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Bitcoin Reaches Massive Resistance Level By Investing.com





© Reuters.

By Samuel Indyk

Investing.com – It traded at $ 45,000 Thursday morning after encountering major resistance levels last night.

The largest cryptocurrency in the world has grown significantly in the past few weeks. After trading below $ 30,000 on July 21, it has soared 50% to a current level of $ 45,000.

Elon Musk’s appearance at the B-Word conference seemed like a catalyst for the recent surge. Musk said at the event that Tesla (NASDAQ 🙂 could accept Bitcoin as a means of payment again in the future.

The last price jump came right after the announcement that the US infrastructure law was approved on Tuesday. Some believe that Bitcoin and other digital currencies could lose value due to the bill, as brokers will have to report customer transactions to the US tax authority, the IRS, in the future. Others, on the other hand, are of the opinion that this legitimizes cryptocurrencies as regular means of payment.

“The regulations on tax reporting are a clear indication that Washington is preparing to accept Bitcoin as a permanent part of the financial system,” says Jaret Seiberg from Cowen.

Messi receives fan tokens

Interesting news about this arrived from Paris today. Lionel Messi, who will appear for Paris Saint Germain in the future, will receive part of the amount for his contract signing in fan tokens.

The tokens in Messi’s welcome pack are provided by Socios.com, with no disclosure of what percentage of the deal will be paid for with the tokens or what the total value of the pack is.

Socios.com’s fan tokens are provided via the blockchain infrastructure.

Other major European football clubs such as Barcelona, ​​Manchester City and Leeds United also have fan tokens from Socios.com.




Technical level

After Bitcoin traded at up to $ 46,700, it fell back to $ 45,000. An important resistance level of Bitcoin is in the form of the 50% Fibonacci retracement from the April high to the July low at USD 47,000.

A breakout above $ 47,000 could open the door to the $ 50,000 mark.

On the flip side, the $ 45,000 psychological support mark has held up well so far. Bitcoin is also currently near its 200-day moving average of $ 45,160.

Below that, the level of support could be at 42nd before opening the door to $ 40,000 and a 100-day moving average of $ 38,700.

At 10:03 a.m. ET, Bitcoin was trading at $ 45,140. It lost 2.3% of its value within 24 hours.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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