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The BTCUSD Trend has Changed to an Uptrend

9/12/2022 2:22 PM

The "bears" failed to break through 18500.00 down and update the June low in the BTC/USD pair. The weakness of sellers is due to the strengthening of the positions of risky assets against the backdrop of a downward correction in the US dollar exchange rate.

Investors have begun to re-examine alternative means of investment, including cryptocurrencies. So, on September 4, the BTC hash rate was 298.5 EH/s, renewing the previous high of August 280.0 EH/s, which indicates that miners continue to introduce new capacities, thereby increasing the security and stability of the network.

Meanwhile, against an intensifying sanctions policy against the national economy, the Russian authorities announced the need to legalize cross-border transactions using digital instruments. According to Deputy Finance Minister Alexei Moiseev, the department is now ready to allow residents of the country to open cryptocurrency wallets. He also pointed out that the positions of the Ministry of Finance and the Bank of Russia regarding mining activities began to converge, and already in the autumn session, the State Duma could pass a law that would regulate this segment. Recall that at the end of last month, Russian Prime Minister Mikhail Mishustin proposed using digital currencies in foreign trade (particularly when importing and exporting goods) as an alternative to existing means of payment.

The impossibility of breaking through the support level of 18500.00 led the instrument to grow by 20%, and now the target for the movement of quotes is 25000.00. If this level is held, the fall of "digital gold" will continue, and the June low of 17670.00 is likely to be renewed. Otherwise, the cryptocurrency will continue to strengthen with the targets at 27444.00 and 32100.00.

The medium-term trend has changed to an uptrend. Currently, the price has consolidated above the resistance level of 21600.00, which suggests an upward movement to the area of ​​22700.00. The breakout of 22700.00 will allow the quotes to strengthen to 24200.00 and 24600.00.

Resistance levels: 24900.00, 27444.00, 32100.00. | Support levels: 18500.00, 13200.00.

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