Bitcoin continued to rise on Thursday, breaking through the US$48,000 mark and now at US$47,210. The market value of Bitcoin has returned to above US$900 billion. Leader of the Canadian People's Party: Support Bitcoin and cryptocurrency. Grayscale will continue to seek approval from the US SEC for the Bitcoin spot ETF. Dalio: If Bitcoin succeeds, regulators will "kill it." He said that Bitcoin has no intrinsic value, which means that the asset lacks basic and objective value.
From a technical perspective, the daily graph continued to close bullish. The structure showed that Bitcoin reached low position and then strengthened. MA formed Golden Cross. The indicator was neutral but slightly bullish. On H4 graph, there was a correction and confirmed the support point at 47300. The key point resistance was above 49500. Indicators show bullish signs. Overall, prioritise Buy within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 49500.
Resistance：49500-50300-51000
Support：47300-46500-45700
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice.