In this one of the latest bitcoin news magazine, you will get to know all the weekly updates regarding the market. Tesla’s filing with the United States Securities and Exchange Commission said it had purchased Bitcoin to maximise returns on cash. The automaker disclosed that it had purchased $1.5 billion worth of Bitcoins, but did not specify the price it had purchased it for. The filing also said that Tesla plans to accept payments in Bitcoin, which it may either convert to fiat or add to its Bitcoin holding. With this move, Tesla has thrown open the door for crypto payments and that may force other automakers to follow suit.

Along with Tesla’s boost, the market was greeted by another positive news from Bill Miller. The legendary fund manager revealed plans to invest up to 15% of The Miller Opportunity Trusts’ $2.7 billion assets under management in Grayscale Bitcoin Trust, according to the US SEC filing. The stamp of approval from popular figures is likely to attract even more institutional investors into Bitcoin

OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:

THE ADVANTAGES OF USING A CRYPTOCURRENCY EXCHANGE

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BINANCE EXCHANGE REVIEW 2021

Bitcoin witnessed frenzied buying on January 29, which pushed the price above the downtrend line, resulting in a short squeeze that drove the price to £28,000. However, the bulls could not hold on to the breakout and the price gave back a large part of its gains and re-entered the triangle on the same day.

The BTC/GBP pair has been clinging to the downtrend line for the past four days, which is usually a positive sign. If the bulls can propel and sustain the price above the downtrend line, the pair may again rally to £28,000 and then to £30,000.

A break above the £30,936 could resume the uptrend, but we give it a low probability of occurring at this juncture. The 20-day EMA has flattened out and the RSI is near the midpoint, which suggests a few days of range-bound action.

The first sign of weakness will be a break below the 50-day SMA. If that happens, the pair could drop to the £21,000 support. This is an important level to watch out for because, if this cracks, a deeper correction could start.

We do not find a reliable buy setup and the indicators are also not pointing to a clear advantage to the bulls. Therefore, we are not proposing a trade in it.

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