BTC Enjoys Roller Coaster Movement, El Salvador President Bought the BTC on Dips; Sept 08, 2021

Top 5 Headlines on Digital Currency:

  • The CEO of the investment firm running the world’s biggest bitcoin fund sounded off on comments made by Securities and Exchange Commission Chair Gary Gensler about the likely approval path for the first U.S. bitcoin ETF – Investing.
  • The Republic of Panama has put forward a bill to regulate cryptocurrencies in a bid to make the country compatible with the blockchain, crypto assets, and the internet – Investing.
  • In San Salvador and El Zonte, the three-day Bitcoin and Lightning conference, Adopting Bitcoin — A Lightning Summit in El Salvador, is set to be hosted this November. This conference will be presented by Galoy, and the aim of the conference is to help cultivate and strengthen Bitcoin adoption in the country – Investing.
  • El Salvador President Nayib Bukele confirmed that his administration had managed to buy the dip by snatching around 150 BTC in the depths of the selloff. Based on previous reports, El Salvador purchased its first bitcoins on the eve of the Bitcoin law coming into effect. The initial acquisition of 200 BTC was valued at about $10.4 million – Investing.
  • The European Commission’s blockchain initiative has chosen the IOTA Foundation as one of seven projects that will participate in the initial stage of designing an EU-wide distributed ledger technology (DLT) platform – Investing.

Technical View:

  • The BTC continues to trade lower on Wednesday and trading around $45,000 mark.
  • The pair made intraday high at $47,386 and low at $45,345 mark.
  • Today a day chart is up but H1 chart with triple EMA suggests bearish Trend for the time being.
  • A sustained close above $47,550 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $42,200 will check further supports.
$42,900 $47,550
$42,200 $47,900
$41,650 $48,200
$41,320 $48,650
$41,010 $49,100

Take a look and do trade wisely!
Good Luck

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