Intraday Pivot Point Breakout at $47,520 Level
After reaching a high of $49,385.0 and a low of $46,370.7, the BTC/USD pair was closed at $46,832. Despite recent positive changes in its environment, Bitcoin fell on Thursday. The top cryptocurrency BTC/USD fell on Thursday as Google Trends data revealed that now the number of searches for the phrase "Bitcoin" had dropped to a 9-month low.
The Google trend is a tool that gauges user interest in a given topic. The data revealed that given the lack of enthusiasm in a flagship cryptocurrency, searches for Bitcoin have declined to a nine-month low. Despite the digital asset's return to $50,000, this result weighed on BTC/USD and lowered its prices on Thursday.
In addition, leading Bitcoin ATM operators in the United States banded together and formed an association to combat money laundering. DigitalMint and Coinsource, two Bitcoin ATM operators, have formed the Cryptocurrency Compliance Cooperative (CCC) to establish compliance guidelines for the Bitcoin ATM sector.
DigitalMint and Coinsource, two Bitcoin ATM operators, have formed the Cryptocurrency Compliance Cooperative (CCC) to establish compliance guidelines for the Bitcoin ATM sector. The partnership of key blockchain analytics organizations such as Chainalysis and Elliptic and 15 founding members made launching a new compliance endeavor much easier. The group urged cash-based crypto money services businesses, regulators, financial institutions, non-state and law enforcement authorities to engage.
The group urged cash-based crypto money services companies, regulators, financial institutions, non-state and law enforcement authorities to engage. The CCC will focus on Bitcoin ATMs to ensure KYC and anti-money laundering conformity, as these machines are frequently connected with a lack of KYC standards. The overall tone of the cryptocurrency market rose as a result of this news, but the leading cryptocurrency, Bitcoin, was met with resistance and ended the day lower.
Furthermore, according to a recent filing with the Securities and Exchange Commission (SEC), Morgan Stanley owns over a million Grayscale Bitcoin Trust (GBTC) shares. According to SEC filings, approximately 30 Morgan Stanley funds hold a significant proportion of GBTC stock. Morgan Stanley's largest fund, Insight Fund, has around 928,051 shares worth approximately $36 million, roughly 760 BTC at the current market price.
Meanwhile, Andermatt Hotel, a five-star hotel in a posh part of the Swiss Alps, has announced that it will take bitcoin and Ether as payment by visitors. On Thursday, the hotel said that it will now accept BTC or ETH as payment for invoices above 200 Swiss francs ($218). To limit the danger of volatility, the prices appear to be fixed in fiat money, and the hotel will instantly change any cryptocurrency received into francs. BTC/USD fell even further on Thursday as a result of this news.
The decline in BTC/USD rates, on the other hand, could be related to the US dollar's regained strength before the Jackson Hole symposium. The US Dollar Index, which measures the dollar's value against a bundle of six major currencies, jumped to 93.08, putting pressure on BTC/USD, which has a negative connection.
BTC/USD Intraday Technical Levels
Support Resistance
45673.4 48687.7
44514.9 50543.5
42659.1 51702.1
Pivot Point: 47529.2
BTC/USD - Technical Outlook
The leading cryptocurrency pair, BTC/USD, continues to follow the same technical levels as discussed in the Aug 26 report. The BTC/USD is trading with a bearish bias at 47,090 level, having violated the pivot point support level of 47,520 level. On the downside, the pair is facing another support at the 47,091 level. However, the 47,091 support level breakout exposes the BTC/USD pair to 46,267 and 45,440 support zones.
At the same time, a further breakout of 45,440 levels exposes the BTC towards 44,850 support levels. In contrast, the breakout of the 48,275 resistance level exposes the Bitcoin towards 49,484 and 50500 levels. The RSI and 50 EMA are supporting a selling bias. Therefore, the focus should remain on 48,200 as the selling bias remains dominant below this level. All the best!
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