

Support Resistance

1778.09 1808.79

1764.57 1825.97

1747.39 1839.49

Pivot Point: 1795.27

GOLD - Technical Outlook

On Wednesday, the bullion gold is trading at 1,793 with a bearish bias. The metal has already breached a firm support level of 1,803, which currently acts as a gold barrier. On the bullish side, gold's major resistance stays at 1,895, which is extended by a pivot point level. The break above this level exposes gold prices towards the 1,807 and 1,824 levels. The RSI has entered the oversold zone.

On the downside, gold's immediate support is at 1,783, and a break below that level can push the gold price towards 1,760. The 20 and 50 days EMAs also indicate a selling bias below the 1,793 level; so, downtrend dominates below 1,795 and vice versa. All the best!

Daily Price Outlook

The EUR/USD closed at $1.1246 after setting a high of $1.1276 and a low of $1.1226. On Tuesday, the EUR/USD broke a two-day bearish streak and surged. The EURUSD gains remained consolidated as the pressure of a strong USD weighed on the currency pair, while the single currency euro gained strength on the back of positive macroeconomic data.

The US dollar was strong on the board as it rose for a third consecutive session and reached its highest level in 16 months at 96.61. Similarly, the US Treasury yield on the benchmark 10-year note also rose on Tuesday and reached 1.68%, strengthening the US dollar. However, the strong USD failed to extend losses in the EUR/USD on Tuesday, as the pair reversed course and posted small gains for the day.

The improved market data pushed the euro higher against its rival currencies on Tuesday. The PMI data showed that both the manufacturing and service sectors in Europe improved in November, adding strength to the single currency Euro and turning the momentum of EUR/USD.

At 13:15 GMT, the French Flash Services PMI in November surged to 58.2 against the projected 55.6 and supported the single currency euro and added further gains in EUR/USD. The French Flash Manufacturing PMI also surged to 54.6 against the forecasted 53.1 and supported the Euro, adding further gains in EUR/USD. At 13:30 GMT, the German Flash Manufacturing PMI also surged to 57.6 against the predicted 57.0, which supported the Euro and added further upward momentum in EUR/USD.

The German Flash Services PMI also increased to 53.4, against the expected 51.4, and supported the Euro, adding further gains in EUR/USD. At 14:00 GMT, the Flash manufacturing PMI from the Eurozone rose to 58.6 against the anticipated 57.5 and supported the Euro, which pushed EUR/USD higher. The Flash Services PMI from the Eurozone also increased to 56.6 from an estimated 53.6 and supported the Euro, adding further upward momentum in EUR/USD.

From the US side, at 19:45 GMT, the Flash Manufacturing PMI remained flat with projections of 59.1. The Flash Services PMI in November declined to 57.0 from the predicted 59.1 and weighed on the US dollar, which added further gains in EUR/USD. At 20:00 GMT, the Richmond Manufacturing Index rose in November to 11 from the anticipated ten and supported the US dollar. That capped further gains in EUR/USD.

However, the gains in EUR/USD were limited on Tuesday because of the fresh lockdown measures imposed in Austria for 20 days. Other European countries, including the region's largest economy, Germany, were also considering imposing lockdown measures, weighing on the euro and limiting further EUR/USD gains.

EUR/USD Intraday Technical Levels

Support Resistance

1.1211 1.1274

1.1189 1.1315

1.1149 1.1336

Pivot Point: 1.1252

EUR/USD - Technical Outlook

The EUR/USD bearish bias seems to be getting weaker as the pair managed to survive above the 1.1225 support level. On the 4-hour timeframe, the EUR/USD has formed a descending triangle pattern that’s extending support at 1.1225 along with resistance at 1.1249.

The increased demand in EUR/USD, as well as the break through the 1.1249 barrier, exposes the pair to 1.1273 or 1.1298. Alternatively, a break below the 1.1224 level exposes the EUR/USD pair towards the 1.1212 and 1.1190 levels on the bearish side. The RSI and stochastic are holding in a sell zone. Therefore, the EUR/USD’s trading bias remains bearish below 1.1249 and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $57,602.0 after reaching a high of $57,866.2 and a low of $55,460.0. After declining for two consecutive sessions, BTC/USD turned bullish on Tuesday. The same cryptocurrency that was once considered a scam and was associated with black money has now been taught in higher education institutions. Many students are opting for cryptocurrency and blockchain degrees rather than pursuing traditional degrees in economics or finance. The rising demand for these degrees has prompted universities to add crypto-related courses, including DeFi.

UNIC-University of Nicosia is one of the first universities in the world to offer blockchain courses, having interviewed two students, and it is also the first university to accept Bitcoin for tuition payments. UNIC offers two Master’s degrees in blockchain, including blockchain and digital currency and computer science.

This week, El Salvador was preparing to launch a $1 billion bond, out of which half of the funds will be utilized to fund building a bitcoin city, and the other half of the funding will go toward buying more bitcoin. Earlier this year, El Salvador voted to deploy Bitcoin as legal tender in that country, which pushed the leading cryptocurrency to an all-time high of $69 thousand per coin a few weeks ago, before dropping approximately 20% since the peak on Nov. 10. The news that El Salvador is preparing to build a bitcoin city added support to the price of BTC/USD.

Furthermore, Regal, which has over 500 sites and 7000 screens in 42 states, including D.C., announced a partnership with digital payment network Flexa to allow customers to pay for theater tickets and food and beverages in cryptocurrency. A wide variety of coins and tokens are accepted by Regal, like BTC, ETH, LTC, DOGE, USDC, DAI, GUSD, LINK, ATOM, and more. This news also added more upward momentum in BTC/USD.

Meanwhile, American football star Odell Beckham Jr. has said that he will take his new salary in bitcoin. He further stated that he would give away $1 million in cryptocurrency in a partnership with Square’s Cash App. This announcement strengthened the top cryptocurrency, BTC, like other elite players, like Russell Okung, Tom Brady, Saquon Barkley, and Sean Culkin began to be paid in bitcoin.

BTC/USD Intraday Technical Levels

Support Resistance

56086.0 58492.2

54569.9 59382.3

53679.9 60898.4

Pivot Point: 56976.1

BTC/USD - Technical Outlook

Bitcoin price made another effort to break well above the $58,000 resistance level, however, BTC failed to generate enough traction to break through the $57,500 and $58,000 resistance levels.

An immediate support level is around $56,300. It is near to the 61.8 percent Fib retracement level of the upward run from the swing low of $55,362 to the high of $57,850. The first significant support is already emerging near $56,000. The key breakdown support is still at $55,500.

A breach below $55,500 on the downside could result in more losses. In the mentioned instance, the price could fall below the $55,000 mark. The next big support level might be at $53,200.

Gold’s Daily Price Analysis

Gold prices recovered on Monday after falling to their lowest level in over two weeks as the dollar fell, lending some support to the commodity. The dollar index slipped 0.1 percent from its high on Friday. A weakening dollar lowers the cost of bullion for buyers holding other currencies. Gold prices ended the day at $1851.60, with a high of $1868.10 and a low of $1844.20. In contrast, US Treasury Yields on the benchmark 10-year note fell on Friday, extending their drop for the third consecutive day to as low as 1.51 percent.

On Tuesday, Federal Reserve Governor Christopher Waller stated that the Fed should accelerate its decrease in asset purchases to have more flexibility to raise interest rates from near-zero levels sooner than expected if high inflation and strong job increases continue. He stated that due to the quick recovery in the labour market and the weakening inflation figures, he favoured a faster tapering pace and more rapid accommodation removal in 2022.

Furthermore, Federal Reserve Vice Chair Richard Clarida stated that central banks in different nations could benefit from sharing analysis and pursue similar policies in reaction to common global shocks. He emphasized that central banks are not immune to each other's policies and that not only do changes in US policy affect foreign economies, but monetary policy moves in other nations can also affect the US economy and necessitate a Fed response. Meanwhile, Mary Daly, President of the San Francisco Federal Reserve Bank, stated that the Fed had decreased its asset purchases. She went on to say that the Fed's next focus should be on the communications it can provide about the future course of rate hikes.

Federal Reserve regulators are publicly discussing whether to accelerate the tapering of asset purchases, with one of the central bank's most powerful executives signalling on Friday that the proposal will be discussed at the Fed's next meeting.

A rise in interest rates should lessen the appeal of bullion, as higher rates increase the opportunity cost of the non-interest-bearing metal. The White House stated that more information on President Joe Biden's candidate for the next Fed chairman would be released early this week.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported a 0.8 percent increase in holdings to 985 tonnes on Friday, up from 976.87 tonnes on Thursday. Physical gold demand in major Asian markets slowed last week, as Indian traders expected fresh interest in metal due to the forthcoming wedding season.

GOLD Intraday Technical Level

Support Resistance

1841.25 1849.80

1836.30 1853.40

1832.70 1858.35

Pivot Point: 1844.85

GOLD - Technical Outlook

On Monday, the precious metal gold was trading at $1,841 per ounce, with immediate support at $1,842 per ounce. On the bullish side, the XAU/USD is heading towards the next resistance level of 1,851. An intraday pivot point extends this resistance level. The closing of candles below 1,851 signals a selling bias in gold. As a result, the major support level remains at 1,842, and a break below this level exposes the gold price to 1,837 and 1,828 levels.

On the 4-hour chart, the XAU/USD has violated the symmetrical triangle pattern at the 1,851 level. Typically, the violation of such a pattern signals the continuation of a selling trend. Since the RSI and stochastic entered the oversold zone, gold investors have triggered a bullish correction above the 1,842 level. Today, the trader’s focus stays at the 1,851 level as gold’s selling bias dominates below this and vice versa. All the best!

Daily Price Outlook

The EUR/USD closed at $1.1289 after hitting a high of $1.1374 and a low of $1.1250. The EUR/USD dropped sharply on Friday and reached its lowest since July 2020 amid the rising price of the US dollar. The US dollar was high on board after the DXY reached 96.24, which added further negative pressure on EUR/USD. The US dollar was moving upward and extended its gains as the market mood favored the greenback.

On the other hand, the single currency, the Euro, was under pressure on Friday after countries across the region started planning to implement new lockdown measures. Austria was considering implementing a full lockdown, whereas Germany was also planning to follow in its footsteps. Austria has announced that it will re-impose a fourth lockdown for 20 days starting Monday. All citizens would be required to be vaccinated by February 1, 2022, or else the people would be fined, according to the government.

Meanwhile, the health situation in Germany was deteriorating, forcing the country to consider a complete ban on vaccinated people. The rising number of coronavirus cases in Europe kept the Euro currency under pressure throughout the week, eventually dragging the EUR/USD pair lower on the final day of the week.

There was no data from the US side on the data front, and from Europe, at 12:00 GMT, the German PPI increased to 3.8% against the anticipated 2.0%, which supported the Euro and prevented the further loss in EUR/USD. At 14:00 GMT, the current account also increased to 18.7B against the expected 16.2B, which supported the Euro and limited the decline in EUR/USD.

Meanwhile, the US dollar got further support from the bullish comments by Federal Reserve officials, including Richard Clarida and Christopher Waller. On Friday, Fed officials suggested a faster pace of reducing asset purchases might be appropriate because of the quick economic recovery and increased inflation. The more rapid tapering of asset purchases means the increased possibility of an earlier than expected interest rate hike, which ultimately strengthens the US dollar.

Currently, the FED has suggested that interest rate hikes might start by the middle of next year. The increased strength of the US dollar then added extra negative pressure on the EUR/USD pair and added a further loss in the currency pair.

EUR/USD Intraday Technical Levels

Support Resistance

1.1268 1.1288

1.1260 1.1300

1.1248 1.1308

Pivot Point: 1.1280

EUR/USD - Technical Outlook

The EUR/USD is trading nicely on the defensive and will put the 1.1300 level to the test again towards the week's conclusion.

In the short term, the continuation of the downturn appears to be more likely. Nonetheless, bets on a retest of the 2021 low of 1.1263 remain high (November 17). If this region is lost, spot might be dragged to the round level at 1.1200 before the July 2020 bottom at 1.1185 ahead of 1.1168. (low June 19 2020).

Meanwhile, more losses are possible if the pair trades below the immediate resistance level (off September's high) today near 1.1600. In the long run, the bearish view remains as the price is below the 200-day SMA, which is currently at 1.1857.

Bitcoin Price Prediction

The BTC/USD closed at $58,790.0 after hitting a high of $60,047.0 and a low of $58,624.0. BTC/USD dropped on Sunday after rising for two consecutive sessions amid the latest warning from Hilary Clinton. According to American politician and former Democratic presidential candidate Hilary Clinton, the rise of bitcoin and alternative cryptocurrencies could have a negative impact on the global economy. She was unhappy with the global financial network's implementation of cryptocurrencies and said that today's world was facing new challenges like disinformation, artificial intelligence, and cryptocurrencies.

Clinton said that digital assets were grabbing the public's attention due to their interesting and exotic nature. However, she warned that digital assets present a threat to the US dollar and that adopting cryptocurrencies can destabilise whole nations. Clinton also warned about Russian President Vladimir Putin and said that he has a large mercenary force operating everywhere from Syria to the Central African Republic. She said that Putin has an extensive stable of hackers who deal in disinformation and cyber warfare. She said that all eyes were on China, but the US government should not forget Russia. These comments from the first lady of the United States from 1993–2001 as the wife of President Bill Clinton, added a negative impression on the whole cryptocurrency market, which added to the loss in BTC/USD.

On the other hand, El Salvador's President, Nayib Bukele, announced the launch of Bitcoin City, which will be funded initially by $1 billion in bitcoin bonds. The initiative was sought to celebrate Bitcoin's mainstream adoption in the country and increase citizen participation. The development of Bitcoin City will see the proactive involvement of prominent crypto companies, including cryptocurrency exchange Bitfinex and Adam Back's Blockstream. The exchange Bitfinex will support El Salvador's Bitcoin City initiative by launching a securities platform to hold the bitcoin bonds. This news caused a further loss in BTC/USD over the weekend.

Furthermore, the US dollar's strength was also the reason behind the declining prices of the BTC/USD over the weekend. On Friday, the greenback was high against its rival currencies, hovering around the 96.24 level, which ultimately added negative pressure on the leading cryptocurrency as both share a negative correlation. The bullish comments from Fed officials, who stated that faster tapering could lead to a faster than expected interest rate hike, added strength to the US dollar on Friday.

BTC/USD Intraday Technical Levels

Support Resistance

58260.4 59683.4

57730.7 60576.7

56837.4 61106.4

Pivot Point: 59153.7

BTC/USD - Technical Outlook

Bitcoin's price struggled to recover over the $58,500 barrier level. BTC briefly surpassed the $60,000 mark, but there was no discernible positive momentum. As a result, the price began a new drop below $59,200. The price was trading below the $58,500 support level and the 100 hourly SMA. Moreover, there was a breach below a significant bullish trend line with support near $59,200.

Bitcoin dropped below the 50% Fib retracement level of the rising wave from the swing low of $55,674 to the high of $60,050. It is currently trading below the $58,500 mark and the 100 hourly simple moving average. The $57,350 level provides instant help. It is close to the 61.8 percent Fib retracement level of the ascending wave from the swing low of $55,674 to the high of $60,050.The first significant support is already emerging near $56,500. A breach below $56,500 on the downside could result in more losses.

Major support is located between $55,500 and $55,000. Any more losses might set the stage for a move towards the $52,000 support zone in the near term. The first significant resistance is located near the $58,500 level and the 100 hourly simple moving average. The next significant barrier is located near the $59,200 level, above which the price is exposed to the $60,000 level.

Gold’s Daily Price Analysis

Gold prices were closed at $1861.10 after setting a high of $1873.30 and a low of $1856.65. Gold fell on Thursday, despite falling US dollar prices, as expectations for an earlier-than-expected rate hike by the United States' central bank grew due to the latest surge in jobless claims.

Despite the declining price of the precious metal, bullion remained close to its highest level in five months that it touched on Tuesday. During the previous week, the number of Americans registering new claims for unemployment benefits fell close to pre-pandemic levels, reducing demand for safe-haven metal and raising bets on a rate hike sooner than expected.

The US Dollar Index fell to 95.52 on Thursday, while the US Treasury Yield on the benchmark 10-year note fell to 1.57%, adding to the negative impression of the US dollar and limiting further losses in gold prices. On Thursday, New York Federal Reserve President John Williams said that inflation in the United States was becoming more broad-based, and expectations for future price increases rose. He stated that he would closely monitor this trend because some of the price increases caused supply and demand imbalances, while the pandemic caused others.

Atlanta Federal Reserve President Raphael Bostic believes that the Federal Reserve will begin raising interest rates in the middle of next year as the US economy recovers and returns to pre-pandemic levels. He was optimistic that the job figures were reaching closer to the pre-pandemic levels. Whereas, Chicago Federal Reserve President Charles Evans has said that it will take until next year to complete the tapering of bond purchases that started in November 2021.

All these comments had mixed effects on the US dollar and kept gold under pressure for Thursday. On the data front, at 18:30 GMT, the Philadelphia Fed Manufacturing Index rose to 39.0 against the anticipated 24.2 and supported the US dollar, which ultimately added to the loss in gold prices.

Last week's unemployment claims rose to 268K, exceeding the 260K forecast, weighing on the US dollar and limiting further declines in the yellow metal. At 20:0 GMT, the CB Leading Index also increased to 0.9% against the anticipated 0.8% and supported the US dollar, which added a further loss in XAU/USD on Thursday.

GOLD Intraday Technical Level

Support Resistance

1854.06 1870.71

1847.03 1880.33

1837.41 1887.36

Pivot Point: 1863.68

GOLD - Technical Outlook

Gold is trading at the 1,858 level, having dropped below the pivot point support level of 1,861. The yellow metal gold is gaining immediate support at the 1,855 level, and violation of this exposes the metal towards the 1,852, 1,845, and 1,836 levels.

On the bullish side, the major resistance stays at the 1,861 level, and that’s being extended by a pivot point level. A bullish breakout of that level exposes the metal towards the 1,868 and 1,877 resistance levels.

Taking a look at the RSI and stochastics indicators, they show a bearish trend in gold. Therefore, gold’s bearish bias dominates below the 1,861 level and vice versa. All the best!

Pivot Point Breakout

The EUR/USD closed at $1.1368 after setting a high of $1.1375 and a low of $1.1314. After declining for seven consecutive sessions, EUR/USD reversed course and surged on Thursday amid the reduced strength of the US dollar. The US Dollar Index slipped for the second consecutive session and reached as low as 95.52, which added strength to the currency pair EUR/USD as both have a negative correlation. Meanwhile, the US Treasury yield on the benchmark 10-year note also dropped on Thursday and reached 1.57%, which added to the further decline in the US dollar and helped EUR/USD continue its upward momentum for the day.

On the data front, there was no macroeconomic data release from the European side, while from the US side, at 18:30 GMT, the Philly Fed Manufacturing Index surged to 39.0 against the forecasted 24.2 and supported the US dollar, which ultimately capped further gains in the EUR/USD pair. Unemployment Claims increased to 268K last week, up from 260K expected, weighing on the US dollar and adding to the EUR/USD pair's gains. At 20:0 GMT, the CB Leading Index also surged to 0.9% against the forecasted 0.8% and supported the US dollar, which limited the gains in the EUR/USD currency pair.

The reduced strength of the US dollar due to increased jobless claims added to the momentum of the EUR/USD currency pair on Thursday. According to Chicago Federal Reserve President Charles Evans, it will take until the middle of next year to complete the Fed's wind-down of its bond-buying program. He said that it might take until mid-2022 to complete the tapering of asset purchases.

Furthermore, Atlanta Federal Reserve President Raphael Bostic said on Thursday that he believes the Fed could start increasing interest rates in the middle of next year when the US labor market will regain its pre-pandemic levels. All these comments from Fed officials kept a lid on US dollar gains and supported the rising prices of the EUR/USD pair on Thursday.

On the flip side, many European nations have started considering implementing new lockdowns to curb the rising rates as winter looms. The number of coronavirus cases has already risen in European countries, and fears of new lockdown restrictions are spreading across the continent, putting pressure on the single currency euro and limiting EUR/USD gains on Thursday.

EUR/USD Intraday Technical Levels

Support Resistance

1.1329 1.1390

1.1291 1.1413

1.1268 1.1451

Pivot Point: 1.1352

EUR/USD - Technical Outlook

The technical side of the EUR/USD continues to exhibit a neutral bias among traders. The pair is trading at the 1.1357 level, and it’s facing resistance at the 1.1375 level. The EUR/USD has recently crossed over the pivot point level of 1.1353, supporting a bullish trend in the pair.

The closing of candles below the 1.1375 level supports the selling trend in the EUR/USD pair. At the same time, the immediate support stays at the 1.1333 level, which is being extended by the November 18, 2021, low level.

The breakout of the 1.333 level exposes the pair towards 1.1277, 1.1236, and 1.1208. At the same time, the EUR/USD’s immediate resistance stays at the 1.1374 level. A break above this level exposes the pair towards the 1.1393 and 1.1454 levels. All the best!

Bitcoin Price Prediction

The BTC/USD was last seen at $57,014.0, with a high of $60,945.0 and a low of $56,559.0. BTC/USD fell for the fourth consecutive session on Thursday, reaching its lowest level since October 13th amid the market's latest sell-off. Bitcoin plummeted below $60,000 amid a broad sell-off in the crypto market, reaching $56,000 as the correction in the crypto market worsened. Market investors believed that Bitcoin was weaker than it appeared last week when prices rose to an all-time high near $69,000.

US President Joe Biden has stated that a nomination for the Federal Reserve Chair will be announced in the coming days. Whether to re-appoint current Chairman Jerome Powell or Fed Governor Lael Brainard, two names have emerged. Market players believe the latter is a better fit for the cryptocurrency business. When deciding between them, Biden will consider variables such as their attitude on combating rapidly growing inflation and how swiftly the US central bank will try to implement a digital version of the currency.

On Thursday, Indian Prime Minister Narendra Modi cautioned that bitcoin poses a risk to future generations. He did, however, strike a wary tone as his administration prepared to present legislation to regulate cryptocurrency. He expressed alarm and stated that all democratic nations must collaborate on the cryptocurrency business to guarantee that it does not wind up in the wrong hands, spoiling the youth. These remarks resulted from cryptocurrencies' completely anonymous and unregulated transactions, which make them an ideal tool for drug traffickers, people smugglers, and money launderers.

Furthermore, on Thursday, Congressmen presented the Keep Innovation in America Act, a bipartisan bill addressing the digital asset reporting requirements in the infrastructure bill that was signed into law this week.

In September, a tax provision was added in the infrastructure bill that would force US citizens who received more than $10,000 in bitcoin and cryptocurrency to notify the sender's personal information to the Internal Revenue Service (IRS). The reporting obligations will be deleted totally from the statute, according to the proposed measure. According to the proposed bill, the reporting requirement threatens to push innovators and entrepreneurs overseas and is incompatible with new technology. This should have bolstered BTC/USD values, but the leading cryptocurrency fell for the fourth consecutive session due to a correction.

BTC/USD Intraday Technical Levels

Support Resistance

55400.4 59786.4

53786.7 62558.7

51014.4 64172.4

Pivot Point: 58172.7

BTC/USD - Technical Outlook

During the early Asian session, the BTC/USD fell dramatically to trade at 56,173 levels. It has violated the intraday pivot point level of 58,366. The closing of candles below this level exposes the leading cryptocurrency towards the next support levels of 55,775 and 54,005. BTC's further breakout exposes it to the 51,414 support level.

On the bullish side, the major resistance holds around the 58,366 level and a crossover above this exposes BTC prices towards the 60,956 level. The RSI and stochastic are in support of a selling bias. Therefore, the BTC/USD’s bearish bias dominates below 58,366. While 51,414 seems to be a solid support for BTC. All the best!