BTC Sustains Above $45,000 mark, How Long Will It Rally Further?; Aug 11, 2021

Top 5 Headlines on Digital Currency:

  • The catalyst behind the bold move is El Salvadorian President Nayib Bukele, a forward-thinking, entrepreneurial-spirited leader who has created a template for other countries like Paraguay, Mexico, Panama and Venezuela to follow bitcoin as Legal tender – Investing.
  • Bitcoin Network’s Mining Difficulty Expected to See Largest Increase in Over 2 Months – Investing.
  • Tom Lee, Managing Partner at Fundstrat Global Advisors, has revealed he sees a bitcoin price target of $100,00 by the end of the year as “pretty reasonable,” as he expects equities markets to rally when COVID-19 cases start dropping in the United States – Investing.
  • Multinational financial services corporation Fidelity Investments purchased a 7.4% stake in Marathon Digital Holdings, a prominent bitcoin mining operator in North America – Forbes.
  • Global asset management company VanEck has filed for a new Bitcoin Futures ETF under Act 40 with the SEC – Investing.

Technical View:

  • The bitcoin touches $46,600 mark during European hours.
  • The pair made intraday high at $46,608 and low at $45,352 mark.
  • Today a day chart and H1 chart with triple EMA confirms bullish trend in short run.
  • A sustained close above $46,950 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $45,100 will check further supports.
$45,100 $46,950
$44,888 $47,200
$44,228 $47,550
$43,640 $47,990
$43,100 $48,320

Take a look and do trade wisely!
Good Luck

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