BTC/USD Breaches Resistances as Bitcoin Gains More Grounds- November 9, 2021
Today, BTC/USD has traded above the $67,000 resistance as Bitcoin gains more grounds. The upside momentum may resume if the current bullish momentum is sustained above the $67,000 support. Buyers have to clear the resistance levels of $64,000 and $67,000 to enable them to resume upside momentum.
Resistance Levels: $60,000, $65,000, $70,000
Support Levels: $50,000, $45,000, $40,000
Following the successful breaking of the $64,000 resistance, Bitcoin has risen to $67,626 at the time of writing. Buyers have also reclaimed the $67,000 high after jumping the first hurdle at $64,000. The bottom line is that if buyers clear the resistance at $64,000 to $67,000, Bitcoin will rally above $70,000 price level. The bullish momentum will extend to $85,000 high. However, if the bulls fail to clear the resistance at $67,000, BTC’s price will decline to the support above $64,000. When the crucial support is breached, BTC/USD will further decline to the previous range bound zone of $58,000 and $64,000. Meanwhile, buyers also attempting to reclaim the $67,000 resistance level. If buyers are successful, Bitcoin will advance to the new psychological price level.
Zimbabwe Intends to Accept Bitcoin as Legal Tender
At present, Zimbabwe is engaged in consultations regarding growing interest in crypto among its people, which it views as a possible avenue for growth. The government has been receptive to regulating the entire sector. Zimbabwe’s government is considering utilizing Bitcoin as a legal payments option to meet this growing demand and harness the technology. Retired Brigadier Colonel Charles Wekwete, is the permanent secretary and head of the office of the president.
The permanent secretary indicated that the disadvantages of the decentralized ecosystem include unregistered cross-border transfers, externalization of money, money laundering, and ill-gotten cash flow into subsequent illicit or unlawful actions. He said that the authorities are attempting to develop regulations to protect consumers and help the country’s financial future. Zimbabwe has not made any major policy declarations. The government has sought input from different sectors.
Meanwhile, Bitcoin bulls have reclaimed and breached the resistance at $67,000 as Bitcoin gains more grounds. Buyers have to sustain the bullish momentum above the $67,000 high. This will enable it to attain the $70,000 psychological price level. However, Bitcoin may face resistance at the $70,000 high as the market reaches the overbought region.
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