The recovery in Bitcoin prices enters the 2nd day, with the BTC to GBP pair gaining 3.31% as of writing. This uptick adds to Wednesday’s 2.07% gain after the selling pressure from the PBOC’s Friday statement reiterating crypto trading bans wore off.
Also helping the bulls on the BTC to GBP pair was the hefty weakness witnessed by the Pound on Tuesday and Wednesday, following fuel and food shortages caused by a lack of HGV truck drivers. The UK Transport Ministry says that there is a shortage of 100,000 drivers and plans to issue 5,000 emergency short-term visas to assist in covering the shortfall. However, the visas expire in December, and many industry watchers say that this is too little, too late.
BTC to GBP Price Prediction
The bounce on the support zone at 29187/30040 has prompted a push towards the 31981 resistance, which forms the neckline for the double bottom on the daily chart. A break above this resistance allows the BTC/GBP pair to aim for 34036. A further advance targets 36306, with 38075 entering the picture if this advance is strong enough to take out 36306.
On the other hand, if a pullback follows the intraday rejection at 31981, the support zone could be at risk. Only a decline below this support zone will allow for a drop towards 27067. An extension of the decline brings 26084 into the mix, leaving 24020 as an additional target to the south.