A Daily Outlook: BTC/USD; Aug 12, 2022

Top Headlines on Digital Currency:

  • Ethereum is closer to its highly-anticipated Merge than ever before. The successful launch of the final Proof-of-Stake (PoS) test merge on Goerli has laid the groundwork for Ethereum’s shift to the PoS Beacon Chain.
  • Bitcoin investors have been bullish towards the cryptocurrency despite the volatile market condition. Latest data from cryptocurrency analytic platform Glassnode has revealed a new high for the number of Bitcoin addresses with over 1 BTC.
  • The U.S. inflation seemed to be cooling down as July’s CPI report came in 0.2% lower than projected. This positively triggered the crypto market as a majority of the top coins rose in price since the news came out.
  • The world’s biggest crypto exchange has expressed its support for Ethereum’s landmark ‘Merge’ event. However, the exchange hasn’t ruled out evaluating the support for any potential Ethereum fork tokens.
  • The bankrupt crypto lender has been under much pressure recently. The latest trouble has been the Canadian regulators eyeing Celsius over a pension fund deal that was made last year.
  • Hotbit, a Shanghai-based crypto exchange, halted all transactional services for its users in relation to a legal battle it faces with law enforcement agencies. It was announced that a former Hotbit employee had been involved in a project that law enforcement believes may have violated criminal laws.

Source: ambcrypto

Technical View:

  • The BTC starts a new day on a flat note and trading around $24,000 mark.
  • The pair made intraday high at $24,109 and low at $23,782 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $24,250 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $23,500 on H1 chart requires for the downside rally.
$23,500 $24,250
$23,100 $24,620
$22,800 $24,900
$22,500 $25,200
$22,050 $25,800


Take a look and do trade wisely!
Good Luck