BTC/USD Analysis – October 12, 2021

Bitcoin Price Prediction

The BTC/USD was last seen at $57,468.0, with a high of $57.802.5 and a low of $54,430.0.On Monday, BTC/USD was high as it moved to its highest level since early May, reaching near the $58,000 level. On Monday, a Bitcoin and crypto marketplace and custodian, Bakkt, declared a partnership with Google to spread the scope and usability of digital assets to meet swiftly evolving customer demand.

Given this partnership, Bakkt users will now be able to add their virtual Visa Debit cards to Google Pay to purchase goods and services in-store and online, wherever GooglePay is accepted. Bitcoin payments will be converted into fiat to make the purchases.

A professional soccer player, Alex Grognale, became the first player in the United Soccer League to get paid in bitcoin. He took a total of 15% of his salary in bitcoin last month, and the exchange was made through bitcoin payroll service Bitwage. Grognale said that he has been buying bitcoin since 2020 through various exchanges, but the experience of using the Bitwage platform was easier and the transactions cost-free. He said that his percentage of the salary was directly deposited into his wallet.

Meanwhile, 2B4CH, a Swiss non-profit think tank assisting the state in exploring cryptocurrencies and blockchain technologies, announced the launch of an initiative that could make Bitcoin one of the country's reserve assets. The association announced plans on Friday to start a popular federal initiative by collecting 100,00 signatures for the introduction of bitcoin to article 99 clauses 3 of the Swiss federal constitution.

Furthermore, Alexander Hoptner, BitMEX CEO, recently predicted that countries in the developing world would soon follow El Salvador's footsteps and make Bitcoin legal tender. He expressed support for the latest move by El Salvador to adopt Bitcoin as legal tender in September and predicted that more developing countries would also follow the move.

He foretold that by the end of the next year, at least five countries would have to accept bitcoin as legal tender and all of them will be developing countries. He provided three main reasons for developing countries adopting bitcoin as legal tender: the expanding need for more affordable and faster international remittances, heavy inflation, and political issues. All of the events mentioned above were helpful to Bitcoin in moving upside on Monday as they all were favorable to the ecosystem of Bitcoin.

BTC/USD Intraday Technical Levels

Support Resistance

55331.1 58703.6

53194.3 59939.3

51958.7 62076.1

Pivot Point: 56566.8

BTC/USD - Technical Outlook

The technical side of the BTC/USD is mostly unchanged as the market seems to wait for a bearish correction before placing further bullish bets in Bitcoin. The leading cryptocurrency, Bitcoin, continues trading with a bullish bias at the 56,458 level, facing immediate resistance at the 56,956 level. In the case of a bullish breakout of the 56,956 resistance level, the Bitcoin price will be exposed towards the next resistance level of 57,885. Moreover, the breakout of the 56,027 support level exposes the cryptocurrency pair towards the next support level of the 55,430 level.

As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. However, the formation of recent Doji and Shooting star candles is driving bearish bias for Bitcoin. The BTC/USD's bullish bias dominates above 56,450 support and vice versa. All the best!