The BTCUSD pair has reached a weekly high of $6877. Are Bitcoin bears exhausted? Could Bitcoin continue moving higher to $7,000 level? Let’s find out from the 28 August BTCUSD Price Technical Forecast.
28 August, OctaFX – Two weeks ago, the price of Bitcoin fell to a monthly low of $5797 after the SEC ended its review of nine Exchange Traded Funds (ETFs). Since then, the BTCUSD pair has made slight gains and today, it reached a weekly high of $6877. These gains are attributed to the decision by the SEC senior management to review the decision to reject the ETFs.
BTCUSD Fundamental Highlights
The rise came as PricewaterhouseCoopers (PwC) released a new report on Bitcoin. The report found that lack of user trust and regulatory uncertainty were hindering the success of Bitcoin – and other cryptocurrencies. In the report, PwC officials surveyed 600 executives in more than 15 countries. These concerns have been around for a while. Regulators from across the globe are struggling with how to regulate cryptocurrencies and traders are worried about how the regulations will impact transactions.
Such issues have led to poor cryptocurrency adoption of late. Very few companies worldwide accept them. In addition, most people who own cryptocurrencies do so for speculation purposes.
The regulatory issues have also moved to the private sector. Early this year, Google, Facebook, and Twitter announced that they would ban blockchain ads from their platforms. Yesterday, Baidu – the Google of China – announced that it would halt all cryptocurrency-related ads and crypto chat groups. These services have been blamed for helping to manipulate crypto prices.
Crypto uncertainties have not prevented mining companies from being successful, however. The three biggest mining equipment manufacturers – Canaan, Bitmain, and Ebang – have announced plans to become public companies in Hong Kong. Bitmain, Canaan, and Ebang are expected to raise $3 billion, $1 billion, and $400 million respectively.
28 August BTCUSD Price Technical Forecast
The BTCUSD pair is now trading at the $6820 level, which is above the 50 and 25 Exponential Moving Average (EMA) level. The price is also above key support levels as shown below. The MACD is at the highest level since Wednesday last week.
The pair could continue to move higher to test the $7,000 level. The alternative scenario is where it declines to test the $6500 support.
This article about 28 August BTCUSD Price Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.