Bitcoin price pumped yesterday after it became known that Twitter could soon offer Bitcoin payments.
Just hours after the positive Bitcoin News on Twitter published, the BTC price has risen to over USD 50,000. Will the BTC price continue to rise soon?
Bitcoin News Update
Yesterday the developer released Alessandro Paluzzi an interesting tweet. Supposedly, Twitter wants to implement Bitcoin payments soon and use the Lightning Network for it. The Lightning Network would enable inexpensive and extremely fast Bitcoin transactions for Twitter users.
Several million or even hundreds of millions of the 200 million users of the Twitter network could soon use BTC – even if it will take some time before the development of the Bitcoin feature is completed. Whether the whole thing will really be a good thing for the crypto world, however, remains to be seen. In the past, Twitter blocked numerous users whose content did not match the corporate image. What could then happen to the Bitcoin credit on the Twitter accounts is still open. The rise in demand would certainly have a positive effect on the price.
Bitcoin price soared just a few hours after the tweet.
The news alone is probably not solely responsible for this. Nevertheless, they have certainly done their part or made the price rise more sharply. In yesterday’s Bitcoin analysis we already wrote that the BTC price will increase for a short time. How likely is it that the BTC price will continue to rise?
BTC price: Long-term forecast
The Bitcoin price is still near the important resistance area at USD 51,200. There is both a horizontal resistance area and the 0.618 fib retracement level. The technical indicators on the daily chart still look bearish. The histogram bars of the MACD have continued to fall and the signal line is almost in the negative area. There is also a bearish divergence on the RSI.
However, a hidden bullish divergence (yellow) is developing. This is a strong indication that the bullish trend will continue. If BTC should break out of the resistance area soon and validate it as support, then the long-term trend is likely bullish. However, if the BTC rate is rejected in the area, then the trend is bearish for the time being.
Bitcoin price short-term outlook
Bitcoin price has been trading within a descending, parallel channel since August 29, 2021. Corrective movements often take place within such channels. After the Bitcoin rate validated the support level shown below on September 1, 2021, the BTC rate then broke out of the channel. The BTC price hit its last high on that day at USD 50,450. Both the RSI and MACD on the 2-hour chart look bullish. That is why the BTC price could rise a little in the short term.
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