BTC/USD Market Analysis: Bitcoin Tower May Be Built in Dubai

FXOpen

Positive news reports for crypto enthusiasts:

→ This week, the official presentation of the Bitcoin Tower project, which can be built in Dubai, took place. Although a building permit has not yet been received, this is quite realistic, given the loyalty of the UAE authorities to cryptocurrency projects.

→ Ron DeSantis, known for his support of cryptocurrencies, has joined the US presidential race. DeSantis has pledged to protect people's rights to use bitcoin and believes four more years of Biden will hurt BTC.

The negative news is that on the chart, the BTC/USD rate fell below the 100-day SMA. This is especially worrisome given the ongoing SHS, a bearish BTC/USD technical analysis pattern.

Although the buyers on the BTC/USD chart have their own arguments:

→ support from the ascending channel line (shown in blue);

→ support from the USD 25k psychological level, which acted as resistance in February;

→ support for the 50% level (around 25,250) from the rise in the price of bitcoin from the March low (around 19,500) to the April high (around 31,000).

Therefore, it is reasonable to expect that in the event of a decrease to the area of ​​three supports, the price of bitcoin may attract new buyers.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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