Bitcoin price

BTCUSD: Bitcoin prices Touch Off New High But Quickly Retreat

Bitcoin price touched off new all-time highs today at 51717.88, but price has faltered since then as CEO of Microsoft, Brad Smith says the company will not go the Tesla route of buying Bitcoin. Smith’s comments were made in a chat with CNN’s Julia Chatterley, who has promised on her Twitter page to ask every CEO that appears on the First Move program what their thoughts are on crypto-diversification. 

In other developments, it has been reported that Kiklabb, a Dubai-based licensing entity, has indicated that it will now accept Bitcoin payments, in what CEO Tasawar Ulhaq says is a decision made as a result of growing demand from its clients. The addition of Bitcoin payments to the payment suite of this entity expands its payment options, which at the moment are 100% crypto-based.

Bitcoin prices on the BTCUSD pair currently trade at 50823.95. 

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Technical Outlook for BTCUSD

The daily chart shows that the rising wedge I identified in yesterday’s analysis remains intact, as the move towards the new high constitutes an intraday violation only and not a breakout. Only a breakout of the wedge’s borders that takes the price clear of 

50729.16 negates the bearish expectation of this pattern. This scenario also opens the door towards 53532.53 in the first instance. 

On the flip side, a weakening of bullish momentum and a breakdown of the wedge allows 48.270.05 to become an initial selling target, with 44138.76 and 41237.02 lining up as additional targets to the south. 40981.89 and 38162.46 are also potential targets to the south if there is an extensive decline. 

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BTCUSD Daily Chart

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