Bitcoin Price Prediction

The BTC/USD closed at $63,259.1 after hitting a high of $63,279.0 and a low of $61,400.0. BTC/USD extended its gains over the weekend and moved higher amid Bitcoin's ecosystem's positive developments. Bitcoin continued to rise above $60,000 over the weekend, despite low trading volume on centralized exchanges. Over the last month, almost all cryptocurrencies, including bitcoin, have rocketed, with Ethereum, Solana, Cardano, BNB, and XRP making double-digit percentage gains.

In early October, Bitcoin's price was hovering around $45,000, and during the last week of the month, it reached a near all-time high level of $67,000, which was due to the launch of the first US Bitcoin futures ETF.

A bullish bitcoin buyer, Michael Saylor, has forecasted that trillions of dollars will flow into bitcoin once U.S. regulators approve a fully-fledged bitcoin ETF. He further said that it could help bitcoin replace gold and become the primary asset index for the Western world. These expectations increased the positive momentum towards Bitcoin that lifted its prices higher in the market.

Meanwhile, JPMorgan, a global investment bank, has doubled down on its bitcoin prediction of $146K as analysts explain that the cryptocurrency's price could reach that level if its volatility subsides and institutional investors start investing in it bitcoin more than gold in their portfolios.

Recently, an analyst from JPMorgan, Nikolaos Panigirtzoglou, predicted that the price of bitcoin could reach $146K in the long term, and in the short-term, the price target was set at $73K for 2022. Explaining this prediction, the analyst added that the re-emergence of inflation concerns among investors during September and October 2021 appeared to have renewed interest in using bitcoin as an inflation hedge. This lifted the bullish outlook for bitcoin and pushed its prices toward all-time high levels.

Furthermore, a member of Brazil's Chamber of Deputies has proposed a bill to make crypto payment options available for public and private sector workers. If approved, the bill will enable workers in Brazil to choose to receive their part or whole salaries in cryptocurrencies.

This program was pretty different from that adopted by El Salvador, as it gives voluntary freedom to the workers to receive their salaries in cryptocurrencies. The president of El Salvador, Nayib Bukele, made policies that mandated all businesses to adopt bitcoin as a payment option, even though he repeatedly said that using bitcoin was optional. However, this new proposed bill by Brazil's deputy gave a positive push to Bitcoin prices over the weekend.

BTC/USD Intraday Technical Levels

Support Resistance

62013.0 63892.0

60767.0 64525.0

60134.0 65771.0

Pivot Point: 62646.0

BTC/USD - Technical Outlook

On Monday, the BTC/USD coin had a solid bullish moment, soaring from the 63,927 level to 65,500. On the 4-hour timeframe, Bitcoin has violated the triple top pattern at 63,927 and now it’s heading north towards the next resistance level of 66,250. Above this, the BTC/USD’s immediate resistance prevails at 66,806 and 67,446.

On the support side, the BTC/USD’s immediate support prevails at 63,927 and 63,271 levels. The MACD and RSI are in support of a bullish bias, therefore, the BTC/USD’s upward trend dominates. Moreover, the candlestick pattern "Three White Soldiers" is also supporting a strong bullish trend in Bitcoin. Thus, the buying trend stays strong over the 63,927 level today. All the best!

Gold’s Daily Price Analysis

Gold is trading bullish in the Asian session on Friday, heading for a weekly gain. Investors were also digesting fresh policy decisions from the Bank of England (BOE) and the Federal Reserve of the United States (Fed). Gold futures were up 0.06 percent to $1,794.65 at 11:58 p.m. ET (3:58 a.m. GMT), on track for its second weekly rise in three weeks with a 0.7 percent gain.

The Bank of England held its interest rate unchanged at 0.10 percent in its announcement on Thursday. The move surprised investors, who had expected the BOE to be one of the first major central banks to increase interest rates following the outbreak of COVID-19. The Fed announced its own decision a day earlier, saying that it would begin asset tapering but would be "patient" on interest rate hikes. It also maintained its belief that inflationary pressures would be short-lived.

The European Central Bank (ECB) joined the dovish chorus as well. ECB board member Isabel Schnabel stated on Thursday that, while the central bank is mindful of the worries about high inflation, it is improbable that interest rates would be raised in 2022. Chinese markets dragged on Asian equities on Friday, failing to join a worldwide record-breaking run following a week in which central banks around the world avoided any hawkish surprises to support the dollar.

The dollar made substantial gains against sterling, which fell after the Bank of England surprised markets by passing up an opportunity to hike interest rates on Thursday. Later today, the major focus will be on the US nonfarm payroll figures, which can drive massive market volatility.

US Nonfarm employment change – What to expect?

Economists believe that 800,000 jobs would be required on average for the economy to recover by the middle of next year. Results below that threshold will widen the window for when the Fed may hike interest rates. This may also have an impact on inflation forecasts.

Analysts predict that the October NFP will be 450K, up from 194K in the previous reading. That's a significant omission, bringing the total close to 200K. Bond yields would fall as a result of this.

Value equities may be under pressure, while tech companies may be on the rise. A significant beat, on the other hand, would likely add some more tailwinds to risk appetite. As a result, the dollar would drop even further.

Despite an anticipated rise in labour force participation, the unemployment rate could fall a decimal point to 4.7 percent from 4.6 percent. Finally, average hourly wages may continue to rise at 4.9 percent, up from 4.6 percent previously.

GOLD Intraday Technical Level

Support Resistance

1774.84 1803.64

1756.77 1816.37

1744.04 1832.44

Pivot Point: 1786.57

GOLD - Technical Outlook

Gold is on a bullish streak, trading near its double top resistance level of 1,798.Alongside, the downward trendline is also extending resistance at the 1,798 level on the 4-hour timeframe. On the bullish side, the break above the 1,798 level exposes the metal towards the next resistance levels of 1,803 and 1,816.

A break below the 1,786 support level exposes the precious metal price towards the 1,774 level. Further breakout of the 1,774 level adds additional selling pressure and exposes the metal towards the 1,744 level. The RSI and MACD are in support of a buying trend along with the EMA. Hence, the bullish bias dominates over the 1,786 level and vice versa. All the best!

Ethereum Price Analysis

The ETH/USD ended the day at $4535.53, having reached a high of $4604.898 and a low of $4421.72.After falling from its new all-time high on Wednesday, ETH/USD maintained its bearish momentum and fell for another day on Thursday. Ethereum failed to stay for long at its new all-time high level above $4600 and dropped the next day as investors started booking profits. The selling pressure increased around the second-largest cryptocurrency in the world and dragged its prices to the downside. However, the decline was not massive as there were more positive developments surrounding the Ethereum ecosystem.

The record-breaking highs touched by Ethereum over this past week were in part due to the rising popularity of non-fungible tokens (NFTs) and Decentralized Finance (DeFi) projects. Over the last year, ether has outperformed the leading cryptocurrency, bitcoin, by more than 1025%.

Ethereum has the most dominant position in the space of DeFi as the total value locked in Ethereum accounts for about 67% of the total DeFi TVL, with $172.75 billion. The leading percentage makes the Ethereum network a top smart contract platform in the crypto space as most users start their DeFi journey through this platform.

The growing speculation on the value of Ethereum for its role in the so-called metaverse after Facebook rebranded itself in an aggressive push to lean into the next phase of digital development has also helped Ethereum grow in value. Meanwhile, the Ethereum-powered virtual world "The Sandbox" has announced that it managed to raise $93 million in its recent funding round, accompanied by SoftBank Group's second venture capital fund, Vision Fund 2.

Furthermore, the transition from the Proof-of-Work to Proof-of-Stake mechanism and the shift to Ethereum 2.0 prospects have kept ETH prices higher in the market. The first phase of the shift from PoW to PoS was the launch of Ethereum's Beacon Chain, and the next thing will be to combine this Beacon Chain into the Ethereum mainnet. After that, sometime in 2022, Shard Chains will split the network to allow for greater storage of data and processing transactions. The upcoming upgrades have also been keeping ETH/USD prices higher this year.

ETH/USD Intraday Technical Levels

Support Resistance

4436.50 4619.76

4337.48 4704.00

4253.24 4803.02

Pivot Point: 4520.74

ETH/USD - Technical Outlook

The ETH/USD is trading in a choppy session, maintaining a narrow trading range of 4,416 – 4,611 level. Recently, it has crossed above an intraday pivot point level of 4,516. However, the market may not show us a continuation of an upward trend unless the 4,611 level gets violated.

On the 4-hour timeframe, the ETH/USD coin has formed an upward channel that’s supporting a buying trend in the ETH/USD pair. On the higher side, the major resistance stays at the 4,611 level and a bullish breakout of this level exposes the pair towards the 4,710 and 4,805 levels.

On the support side, the immediate support holds around the 4,416 level and a breakout of this level exposes the coin towards the 4,321 and 4,221 levels. Let’s keep an eye on the 4,416 level as bullish bias dominates this and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $61,422.8 after placing a high of $63,060.2 and a low of $60,733.0. BTC/USD dropped on Thursday and extended its decline amid the mixed price prediction from the JPMorgan Chase bank.

According to a renewed forecast released by JPMorgan, Bitcoin could more than double to around $146,000 per coin in the long run. However, this prediction has another side warning about bitcoin's highly volatile nature that could also send its prices sharply lower towards $35,000.

The analysts of JPMorgan wrote that digital assets have emerged as a clear winner post the pandemic as more and more retail investors join along with institutional investors like hedge funds, real money asset managers, and insurance companies. Many bitcoin and crypto market watchers and analysts have predicted that the bitcoin price will hit $100,000 before the end of 2021. This prediction is partly due to the fears of high inflation pushing investors to so-called safe-haven assets.

This week, the US Federal Reserve has decided to scale back its huge pandemic-induces quantitative easing program mainly because of concerns about inflation, as US inflation has reached a 13-year high level, and the Fed is concerned that it could be more persistent than transitory.

Last year at this time, the price of bitcoin was standing at around $15,000, and now it is hovering above $60,000. The BTC price has increased more than 300% over the last 12 months, and it has added around $2 trillion to its total value.

On Thursday, Bitcoin was down about 1%, and some investors believe that a sudden fall in Ethereum from its new all-time high level of $4643 to $4550 was also a reason behind the decline in BTC/USD. It could be due to the impact Ethereum has on the whole cryptocurrency market, being the second-largest cryptocurrency.

Additionally, the fall in bitcoin's price on Thursday could also be attributed to the behaviour of investors ahead of Friday's options expiry. Bitcoin traded in a descending channel and faced resistance at the $62,000 to $63,000 level a day before $1.15 billion in options are set to expire.

On the flip side, New York City Mayor Eric Adams said that he would take his first three pay checks in Bitcoin when he takes over City Hall in January.

Furthermore, he said that he wanted to turn NYC into a crypto-friendly city and that he wanted to explore an NYC coin similar to Miami's coin. He said that he considered the mayor of Miami his friendly competition as he took the first step to set up a so-called CityCoin cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

60417.2 62744.4

59411.5 64065.9

58090.0 65071.6

Pivot Point: 61738.7

BTC/USD - Technical Outlook

Bitcoin is trading choppy near the 62,070 level and it’s supported above an intraday pivot point level of 61,739. The closing of candles above this level supports a buying trend in BTC/USD. On the higher side, the BTC/USD’s immediate resistance stays at the 62,744 level, and a bullish crossover above this level exposes BTC towards the 60,417 level.

On the support side, the BTC/USD’s support stays at the 59,411 level. However, the violation of this level exposes Bitcoin prices towards the 58,090 level. The MACD and RSI support a mixed bias, as their values are tossing above and below 0 and 50, respectively. However, the BTC’s upward trend dominates over 61,736 and vice versa. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1793.55, having reached a high of $1797.35 and a low of $1781.25. Gold rose on Monday, recouping some of the previous day's losses on the back of a weaker dollar ahead of the Federal Reserve meeting in the United States.

The US Dollar Index, which calculates the greenback's strength against a basket of six major currencies, dropped on Monday to a low of 93.86, weighing on the greenback and pushing gold higher. The benchmark 10-year US Treasury note yield fell further on Monday, reaching 1.55 percent, adding to the US dollar's weakness and pushing gold higher.

Gold was rising on Monday, despite the falling US dollar, but the currency generally favored the day's macroeconomic data. Manufacturing activity in the United States strengthened in October, indicating the strength of the economic recovery, but it appeared that investors largely ignored the macroeconomic report instead of focusing on the next US Federal Reserve meeting.

The shift in investor emphasis to the central bank's decision to unwind its economic stimulus measures kept the US dollar under pressure for the day, while yellow metal benefited. On the data front, at 18:45 GMT, the Final Manufacturing PMI for October fell to 58.4 from 59.2 expected, weighing on the US dollar and pushing gold higher. At 19:00 GMT, the ISM Manufacturing PMI increased to 60.8 from 60.4 expected, supporting the US dollar and limiting gold gains.

Construction spending fell by 0.6 percent, compared to the projected 0.6 percent, weighing on the US dollar, which capitulated to gold price rises. The ISM Manufacturing Index jumped to 85.7 from 82.5 expected, supporting the US dollar and limiting gold's upward momentum for the day.

Meanwhile, Johns Hopkins University reported that the global total of coronavirus infections had surpassed 246.8 million, with a mortality toll of over 5 million. The United States maintained its lead in the world with 45.9 million cases and 745,836 deaths. This also kept the US under pressure on Monday, bolstering gold prices' upward trajectory.

GOLD Intraday Technical Level

Support Resistance

1784.09 1800.19

1774.62 1806.82

1767.99 1816.29

Pivot Point: 1790.72

GOLD - Technical Outlook

On Tuesday, the previous metal, gold, bounced off above the support level of 1,782 levels. The safe-haven gold is currently trading at $1,792, holding above an immediate support level of $1,787.This particular support level is extended by an 50 days EMA (exponential moving average). Therefore, the precious metal gold’s bullish bias seems to dominate today.

The break below the 1,787 level exposes gold's price towards the next support level of 1,774. On the upside, gold’s next resistance stays at 1,798 level, and a break above this level exposes the pair towards 1,806 level.

Alongside, the MACD is supporting a bullish bias in gold. Therefore, the bullish bias dominates above 1,790 and vice versa. All the best!

Series of Manufacturing PMI in Focus

The EUR/USD was closed at $1.1606 after placing a high of $1.1610 and a low of $1.1545. EUR/USD reversed its course on Monday and recovered most of its previous session’s losses amid the weakness of the U.S. dollar for the day.

The U.S. Dollar Index, which measures the value of the greenback against a basket of six major currencies, fell on Monday and reached as low as 93.86 due to the shifted focus of investors towards the central bank’s upcoming monetary policy meeting. The traders positioned themselves ahead of this week’s highly anticipated U.S. Federal Reserve policy meeting.

On the data front, German retail sales fell by -2.5% at 12:00 GMT, versus the forecasted 0.5%, weighing on the single currency Euro, which capitulated further gains in the EUR/USD pair. From the U.S. side, at 18:45 GMT, the Final Manufacturing PMI for October dropped to 58.4 against the anticipated 59.2 and weighed on the U.S. dollar that pushed EUR/USD higher. At 19:00 GMT, the ISM Manufacturing PMI rose to 60.8 against the predicted 60.4 and supported the U.S. dollar that limited the gains in EUR/USD.

Construction spending fell by-0.5% against the projected 0.6% and weighed on the U.S. dollar, which capitulated the gains in EUR/USD. The ISM Manufacturing Prices rose to 85.7 from 82.5 expected, bolstering the US dollar and limiting the EUR/USD's upward momentum for the day.

The influential investment bank Goldman Sachs put forward its forecast for the first post-pandemic U.S. interest rate hike by a year, to July 2022, and this prediction raised expectations about interest rate hikes. The upcoming meeting of the U.S. Federal Reserve is expected to result in the start of the tapering of its bond purchases. The meeting will also provide clues about when the central bank will increase interest rates.

EUR/USD Intraday Technical Levels

Support Resistance

1.1564 1.1629

1.1522 1.1652

1.1499 1.1693

Pivot Point: 1.1587

EUR/USD - Technical Outlook

The EUR/USD currency pair is trading with a bullish bias at the 1.1609 level, having soared to complete the 50% Fibonacci retracement level at the 1.1620 level. On the higher side, a break above the 1.1612 level can expose the pair towards the 1.1632 level. Further, on the higher side, the EUR/USD pair could soar to 1.1652 and 1.1693 levels.

On the bearish side, a break below the pivot point support level of 1.1587 exposes the EUR/USD pair towards 1.1570 and 1.1540 levels. The MACD and RSI are in support of a buying trend. However, the major focus will remain on the series of manufacturing PMI figures from the Europe. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $60,927.0 after placing a high of $62,485.0 and a low of $59,595.6. BTC/USD continued its downward momentum and dropped for 3rd consecutive session on Monday. MicroStrategy CEO Micheal Saylor said on Monday that Bitcoin was going up forever, although the cryptocurrency will likely continue to experience bouts of volatility. He added that the firm would continue to purchase bitcoin depending on the market conditions. He further said that bitcoin would be the strongest, hardest, most technically forward-looking store of value in the economy for a decade. He further said the company was open to using debt or equity to fund its growing stockpile of Bitcoin.

On Monday, Green Bay Packers legend Aaron Rodgers announced that he had partnered with Cash App to take a piece of his NFL salary in bitcoin. Rodgers also shared that he was giving out $1,000,000 in bitcoin to his fans. He did not specify how much of his salary he would accept in bitcoin, despite earning an annual salary of $33,500,000.The football superstar said that he believed in bitcoin, and the future was bright.

In October, institutional inflows into bitcoin products increased sharply, indicating a renewed bullish sentiment toward the flagship cryptocurrency. During the last week of October, crypto investment products saw inflows totaling $288 million, out of which bitcoin accounted for $296 million. Over the past few weeks, institutional demand for bitcoin has been picking up gradually amid the expectations that the U.S. SEC would approve its first BTC ETF. These expectations came into existence after two bitcoin-linked products hit the market last month.

The data from Glassnode suggested that the amount of Bitcoin on exchanges has dropped to its lowest in three years, which suggests that investors are actively accumulating the asset. The analytic data platform reported that the Bitcoin balance on exchanges reached 2.46 million BTC in late October from 2.47 million BTC in Q2 2021. History shows that whenever bitcoin has a good run, its balance on exchanges declines and tends to rise when investors load up their bitcoin on exchanges, leading to an increased sell-off period.

BTC/USD Intraday Technical Levels

Support Resistance

59520.0 62409.4

58113.1 63891.9

56630.6 65298.7

Pivot Point: 61002.5

BTC/USD - Technical Outlook

The technical side of BTC/USD hasn’t changed a lot in few days as Bitcoin is exhabitting a choppy session. On Tuesday, the BTC/USD pair is trading with a meutral bias at the 61,678 level. Bitcoin has bounced off above an immediate support level of 59,481 level and closing of candles above this level are suggesting bullish bias in BTC/USD. On the up side, the BTC/USD’s immediate resistance stays at 61,325 level and a breakout of this level exposes BTC price towards 62,489 and 63,435 level. Conversely, a breakout of 59,481 support level adds selling trend in BTC/USD until 57,996 level. The MACD and RSI are supporting a bearish bias, therefore, the BTC’s bearish bias dominates below 61,255 and vice versa. All the best!

Gold’s Daily Price Analysis

Gold finished the day at $1788.90, with a high of $1802.90 and a low of $1772.40. Gold fell on Friday as the US dollar made a strong rebound and the US government yield rose. The benchmark 10-year Treasury note yield held unchanged throughout the day, closing at 1.56 percent after rising to 1.61 percent. Whereas the US Dollar Index, which measures the greenback's value against a basket of six main rival currencies, recovered and raised its prices to 94.30, adding strength to the US dollar and having a negative impact on yellow metal prices.

The precious metal fell after investors braced themselves for more information on the withdrawal of economic stimulus from the Federal Reserve's meeting next week. The threat of interest-rate hikes, either in the near or distant future, kept gold prices under pressure for the day.

Gold prices are also lower for the day due to concerns that the next FOMC meeting will include an announcement about slowing the pace of economic stimulus. While gold is considered a hedge against inflation, the possibility of increased interest rates and weaker economic support was pushing government bond yields and the dollar higher, keeping the yellow metal's market attractiveness down.

On the data front, the Core PCE Price Index for September stayed steady at 17:30 GMT, compared to the projected 0.2 percent. For the third quarter, the Employment Cost Index increased to 1.3 percent, exceeding the forecasted 0.9 percent, bolstering the US dollar and adding to gold's losses. The Personal Income fell to -1.0 percent, versus the projected -0.2 percent, weighing on the US currency and causing gold prices to fall further.

Personal spending remained unchanged at 0.6 percent, as expected. At 18:45 GMT, the Chicago PMI for October climbed to 68.4 from 63.6, supporting the US dollar and adding further pressure to the yellow metal. At 19:00 GMT, the Revised UoM Consumer Sentiment was 71.7, which was in line with forecasts. The Revised University of Michigan Inflation Expectations remained constant at 4.8 percent.

Meanwhile, tensions between the United States and China over the trade pact, Taiwan, and the origin of the coronavirus kept the market unsettled, resulting in significant losses in yellow metal prices. Wang Wenbin, a spokesman for China's foreign ministry, recently stated that a declassified US intelligence study claiming that it was conceivable that the COVID-19 epidemic originated in a laboratory was unscientific and without credibility.

GOLD Intraday Technical Level

Support Resistance

1779.36 1784.21

1777.48 1787.18

1774.51 1789.06

Pivot Point: 1782.33

GOLD - Technical Outlook

On Monday, the previous metal, gold, bounced off above the support level of 1,771 levels. The safe-haven gold is currently trading at $1,785, holding above an immediate support level of $1,782.This particular support level is extended by an intraday pivot point level. Therefore, the precious metal gold’s bullish bias seems to dominate today.

The break below the 1,782 level exposes gold's price towards the next support level of 1,768. On the upside, gold’s next resistance stays at 1,798 level, and a break above this level exposes the pair towards 1,813 level.

Alongside, the MACD is supporting a selling bias in gold. Therefore, the bearish bias dominates below 1,798 and vice versa. All the best!

Ethereum Price Analysis

The ETH/USD was closed at $4237.60 after placing a high of $4393.48 and a low of $4170.48. ETH/USD dropped on Sunday for the second consecutive session despite positive developments surrounding the ecosystem of ETH. The Ethereum network successfully implemented the London hard fork upgrade about 87 days ago, and since then, almost 700,000 ETHs have been burnt, which accumulated at the current exchange rate of $2.4 billion.

The data from Dune Analytics suggests that about 702,886 ETH tokens have been burned on Halloween. The burning was started on August 5, 2021, when the Ethereum network first launched the London hard fork and EIP1559.

The London hard fork brought about five different changes to the network. However, two of them were main, including EIP-1559 and EIP-3554. While EIP-1559 changed the fee rate of Ethereum to a new scheme that makes the crypto asset deflationary, EIP-3554 changed the network’s difficulty bomb.

Today, the biggest ETH burner is the NFT marketplace Opensea, which has burned about 91,171 ETH. Several transactions made by users and organizations have burned about 63,441 ETH. Uniswap has burned about 51,217 ETH, which makes it the third-largest ETH burner. At the same time, Tether is the fourth largest burner on the network.

Ethereum has been gaining mainly because of the hype around the NFT marketplace. The NFT industry generated about $10.67 billion in trading volume during Q3 of 2021, which marked a 704% increase from Q2. Ethereum accounted for 77.73% of all blockchains, and Ronin accounted for 19.53% of the numbers. The hype around NFT seems to be not ending soon as the traction they are gaining is at an all-time high level and is continuing to climb higher, which means blockchains contributing to it like Ethereum are also going to benefit from further it and rise in value in the future.

Furthermore, Australian investors will soon be able to invest in Bitcoin and Ether spot ETFs as the Australian Securities and Investment Commission (ASIC) has released a guideline on Friday regarding the requirements related to crypto exchange-traded products. It has also allowed investment funds to offer their customers ETFs pegged to cryptocurrencies to give them direct exposure to digital assets. The approval of BTC and ETH ETFs added further value in both cryptocurrencies, respectively.

ETH/USD Intraday Technical Levels

Support Resistance

4174.22 4397.22

4060.85 4506.85

3951.22 4620.22

Pivot Point: 428385

ETH/USD - Technical Outlook

The ETH/USD is trading at the 4,207 level, having turned bearish after testing a resistance level of 4,412. At the moment, the ETH/USD’s immediate support prevails at the 4,145 level, and a bearish breakout below this level exposes the pair towards the 4,052 level.

On the resistance side, the ETH/USD’s immediate resistance holds around the 4,277 level, and a bullish breakout of this level exposes Ethereum towards the 4,368 level. Further on the higher side, the next resistance level can be seen at 4,368 and 4,458.

However, the formation of bearish engulfing candles supports a selling bias. Alongside, the RSI and MACD are holding below 50 and 0 levels, respectively, supporting a selling trend in the ETH/USD pair. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $61,330.0 after reaching a high of $62,414.0 and a low of $60,021.0. However, it managed to remain above the $60,000 mark as there was no such negative development surrounding its ecosystem. The Apple co-founder, Steve Wozniak, spoke during an interview with Yahoo Finance and said that Bitcoin was based on mathematical purity. He compared the U.S. dollar with bitcoin and said that the government can create new dollars and borrow them, which makes them non-fixable. However, bitcoin is like mathematics, which can never be created, and there will never be another bitcoin.

He further said that the U.S. dollar system felt artificial, whereas bitcoin was built on the basis of science, logic, and computer programming. He also said that bitcoin had no creator and no company was running it. It was just mathematically pure and he believed in nature over humans always. These comments from Wozniak added some strength to the BTC/USD. Meanwhile, football legend Tom Brady, who has become one of the most active bitcoin and crypto promoters in the sports world in recent months, has paid an entire one bitcoin to one of his fans in order to buy back one football.

Brady threw his 600th touchdown ball to wide receiver Mike Evans. This touchdown milestone has not been achieved by any player before, which makes this ball one of the most special items in the history of the sport. Unfortunately, Evans did not realise the significance of the ball and handed it to a fan named Byron Kennedy in the audience. Several team representatives approached Kennedy to get the ball back and negotiate, which ended up with Kennedy receiving as much as $100,000 in gifts, including an entire BTC from Brady himself.

Bitcoin was also moving above the $60,000 level because of the latest filing from the electric car company Tesla, headed by the South African entrepreneur and world’s richest man, Elon Musk. The filing suggested that the company might be open to accepting bitcoin and crypto payments for vehicles again in the coming future. Tesla has explained that it believes in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. This report kept the leading cryptocurrency, BTC, higher in the market.

Furthermore, reports have suggested that Russia’s leading Neobank was considering adding cryptocurrency services. The director of Tinkoff Investments, which is the online brokerage portal of the Russian bank, has said that the company could turn its sight towards the digital asset industry due to increased customer demand. Dmitry Panchenko has also said that the idea was still in its early stages as Russia had strict and non-crypto-friendly legislation.

BTC/USD Intraday Technical Levels

Support Resistance

60096.0 62489.0

58862.0 63648.0

57703.0 64882.0

Pivot Point: 61255.0

BTC/USD - Technical Outlook

On Monday, the BTC/USD pair is trading with a bearish bias at the 60,678 level. Bitcoin has bounced off above an immediate support level of 59,481 level and closing of candles above this level are suggesting bullish bias in BTC/USD. On the up side, the BTC/USD’s immediate resistance stays at 61,325 level and a breakout of this level exposes BTC price towards 62,489 and 63,435 level. Conversely, a breakout of 59,481 support level adds selling trend in BTC/USD until 57,996 level. The MACD and RSI are supporting a bearish bias, therefore, the BTC’s bearish bias dominates below 61,255 and vice versa. All the best!