Briefly–
- The BTC-USD pair experienced profit-taking and resistances, dropping the leading cryptocurrency on Wednesday.
- The dominant crypto trades at $48,420 after breaching the critical support at $48,603.
- If the pair cracks the resistance at $48,600, it will explore the $49,484 – $50,500 price levels.
After the $48,857 high and $46,604 low, the BTC/USD asset closed at around $47,714. Such actions came as the asset touched the $50K levels on Monday. However, the crypto saw profit-taking and some resistance that led to plunges on Tuesday.
Tuesday sessions had BTC-USD turning red. That’s when Yingijang County regulators in China asked electricity firms to stop supplying BTC mining establishments with power. The notice stated that the power plant had to suspend its dealings with mining firms by Tuesday, 24 August.
If the electricity companies fail to terminate the power supply to Bitcoin mining plants, the regulators will forcibly do it. The news added pressure on the asset that already experiences profit-taking.
The notice by the Yingijang County government also required the electricity companies to report about the delisted mining firms to the National Development and Reforms Commission in China. That way, the government will recognize illegal power supply to miners. It will also guarantee effective control by the jurisdiction.
Meanwhile, Citigroup, the US renowned Bank, awaits Bitcoin futures approval. That would allow it to utilize Chicago Mercantile Exchange when trading. However, as the US battles for necessary crypto approval, Europe plans to introduce its first-ever BTC futures. According to ETC Group, a digital-supported securities provider, its BTC ETN futures will begin trading on 13 September. The news came as Citigroup waits for its BTC futures approval, affecting market sentiments, translating to BTC-USD losses.
On the other side, Nayib Bukele, El Salvador’s president, assures its nation that legalizing Bitcoin will impact their lives positively. Keep in mind that the BTC law will start operating on 7 September. Different organizations in the country, including the opposition party, highlight the issues with the BTC law. The president believes that the deal will raise the economy.
BTC Tech Analysis
- Pivot level – $48,391
- Support levels – $46,926, $46,138, $44,673
- Resistance levels – $49, 179, $50,644, $51,432
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
