- Elon Musk Supports Bitcoin, Driving Its Prices Near $33,000
- Stronger Dollar Fails to Drag Bitcoin Price Lower
- Today’s idea is to place a buy stop at 33,150 to target 33,908 and 34,665
The BTC/USD coin extended its previous-day upward rally and drew some further bids around the $32,700 level. The bullish bias was triggered after Elon Musk continued to show his support for top digital currency. That drove Bitcoin price forecast bullish and pushed BTC from the $29,250 support zone to $32,700 resistance levels.
At this time, Bitcoin’s price is trading near $32,700.1 with a twenty-four-hour trading volume of $20,009,871,736. Bitcoin surged by 2.01% in the last twenty-four hours. Multiple factors back the bullish trend in BTC/USD. The broad-based U.S. dollar strength becomes the critical factor that kept the lid on any additional gain in the Bitcoin prices.
The Bitcoin world’s biggest cryptocurrency started a sharp upward rally from the $29,250 support zone to $32,500 resistance levels against the U.S. Dollar.
Elon Musk Supports Bitcoin, Driving Its Prices Near $33,000
The BTC could reach above $33,000 and $33,500 in the near term. Bitcoin’s bullish bias is mainly sponsored by Elon Musk’s continuous support for the top digital currency, including Bitcoin.
The gains in Bitcoin picked up pace after Elon Musk confirmed he held Doge, Bitcoin, and Ethereum. While speaking at the B-Word conference the previous day, Elon Musk confirmed that he had multiple cryptos. The digital assets he held included Bitcoin, Ethereum, and no other than Dogecoin.
Musk repeated that he wanted to see Bitcoin succeed. His company Tesla had announced earlier in the year that it would start accepting payment for its vehicles. However, this agreement was later removed due to energy concerns by the company.
Musk said that his company Tesla would “likely” resume accepting bitcoin payments again. This became one of the critical factors that helped the Bitcoin prices to stay bid.
Stronger Dollar Fails to Drag Bitcoin Price Lower
The gains in the BTC were unaffected by the stronger U.S. dollar. At the USD front, the broad-based U.S. dollar managed to extend its early session positive performance. Greenback remains in demand on the day as investors lost some confidence despite the number of COVID-19 cases involving the Delta variant rose globally. This raised doubts over the global economic recovery from COVID-19 and boosted safe-haven assets demand, including the U.S. dollar.
Bitcoin Price Forecast – Technical Levels: Major Resistance at $33,000
BTC/USD 2-Hourly Timeframe
S3 30402.93
S2 31278.73
S1 31702.17
Pivot Point 32154.53
R1 32577.97
R2 33030.33
R3 33906.13
Bitcoin Price Forecast – Technical Outlook: Double Top Resistance $32,905
Bitcoin price forecast is bullish as it has crossed over the double top resistance level of 31,750 level. For now, this level is working as a support for Bitcoin.
On the 2-hour chart, the leading crypto pair BTC/USD is testing the double top resistance at 32,905 level. The closing of 2-hourly candles below 32,905 is demonstrating the weakness in bullish power.
Bitcoin has failed to crossover this double top pattern and formation of shooting star candles below 32,905, supporting odds of a bearish reversal.
The leading and lagging indicators such as Stochastic and 50 periods EMA (exponential moving average – red line) support a bullish trend. Stochastics holds at 60.50, demonstrating that the BTC has entered the buying zone. While the 50 EMA (exponential moving average – red line) will be working as a support at 31,750.
Technically, Bitcoin has strong odds of violating the 32,905 resistance. If this happens, the BTC/USD pair can offer additional room for buying until 33,900 and 34,669 levels. Speaking about the support, the BTC/USD can find it around 31,745 and 31,023 levels today.
The BTC/USD price forecast remains bullish today. Therefore, the forex trading participants may look for placing a buy stop at 33,150 to target 33,908 and 34,665. All the best.
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