April 18, 2024

Bitcoin (BTC) ended the day around $36,811, following the $37,133 high and $36,232 low. The crypto hovered under pressure as it moved within a constricted range as market players were confused about Bitcoin’s directional bias.

Paxful decided to introduce an education and training center in El Salvador to fill the knowledge gap that the citizens have about crypto. Remember, El Salvador legalized BTC as an official currency in 2021. However, the move met critics, considered unsuccessful as most Salvadorians had a vague idea about crypto undertakings.

Paxful, a P2P BTC network, declared plans to launch a ‘La Casa Del Bitcoin’ center to provide free education and training services on Bitcoin. It will organize talks and workshops related to Bitcoin and El Salvador’s financial sector. The move will increase the Bitcoin adoption rate by the nation’s citizens.

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On Thursday, Kraken revealed Proof-of-Reserves audit results. The stats showed the cryptocurrency exchange held around $19 billion in Bitcoin and Ethereum. Armanino carried out a sovereign audit on 31 December. The audit came as a step to increase the exchange’s credibility amid increased inspections from investors and regulators.

MicroStrategy’s Michael Saylor stated that tighter crypto regulations by the government are a positive impact on Bitcoin. The comments followed SEC’s Gary Gensler’s remarks about the agency clamping down on Wall Street, including formulating rules for the crypto markets. In 2021 August, Gensler requested Congress to give the US SEC more power to control cryptocurrencies.

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Bitcoin (BTC) Technical Outlook

Bitcoin hovers around the $37,168 mark, encountering closest resistance at $37,585. Increased demand might catalyze a bullish cross for Bitcoin to challenge the $38,900 mark. Further upside breakout might push Bitcoin towards the level of $40,800.

On the other side, the massive support zones remain near $36,400, and losing this footing will translate to more declines to $34,400. The 50-day exponential moving average at $37.5K might be Bitcoin’s turning point. For that reason, market participants need to watch $37.5K for upcoming actions.

Daily Technical Levels

  • Support zones – $36,097.6, $35,270.3, and $33,880.6
  • Resistance zones – $38,314.6, $39,704.3, and $40,531.6
  • Pivot point – $37,487.3
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