Bitcoin Recovers from $40K Low Level

After reaching a top of $43622.3 and a low of $39678.0, BTC/USD closed at $40664.0. The BTC/USD slipped for the third straight session on Tuesday, reaching its lowest level since August 5. Following the meltdown in global financial markets, Bitcoin fell below the $40K threshold on Tuesday. In the midst of the rising uncertainty, the cryptocurrency market joined the world stock markets and hit fresh monthly lows on Tuesday. Whereas bitcoin experienced multi-thousand-dollar price drops in a single day, altcoins were hit even harder, with enormous double-digit price drops.

The bitcoin market was not immune to the anxieties sparked by Evergrande's imminent collapse. Bitcoin, the market's most valuable cryptocurrency, has plummeted from $48K to under $40K in a significant sell-off. ETH/USD plummeted as well, falling below the 3K mark.

The recent statements by bitcoin enthusiast and American TV celebrity Jim Cramer may have also prompted the market's big sell-off. He believes that the Chinese Evergrande debt issue will continue to affect financial markets, including the cryptocurrency industry. To avoid future losses, he urged consumers to cash out some of their cryptocurrency assets.

Cramer believes that real estate companies' debt troubles will continue to affect the digital asset market in the near future and that crypto investors should profit while they can rather than risk losing money. People began selling their holdings while they could still profit from them due to these comments, and the price of Bitcoin decreased as a result.

Meanwhile, BTG Pactual, Latin America's largest investment bank, and a 38-year-old Brazilian financial institution, has announced the launch of its crypto trading and custody platform. According to the press release, the company has an annual revenue of more than $1.8 billion and has successfully launched the Mynt digital currency platform.

This platform will provide clients with direct bank exposure to bitcoin and well-known altcoins such as Ether. The Brazilian firm claims to be the region's first lender to develop a specialized bitcoin trading platform to accommodate other blockchain-based assets. This news held the day's losses in BTC/USD to a minimum.

BTC/USD Intraday Technical Levels

Support Resistance

39020.5 42964.8

37377.1 45265.7

35076.3 46909.1

Pivot Point: 41321.4

BTC/USD - Technical Outlook

Bitcoin dropped below $40000 in a very short period of time. It's already back above the 41,271 mark. Bitcoin is currently trading at 42304, and it is on its way to the 42968 level, which is the next resistance level. The Bitcoin price broke through this resistance level, exposing the Bitcoin price to the next barrier level of 44269. An upward trend line may be noticed on the 4-hourly timescale extending this particular resistance level. The closure of candles below the 44269 level can assist us in capturing a Bitcoin sell trade.

On the downside, Bitcoin may find immediate support at 41271, with a break above this level exposing Bitcoin prices to the next support level of 38898. The leading technical indicator, the RSI, is still in the selling zone today. As a result, the chances of a selling trend remain higher today. A selling trade below the 45341 level is also suggested by the 50-simple moving average. In general, Bitcoin is dominated by a bearish bias. All the best!

Gold to Exhibit Bullish Retracement

After hitting a high of $1767.80 and a low of $1747.10, gold prices settled at $1751.40. Gold fell for the third day in a row and continued lower on Friday, despite renewed dollar strength.

The greenback was at an all-time high on Friday, reaching 93.25, its highest level since August 28th. The yield on the benchmark 10-year note in the United States continued to rise on Friday, reaching 1.38 percent.

Due to the strengthening of the US dollar, gold suffered its greatest weekly loss in six years. The dollar stayed near a three-week high versus a basket of six major currencies as investors awaited the outcome of a key US Federal Reserve meeting for hints on when the central bank may begin unwinding its stimulus programme.

On September 21 and 22, the Federal Open Market Committee will hold a two-day policy meeting, and investors will be looking for hints as to when the US central bank would begin removing its asset purchases.

Reduced central bank stimulus tends to raise bond yields, increasing the potential cost of storing non-interest bearing bullion, therefore these forecasts pushed the yellow metal lower for the day. It also serves to raise demand for the dollar, which impacted on the yellow metal even more.

After the announcement of U.S. Retail Sales, which unexpectedly climbed in August and knocked down forecasts for a dramatic slowdown in economic growth in the third quarter, the dollar surged as well.

On the statistics front, the TIC Long-Term Purchases in July fell to 2.0 billion against a projection of 60.5 billion at 01:00 GMT, weighing on the US Dollar and causing further losses in gold prices. The Prelim UoM Consumer Sentiment fell to 71.0 from 71.9 expected at 19:00 GMT, weighing on the US dollar and limiting the slide in gold prices. The Prelim UoM Inflation Expectation for September increased to 4.7 percent from 4.6 percent previously.

Despite weaker-than-expected macroeconomic data on Friday, the greenback remained strong on the basis of rising prospects of Fed tapering at the forthcoming policy meeting.

GOLD Intraday Technical Level

Support Resistance

1751.85 1756.00

1749.45 1757.75

1747.70 1760.15

Pivot Point: 1753.60

GOLD - Technical Outlook

On Monday, precious metal gold has bounced off about the support level of 1,745, and now it's heading towards an intraday pivot point level of 1,753. Furthermore, a bullish breakout of 1,753 levels exposes gold prices towards the next resistance level of 1,765. Moreover, gold me find next resistance at 1,776 level.

On the support side, the breakout of 1,745 support exposes gold prices towards 1,736 and 1,724 levels. The RSI and Stochastic indicators are in the mixed zone, and typically this can drive a bullish or a bearish trend in the gold price depending upon market fundamentals. Overall, gold's bullish bias dominates over 1,745 and vice versa. All the best!

Major Resistance at 1.1745

After hitting a high of $1.1789 and a low of $1.1724, the EUR/USD ended the day at $1.1725. On Friday, the EUR/USD pair fell in the previous ten sessions for the eighth time, reaching its lowest level since August 23rd.

The drop in the currency pair EUR/USD can be linked to the strengthening of the US dollar following the release of the US Retail Sales data on Thursday, which soared unexpectedly in August, adding to predictions of Fed tapering at its forthcoming policy meeting. The US dollar's strength brought the EUR/USD currency pair to its three-week low on the board.

Despite the negative macroeconomic statistics released on Friday, the US Dollar Index, which measures the dollar's value against a basket of six major currencies, surged to 93.25. The yield on the benchmark 10-year note in the United States also increased to 1.38 percent, adding to the strength of the US dollar, which dragged the EUR/USD currency pair lower. Furthermore, the risk-off market mood maintained US government yields higher and stock indices in the 0.26 percent to 1.19 percent range.

On the statistics front, the July Current Account Balance fell to 21.6 billion dollars against a forecast of 22.3 billion dollars, weighing on the single currency Euro and adding to the EUR/USD loss. The Final CPI for the year stayed unchanged at 14:00 GMT, against projections of 3.0 percent. The Final Core CPI was also 1.6 percent, which was in line with expectations.

On the US side, the TIC Long-Term Purchases in July fell to 2.0 billion dollars at 01:00 GMT, versus a forecast of 60.5 billion dollars, weighing on the US Dollar and causing more losses in EUR/USD. The Prelim UoM Consumer Sentiment dipped to 71.0 from 71.9 expected at 19:00 GMT, weighing on the US dollar and limiting the decline in EUR/USD. The Prelim UoM Inflation Expectation for September increased to 4.7 percent from 4.6 percent previously.

Meanwhile, market investors are eagerly awaiting the publication of the Federal Reserve's monthly policy meeting, as they anticipate signals of unwinding stimulus measures that have kept the US currency strong. Furthermore, the rising tensions between China and its Western allies, such as the United States, Australia, and the United Kingdom, weighed on market sentiment and kept riskier assets like the EUR/USD under pressure.

EUR/USD Intraday Technical Levels

Support Resistance

1.1736 1.1807

1.1708 1.1850

1.1666 1.1878

Pivot Point: 1.1779

EUR/USD - Technical Outlook

On Monday, the EUR/USD currency pair is trading with a strong bearish bias at the 1.1706 level. The pair has violated the intraday pivot point level of 1.1745 level. The closing of candles below this level is suggesting a strong selling bias among investors. On the support side, and immediate support prevails at the 1.1701 level whereas a bearish breakout of this support level exposes the currency pair towards the 1.1695 level.

An additional break out of the 1.1694 level can expose EUR/USD prices toward next support level of 1.1635 level. Moreover, the RSI and Stochastic have entered the sell zone. Thus, the EUR/USD's bearish bias dominates below 1.1740 and vice versa. All the best!

Bitcoin Violates Upward Trendline at 46,399

BTC/USD reached a high of $48,370.0 and a low of $46,837.0 before closing at $47,239.0. Despite the numerous good developments surrounding the market, BTC/USD fell on Sunday, owing to the weekend's low trading activity. According to the reports, the U.S. The SEC has issued an extension notice, stating that it will evaluate VanEck Bitcoin Trust's plan for an extra 60 days.

VanEck had produced a preliminary prospectus for the trust in December 2020, and the application was filed with the SEC in March of this year. According to the extension notification, the SEC would approve or reject the request by November 14, 2021. The SEC's sluggish approach to issuing bitcoin ETFs has kept the top currency under pressure, and as a result, BTC/USD fell over the weekend.

There were also complaints from El Salvador concerning suspected inconsistencies in bitcoin purchases and the development of ATM kiosks in the country. The El Salvadorian court of accounts has received an upsurge in concerns about the bitcoin purchasing operations' transparency and suspected funds theft. The ATM kiosk's installation objections contributed to the BTC/USD exchange rate falling over the weekend.

Furthermore, as bitcoin prices have risen, many miners with less efficient computers have joined the network, increasing energy consumption. The Bitcoin network used around 67TWh of electricity in 2020, which was already surpassed in 2021 by using approximately 91TWh of electricity. According to Bloomberg, bitcoin's energy use will be similar to Pakistan's energy consumption by the end of 2021.

Many institutions worried about climate change are placing enormous risks on the adoption of bitcoin due to the lack of energy-efficient crypto mining devices and miners' low intents to move to a low-carbon energy source for electricity. BTC/USD values have also been under pressure recently as a result of this.

On the other hand, Anthony Scaramucci, the creator and managing partner of SkyBridge Capital in the United States, has expressed his views on Bitcoin. He described bitcoin as a monetary standard with the potential to become a worldwide reserve currency in the future. He explained that the currency was still in its early stages of acceptance, which explains the asset's significant volatility. He compared the volatility to Amazon's and said it was to be expected for such a new asset class.

In addition, on September 166, the first statue of Bitcoin developer Satoshi Nakamoto was unveiled in Budapest, Hungary. Even though the identity of the famed bitcoin creator remains a mystery, the people of Hungary hailed Satoshi Nakamoto's contribution to eliminating intermediaries and generating independent money.

The goal of creating a bronze monument of Satoshi was to honour and appreciate their work, as bitcoin produces value and gives people financial autonomy. Some speculated that the statue was erected to remind people that courage is a virtue and never give up on their dreams.

BTC/USD Intraday Technical Levels

Support Resistance

46594.0 48127.0

45949.0 49015.0

45061.0 49660.0

Pivot Point: 47482.0

BTC/USD - Technical Outlook

Bitcoin prices are now trading at 45,525 on Monday. Bitcoin has now breached the daily pivot point resistance mark of $47,224. On the upside, the 46,399 mark will likely act as immediate resistance for the BTC/USD. Additional bullish developments till the 47,224 and 50600 resistance marks could be triggered by a breakout at the 46,399 level.

Bitcoin is expected to find immediate support at the 44,990 level, which is prolonged by a double bottom pattern. Furthermore, a break underneath this level could extend the selling trend to the levels of 43,95. Today, Bitcoin has a bearish tendency, particularly below 46,399 levels. Good luck!

Gold to Exhibit Bullish Retracement

After hitting a top of $1797.25 and a low of $1745.55, gold prices settled at $1754.15 per ounce. On the back of a firmer US dollar and higher US Treasury Yields, gold lost ground for the second straight session on Thursday, falling to its lowest level since August 12.

With better-than-expected Retail Sales figures released on Thursday, the greenback was strong across the board. The DXY rose to 92.96 on Thursday, putting pressure on the precious metal. The benchmark 10-year Treasury yield climbed higher for the second straight day, reaching 1.35 percent, adding to the greenback's gains and dragging precious metal further to the south.

On the statistics front, at 17:30 GMT, Core Retail Sales for August jumped to 1.8 percent, above expectations of -0.1 percent, bolstering the US currency and dragging gold prices lower. Retail Sales increased by 0.7 percent in August, compared to a forecast of -0.7 percent, supporting the US dollar and adding to gold's losses. In September, the Philadelphia Fed Manufacturing Index rose to 30.7 from 18.9 in August, bolstering the US dollar and adding to gold's negative momentum.

Last week's Unemployment Claims increased to 332K from 325K expected, putting pressure on the US dollar, which led to more losses in the yellow metal. Business Inventories were unchanged at 19:00 GMT, against predictions of a 0.5 percent increase.

On the back of reignited expectations for quicker tapering by the US Federal Reserve, the dollar climbed significantly in August, holding near its 3-week high against a basket of major currencies.

The attention of the market has switched to the two-day policy meeting on September 21 and 22. Investors are expecting signs from the Fed about when the US central bank would begin to remove its asset purchases. These prospects continued to strengthen US Treasury Yields, which in turn increased the opportunity cost of owning non-yielding bullion, causing the precious metal to fall on Thursday.

Furthermore, many members of the Federal Reserve were in favor of reducing economic stimulus measures this year, and as a result, the outlook for gold has deteriorated. Despite higher-than-expected initial unemployment claims last week, the US dollar stayed strong on the back of the Fed's plan to taper more than anything else.

GOLD Intraday Technical Level

Support Resistance

1734.05 1785.75

1713.95 1817.35

1682.35 1837.45

Pivot Point: 1765.65

GOLD - Technical Outlook

On Friday, the precious metal gold has bounced off about the support level of 1,745, and now it's heading towards an intraday pivot point level of 1,764. Furthermore, a bullish breakout of 1,764 levels exposes gold prices towards the next resistance level of 1,784. Moreover, gold me find next resistance at 1,795 level.

On the support side, the breakout of 1,746 support exposes gold prices towards 1,733 and 1,714 levels. The RSI and Stochastic indicators are in the oversold zone, and typically this can drive a bullish correction in the gold price. Overall, gold's bullish bias dominates over 1,765 and vice versa. All the best!

Major Resistance at 1.1780

After hitting a top of $1.1822 and a low of $1.1751, the EUR/USD pair was closed at $1.1764. The EUR/USD pair fell to its lowest level since August 27 on Thursday, owing to further US dollar strength. Following the announcement of robust Retail Sales data on Thursday, the US Dollar gained ground versus its rival currencies, paving the way for anticipation of tapering signals at the upcoming Fed policy meeting next week. The US Dollar Index hit 92.96, its highest level in three weeks, while the US Treasury Yield hit 1.35 percent, pushing the greenback higher and dragging the EUR/USD currency pair lower.

On the data front, the Italian Trade Balance in July jumped to 8.76 billion euros against a projection of 6.22 billion euros, supporting the single currency Euro and capping any losses in EUR/USD at 13:03 GMT. At 14:00 GMT, the Trade Balance for the entire EU fell to 13.4 billion euros in July, down from 16.8 billion euros expected, weighing on the Euro and adding to the slide in EUR/USD values.

At 17:30 GMT, the US Core Retail Sales grew to 1.8 percent in August, beating expectations of -0.1 percent, bolstering the US currency and adding to the EUR/USD loss. Retail Sales increased by 0.7 percent in August, compared to a forecast of -0.7 percent, bolstering the US dollar, which lowered the EUR/USD pair. The Philadelphia Fed Manufacturing Index increased to 30.7 in September, up from 18.9 in August, bolstering the US dollar, which pressured the EUR/USD pair. Last week's Unemployment Claims increased to 332K from 325K predicted, weighing on the US currency and limiting the fall in EUR/USD. Business Inventories remained unchanged at 19:00 GMT, with an estimate of 0.5 percent.

Meanwhile, Christine Lagarde, the president of the European Central Bank, stated on Thursday that the eurozone economy is rebounding faster than expected just six months ago. She credited the speedy rebound to a vaccination campaign that allowed vast areas of the economy to reopen quickly. Lagarde also stated that the combined GDP of the 19 Eurozone countries should return to pre-crisis levels by the end of the year, even though the growth trend has yet to recover fully. These statements from Lagarde were positive for the Euro, but they didn't help it because the market's attention was diverted to the next Fed policy meeting.

EUR/USD Intraday Technical Levels

Support Resistance

1.1736 1.1807

1.1708 1.1850

1.1666 1.1878

Pivot Point: 1.1779

EUR/USD - Technical Outlook

On Friday, the EUR/USD currency pair is trading with a bearish bias at the 1.1775 level; however, the pair has bounced off over the support level of 1.1750 level. Closing of candles below 1.1779 exposes the pair towards 1.1750 and 1.1709 support levels.

On the resistance side, the downward trendline provides major resistance at the 1.1819 level, and a bullish crossover of this exposes the pair towards 1.1849 and 1.1878 levels. On the 4-hour timeframe, it's closing bullish engulfing and Doji candles above 1.1750 level, supporting correction in the EUR/USD. Moreover, the RSI and Stochastic have started coming out of the oversold zone. Thus, the EUR/USD's bearish bias dominates below 1.1780 and vice versa. All the best!

Bullish Bias to Dominate Over 47,475 Level

The BTC/USD reached a high of $48,518.0 and a low of $47,080.0 before closing at $47,786.0. The Bitcoin remained flat throughout Thursday's trading session and lost a little chunk of its daily gains. Protests against El Salvador's newly enacted Bitcoin Law gathered steam on Thursday, putting pressure on the top cryptocurrency. Protesters in El Salvador kicked against the country's new Bitcoin law on Wednesday, destroying a cryptocurrency shop in the capital city of San Salvador.

The Chivo-supported kiosk was set on fire by a swarm of journalists and protestors, and videos of the incident went viral on the internet, adding to the pressure on BTC/USD values. The protestors did not stop there, placing anti-BTC emblems and placards on the new Bitcoin machines installed by the El Salvadorian government for changing BTC to cash.

Signs such as "democracy is not for sale" were placed on BTC machines in an attempt to express dissatisfaction with El Salvador's recent Bitcoin Law, which made BTC legal tender in the country.

Furthermore, according to a report published by S&P Global, the risks connected with El Salvador's adoption of bitcoin as an alternative legal tender to the US dollar appeared to outweigh the benefits, and there were immediate negative credit implications. It says that the use of bitcoin jeopardises a possible agreement between El Salvador and the IMF. Fears grew that the Central American country would be unable to negotiate an agreement with the IMF for a $1 billion loan and that its usage of bitcoin would result in bad credit consequences. The cryptocurrency BTC/USD fell on Thursday as a result of the bad developments around the environment.

The growing values of the US dollar, which have a negative link, could be another explanation for the decline in BTC/USD on Thursday. The US Dollar Index (DXY) hit a three-week high of 92.96 on Thursday, with the greenback's rise spurred by the stronger-than-expected Retail Sales data release. The higher-than-expected Retail Sales data revealed stronger consumer confidence, raising anticipation that the Fed may hint at decreasing economic stimulus at its upcoming monetary policy meeting.

On the other hand, according to Changpeng Zhao, the CEO of Binance, an increasing number of traditional monetary institutions have recently turned their attention to cryptocurrencies, particularly bitcoin. He also stated that the trading platform's structure would be altered to meet regulatory requirements.

He believes that major financial institutions and investors have already recognised the benefits of cryptocurrencies and have begun to join the cryptocurrency bandwagon. He went on to say that BTC was more than just a currency; it was also a multi-asset class technology and a complete new platform. This is why many financial organisations regard BTC as an investment vehicle.

BTC/USD Intraday Technical Levels

Support Resistance

47071.4 48509.4

46356.7 49232.7

45633.4 49947.4

Pivot Point: 47794.7

BTC/USD - Technical Outlook

Bitcoin prices are now trading at 47,816 on Friday. Bitcoin has now breached the daily pivot point resistance mark of $47,475. On the upside, the 48,843 mark will likely act as immediate resistance for the BTC/USD. Additional bullish developments till the 49536 and 50600 resistance marks could be triggered by a breakout at the 48,843 level.

Bitcoin is expected to find immediate support at the 47,772 level, which is prolonged by an daily pivot point mark. Furthermore, a break underneath this level could extend the selling trend to the levels of 47,080 and 46,009. Today, Bitcoin has a positive tendency, particularly above 47,794 levels. Good luck!

XAU/USD Breaking Below 1,790 Support

After hitting a high of $1808.45 and a low of $1791.75, gold prices settled at $1795.95. Despite the current weakness in the U.S. dollar, gold went red on Wednesday after climbing for two consecutive sessions. On Wednesday, the U.S. Dollar Index (DXY), which gauges the dollar's value against a range of six major currencies, fell to 92.42, giving up all of its prior daily gains. While 10-year Treasury yields on 10-year notes jumped to 1.32 percent for the day, supporting the U.S. currency but driving gold prices down.

On Wednesday, the yellow metal plummeted below $1800 after U.S. Treasury Yields jumped by more than 2.1 percent in a single day, boosting the opportunity cost for traders holding non-yielding gold and increasing selling pressure.

The recent rise in Treasury yields can be ascribed to a positive Empire State survey, which suggested that manufacturing growth might not be as bad as previously thought. This news comes after the Federal Reserve announced last week that industrial production increased by 0.4 percent in August, compared to 0.8 percent in July. According to several researchers, the recent drop in industrial production caused factory outages caused by Hurricane Ida, which hampered operations.

For September, the Empire State Manufacturing Index rose to 34.3 from 18.1 expected at 17:30 GMT, bolstering the U.S. dollar and adding to further declines in gold prices. Import prices fell by 0.3 percent in August versus a forecast of 0.3 percent, putting pressure on the U.S. dollar, which led to a further drop in gold prices. At 18:15 GMT, industrial production in August fell by 0.4 percent, vs. an anticipated 0.5 percent reduction, putting pressure on the U.S. dollar, which reduced the decline in gold. In August, the Capacity Utilization Rate stayed unchanged at 76.4 percent, as expected.

Meanwhile, consumer prices in the United States climbed at the slowest rate in six months in August, confirming the Fed's initial belief that high inflation levels were only temporary. The data also suggested that the Fed would take its time withdrawing economic stimulus and maintain interest rates near zero for a while.

Investors' attention has now switched to the Federal Reserve's scheduled two-day monetary policy meeting the week after next. Investors are now waiting for signals about tapering during the meeting, which is dragging on the market.

GOLD Intraday Technical Level

Support Resistance

1788.99 1805.69

1782.02 1815.42

1772.29 1822.39

Pivot Point: 1798.72

GOLD - Technical Outlook 

On Thursday, the precious metal gold is trading at 1,787 levels, having violated the support level of 1,790 level. On the lower side, the precious metal gold's immediate support prevails at 1,787 level and a bearish breakout below this level exposes the metal towards 1,780 level.

On the resistance side, the immediate resistance stays at 1,790, and above this, the daily pivot point may extend resistance at the 1,796 level. Recently, gold has closed three black crows patterns on an hourly timeframe. It's demonstrating strong selling bias among investors. Thus, the metal has the potential to go after 1,780 level upon breakout of 1,787 support level. The RSI and Stochastic support bearish bias in gold. All the best!

On the support side, gold's immediate support prevails at the 1,797 level, and a breakout below this level exposes the metal towards the 1,786 level. The leading technical indicator like Stochastic RSI suggests a bullish bias in gold. Thus, the bullish bias dominates over the 1,797 level and vice versa. All the best!

Sterling Supported Over 1.3810 Level

After hitting a top of $1.3855 and a low of $1.3792, the GBP/USD was closed at $1.3837. On Wednesday, the GBP/USD pair reversed direction and went green, owing to the current weakness of the US dollar and the strength of the British Pound. Despite a better-than-expected Empire State Manufacturing Survey, the US Dollar Index fell on Wednesday. The DXY dropped to 92.42, putting pressure on the greenback, which pushed the GBP/USD higher. The dollar's weakening can be ascribed to investors' cautious behaviour or in anticipation of indications from the Federal Reserve about tapering at its September monetary policy meeting next week.

The rising strength of the British Pound, on the other hand, can be linked to better-than-expected macroeconomic statistics released on Wednesday. The UK's consumer price index increased by the most in a single month since records began in January 1997, pushing the GBP higher on the board.

Officials said the record increase in CPI statistics was most likely a one-time occurrence and that the hike could have been amplified by last year's Eat Out to Help Out Program. Customers might get half-price food and drink between Mondays and Wednesdays under the government's EOHO Scheme, launched in August 2020. According to the Office of National Statistics, because the EOHO plan was only transitory, the upward move in the August CPI rate in 2021 will most likely be transient.

On the data front, the August CPI rose to 3.2 percent against a forecast of 2.9 percent at 11:00 GMT, bolstering the British Pound and pushing GBP/USD higher. The Core CPI rose to 3.1 percent, up from 2.9 percent expected, bolstering the British Pound, which saw further gains in GBP/USD.

The RPI for the year rose to 4.8 percent, beating expectations of 4.6 percent, bolstering the British Pound, and driving GBP/USD prices higher. The PPI Input in August jumped to 0.4 percent against a forecast of 0.2 percent at 11:02 GMT, bolstering the British Pound and adding to advances in GBP/USD.

The PPI Output for August also increased to 0.7 percent, up from 0.4 percent projected, bolstering the British Pound and pushing GBP/USD prices higher. The HPI fell to 8.0 percent in August, vs. an anticipated 12.4 percent, weighing on the British Pound, which capped any advances in GBP/USD at 13:30 GMT. The CB Leading Index fell to 0.1 percent in July at 18:30 GMT, down from 0.5 percent the previous month.

For September, the Empire State Manufacturing Index increased to 34.3 from 18.1 expected, bolstering the US dollar and capping further advances in GBP/USD. Import prices in August fell by -0.3% against expectations of 0.3%, putting pressure on the US dollar, which capped further advances in GBP/USD.

At 18:15 GMT, August Industrial Production fell to 0.4 percent, vs. a forecast of 0.5 percent, weighing on the US dollar and adding to the upward momentum in GBP/USD. In August, the Capacity Utilisation Rate stayed unchanged at 76.4 percent, as expected. The currency pair GBP/USD was higher on Wednesday due to the strength of the British Pound and the weakening of the US dollar.

GBP/USD Intraday Technical Levels

Support Resistance

1.3768 1.3880

1.3729 1.3953

1.3657 1.3991

Pivot Point: 1.3841

GBP/USD - Technical Outlook 

On Thursday, the technical side of Sterling remains mostly unchanged as it continues to follow the same technical levels from our previous report. The GBP/USD pair is trading at the 1.3827 level, gaining immediate support at the 1.3800 level. On the 4-hour timeframe, this support level is extended by an upward trendline. The closing of Doji and bullish engulfing candles above the 1.3800 level is extending solid support to the GBP/USD pair.

On the resistance side, the pair's next resistance prevails at the 1.3838 level. An intraday pivot point level is also extending this level. Further, on the higher side, the GBP/USD will be exposed towards the 1.3875 level upon the breakout of the 1.3838 level.

The breakout of the 1.3801 level exposes the GBP/USD price towards the 1.3765 and 1.3728 levels. Bullish bias dominates over 1.3800 levels and vice versa. All the best!

Upward Channel Support Bullish Bias

The BTC/USD reached a high of $48,440.0 and a low of $46,738.0 before closing at $48,136.0. On Wednesday, BTC/USD extended its gains for the second day in a row, reaching near $49,000 as favourable market circumstances pushed its prices higher for the day.

On Wednesday, AMC Entertainment CEO Adam Aron said that Bitcoin will now be accepted for online ticket and concession payments at AMC Theaters. This news bolstered the BTC/USD exchange rate, which was already increasing. The theatre firm also stated that it would accept additional cryptocurrencies such as ETH, Litecoin, and Bitcoin Cash, and BTC. The growing usage of BTC and other cryptocurrencies strengthened market sentiment, allowing BTC/USD to extend its day's gains.

Meanwhile, Fidelity Investments, an American financial services firm, has petitioned the Securities and Exchange Commission (SEC) to approve its Bitcoin exchange-traded fund. The corporation lobbied the agency to accept the effort because investor demand for digital assets has skyrocketed. The firm's spokesperson cited several grounds for the watchdog's approval of its BTC ETFs, including that the bitcoin market has seen significant growth in trading activity. 

The rising demand for digital assets and direct exposure to BTC via ETFs was also emphasised, as was the fact that comparable funds had already been permitted in Canada and some European countries. BTC/USD was also higher on Wednesday as a result of these developments.

Additionally, Interactive Brokers Group, an American multinational brokerage firm, has partnered with Paxos Trust Company, a blockchain infrastructure platform, to provide digital asset services to its consumers. Customers of the brokerage business will gain access to some of the major cryptocurrencies by market cap, including BTC, ETH, LTC, and BCH, resulting from the partnership.

Depending on monthly volume, the company will charge a fee of 0.12 percent to 0.18 percent. Clients will be able to make use of the new service for $1.75 per order. The CEO of the brokerage firm cited the increased interest of institutional investors in digital assets as the primary reason for the alliance. The value of BTC/USD increased as a result of this news, and its prices rose.

On the other hand, the rumours stated that US lawmakers were going to apply the same trading restrictions to cryptocurrencies as they do to equities and bonds on the stock exchange. The measure was introduced by Democratic members in the United States House of Representatives on Monday to close the tax loophole exploited by crypto investors. If the law is passed, BTC and other digital asset investors will lose the current benefits provided by the lack of rules. Some of the daily increases in BTC/USD were fuelled by this news.

BTC/USD Intraday Technical Levels

Support Resistance

47102.6 48804.6

46069.3 49473.3

45400.6 50506.6

Pivot Point: 47771.3

BTC/USD - Technical Outlook 

Bitcoin prices are now trading at 48,362 on Thursday. Bitcoin has now breached the daily pivot point resistance mark of $47,772. On the upside, the 48,843 mark will likely act as immediate resistance for the BTC/USD. Additional bullish developments till the 49536 and 50600 resistance marks could be triggered by a breakout at the 48,843 level.

Bitcoin is expected to find immediate support at the 47,772 level, which is prolonged by an daily pivot point mark. Furthermore, a break underneath this level could extend the selling trend to the levels of 47,080 and 46,009. Today, Bitcoin has a positive tendency, particularly above 47,772 levels. Good luck!