A Daily Outlook: BTC/USD; Feb 24, 2022

Top 5 Headlines on Digital Currency:

  • Mexico Senator Indira Kempis is developing a bill on cryptocurrencies and intends to convince the Mexican government to follow the “Salvadorian scenario” by recognizing BTC as a means of payment – Investing.
  • Ethereum creator Vitalik posted a tweet supporting Ukraine and the world’s democracy – Investing.
  • Blockchain company Bitfury announced the launch of a new crypto-mining data center in Ontario, Canada. The new crypto mining center adds to the list of existing Canadian sites currently operating in Drumheller, Alberta and Medicine Hat – Investing.
  • California joins the list of states in the U.S. that are looking to use bitcoin for tax payment. Senator Kamlager of California introduced a bill that would bring changes to the state’s code to allow for the acceptance of cryptocurrencies – Investing.
  • U.S. President Joe Biden is expected to issue an executive order on cryptocurrencies this week. This executive order will push a number of government agencies to study cryptocurrency and CBDC with the aim of coming up with a government-wide strategy on how to regulate cryptocurrencies – Investing.

Technical View:

  • The BTC spikes down on Thursday and hits lowest level since Jan 24, 2022.
  • The pair made intraday high at $37,444 and low at $34,324 mark.
  • Today a day chart and H1 chart with triple EMA suggest down trend for the time being.
  • A sustained close above $36,200 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $34,000 on H1 chart requires for the downside rally.
$34,000 $36,200
$33,680 $36,550
$33,150 $37,100
$32,500 $38,350
$48,700 $54,750

Take a look and do trade wisely!
Good Luck

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