After the $40,607 low and $43,998 high, BTC/USD managed to close at $43,582. The pair secured support yesterday, Wednesday. That was after the asset suffered plummets for three uninterrupted sessions. However, the past 24 hours reversed the downward trend that saw Bitcoin turning red. For now, the overall market is green amid positive developments.
On Wednesday, PayPal, an online payment company, declared a new application with several financial services, including cryptocurrency capabilities. The payment giant partnered with Synchrony Bank to launch the PayPal Savings feature. Other services introduced include accessing credit on the app, using QR codes to complete payments, and managing gift cards.
Moreover, clients can use the new app to buy, sell, or hold crypto. That makes the app resemble a cryptocurrency wallet. Such news added value to Bitcoin’s upside move yesterday. Meanwhile, Wednesday saw cryptocurrency gaining positive developments from institutional investors. Robinhood declared adding a digital wallet to its application by next month. With that, investors can use their platform to send, hold and receive digital coins.
The move came after clients filed complaints on holding digital assets instead of crypto exposure only. Moreover, the increasing Robinhood revenue and crypto price supported the decision. The news added to the gains by BTC/USD, as it boosted sentiment in the total crypto market.
Also, Internet Computer declared launching smart-contract functionalities on the BTC network. That will ensure more use cases for Bitcoin. Dfinity Foundation said that the Internet Computer would use chain cryptography to connect with the leading coin. With that, Internet Computers can host smart contacts with BTC addresses directly. That boosted BTC/USD gains yesterday.
Also, El Salvador took advantage of the recent dip to add its Bitcoin holdings. Keep in mind that Bitcoin suffered losses amid fears about the Evergrande crisis. However, the nation that adopted Bitcoin as an official currency saw an opportunity, buying the dip. That instilled confidence in market players while Bitcoin rose.
BTC/USD Technical Outlook
BTC/USD trades on a bullish attitude at $44,074, with the immediate resistance at $44,887. On the 4hr chart, BTC encounters a massive resistance by a climbing trend-line. The 50-day SMA might provide a critical resistance level near $46,185. Above this, the dominant crypto might face an obstacle at $48,339.
Daily Technical Levels
- Support – $41,460.4, $39,338.2, and $38,069.4
- Resistance – $44,851.4, $46,120.2, and $48,242.4
- Pivot Point – $42,729.2
