A Daily Outlook: BTC/USD ; Aug 04, 2021

Bitcoin depreciates gradually and remains well supported below $40,000 mark.

Top 5 Headlines on Digital Currency:

The market sentiment surrounding Bitcoin was already damaged after Elon Musk announced that Tesla would no longer accept Bitcoin payments due to the environmental impact of the mining process – Investing.
On-chain data analysis shows that daily transaction volumes of bitcoin have picked up in the past week. Jumping up 94% to $9.1 billion per day from $4.7 billion per day. Showing that while the price may have slowed down, the volumes have not – Investing.
Securities and Exchange Commission Chairman Gary Gensler called on Congress to grant the U.S. financial watchdog more power to keep a closer eye on the cryptocurrency market. – Investing.
Miami mayor Francis Suarez has long been a bitcoin and cryptocurrency fan. He has proposed paying city workers in the world’s largest digital currency by market cap, and he has also tried to entice China’s exiting bitcoin miners to come to his region to start businesses and take advantage of the area’s many tax benefits. – Investing.
Pantera Capital CEO Dan Morehead has revealed he believes the price of bitcoin will be trading between $80,000 and $90,000 by the end of the year, and that it will rise to over $120,000 within a year – Investing.

Technical View:

The bitcoin weakens on Wednesday and stabilizes below $38,000 mark.
The pair made intraday high at $38,557 and low at $37,643 mark.
Today a day chart is up but H1 chart with triple EMA confirms bearish trend in short run.
A sustained close above $38,780 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $37,290 will check further supports.

Take a look and do trade wisely!
Good Luck

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