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Bitcoin price weakens after hitting resistance, remains near multi month highs

CryptocurrencyAug 12, 2021 05:10AM ET
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© Reuters.

By Samuel Indyk – Bitcoin was trading around $45,000 on Thursday morning after bumping into key resistance levels on Wednesday night.

The world’s largest cryptocurrency has been ripping higher in recent weeks. Having traded below $30,000 on 21st July, Bitcoin has risen over 50% in that time frame to its current level around $45,000.

Elon Musk’s appearance at the B-Word conference appeared to be the catalyst for the latest move higher when he said it was likely that Tesla (NASDAQ:TSLA) would start accepting Bitcoin again as payment for vehicles.

The latest leg higher came following the passing of the US infrastructure bill on Tuesday. Some have argued that the cryptocurrency language in the bill would lead to declines in Bitcoin and other digital assets, given the requirement for brokers to report customer transactions to the IRS, while others have said that this legitimises cryptocurrencies as a mainstream financial asset.

“The tax reporting language is one of the clearest indications that Washington is prepared to accept crypto as a permanent part of the financial ecosystem,” said Cowen’s Jaret Seiberg in a research note.

Messi fan tokens

One of the bigger news stories today has come from Paris where Paris Saint Germain announced that Lionel Messi had been paid a portion of his signing on fee in cryptocurrency fan tokens.

The statement said the tokens in Messi’s welcome package were provided by although did not disclose what percentage of the deal was paid with the tokens or what the total package was.

The fan tokens on are built on the Chiliz blockchain infrastructure and use Chiliz as the exclusive on-platform currency.

Other major football clubs to have fan tokens on include Barcelona, Manchester City and Leeds United.

Technical Levels

After trading as higher as $46,700, Bitcoin has since retraced back towards $45,000. $47,000 is a key resistance level for Bitcoin as it represents the 50% Fibonacci retracement from the April high to the July low.

A break above $47,000 could open the door to $50,000 for the first time since 15th May.

To the downside, the psychological $45,000 support level has held reasonably well before Tuesday’s low of $44,680 comes into play. Bitcoin is also trading in close proximity to its 200 day moving average near $45,160.

Below that and $42,300 could act as support before opening the door to $40,000 and the 100 day moving average near $38,700.

At 10:03BST, Bitcoin was trading near $45,140, down 2.3% in the last 24 hours.

Bitcoin price weakens after hitting resistance, remains near multi month highs

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jason xx
jason xx Aug 12, 2021 5:58AM ET
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BTC started rising way before that ding done Elon said anything. I was watching it rise at 6am that morning
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