A lot of support for Bitcoin prices is coming from the world of sports. It has just been announced that ESPN Global has set up an online gaming environment using blockchain technology, which will allow for competitions with a chance to win cash prizes. The venture is still in the pre-launch phase. When it is active, players will have the power to perform transactions using Bitcoin and other cryptos.
This is the latest in a series of blockchain-based ventures that aim to capitalize on the e-sports and online gaming industry. This new venture is coming on the heels of an endorsement by former Chess champion Gary Kasparov, who sees a future in Bitcoin as a means of ensuring privacy and greater personal control in financial market dealings.
Bitcoin and cryptocurrencies are getting a lot of mainstream attention, as well as attention from institutional investors who sought a way to hedge against the stock market losses that occurred earlier in the year.
Technical Outlook for Bitcoin Prices
Bitcoin prices on the daily chart of BTCUSD pair have pushed out of the symmetrical triangle. The price breakout has breached the 9427.71 price resistance, with a pullback on the day. Bulls would be looking for a bounce on this price level, which would then set up a possible price move towards the 9939.77 resistance area. Above this level, further resistance areas exist at 10290.44 and 10465.78. The latter would be the price objective from the measured move, which corresponds to the base of the triangle.
On the flip side, a breakdown of 9427.71 allows for a pullback to the 9100.31 price support, which negates the bullish breakout. A further selloff targets the 8874.49 price level, with 8550.12 remaining relevant to the price picture on the BTCUSD chart.
BTCUSD Daily Chart