Weekly Crypto Update: Bitcoin Approach 60K As Market Volatility Went On The Rise

The price of Bitcoin had sharp positive steady moves since the inception of October, on the flip side the Bitcoin market value has been kept on a grievous halt at an unstable price below the 40K level throughout September. Unfortunately, October appeared to be bearing positive results in the digital currency space.

Bitcoin being the most liquid altcoin and the highest traded cryptocurrency, break beyond the previous resistance around the 40Ks level, soaring high into a new phase above 50K. Where the crypto ban Saga raving around the Chinese region with a complete force towards ensuring the total prohibition of Bitcoin trading in the country is mandatory. Again, it came out this week that the China government has proposed a bill towards ensuring the addition of cryptocurrency mining to the countrys delinquent “Negative List for Market Access.” moving further from this unsatisfying economy news updates. The consequence of this action by the Chinese government will be geared toward agitating “cryptocurrency mining” in the region and caused it to be an industry that is off-limits to investors, however, this should be observed as another strategy that'll be employed by the china government to clamp down on digital currency-related actions.

Bitcoin Price Is Booming Here's Why

With less focus on why Bitcoin will be underperforming in the coming months ahead, it'd be best to know the trigger behind the positive notion the Bitcoin value has been favoured with.

The US In Support Of Crypto

From the Western world, it was discovered that the appreciative nature of Bitcoin by the US policymakers tend to have outperformed the overall entity of the eastern part of the world. A statement made by the Fed chairman Jeremy Powell and SEC Chairman Gary Gensler implies that the country did not commit to terminating the activities of crypto trading in the region. While this occurred to be a positive statement from the federal reserve chairman Jeremy Powell the SEC chairman also added a more detailed confirmation on the fact that the US government is in full support of cryptocurrency investors' capitals and they're not planning any shutdown against crypto-related activities.

El Salvador Bitcoin Buying Power

Recent updates on Salvadoran government cryptocurrency buying concern recorded an accumulation of 700 BTC in total. President Nayib Bukele declared that the Bitcoin wallet App endorsed by the Salvadoran policymaker has managed to grow over 3 million users. Besides the Chivo wallet which had an outage after the initial presentation of El Salvador in full support of cryptocurrency. The App was awarded the most prominent Bitcoin wallet in the entire Salvadoran region.

To bring these two unique achievements encountered in the Bitcoin market into conclusion. Every crypto enthusiast will actively be involved in jumping on the buying opportunities presented by the two positive announcements. Thus more upside breaks in the price of Bitcoin will be welcomed in the digital currency market.

Technical Levels To Watch For Bitcoin in the coming weeks

The buyers aim to push the price beyond the ($ 55,809) zone up to the 60K price point the Bitcoin market had managed to reach at the early start of May 2021. On the other hand, if the price should reach above 60k area the next inclination of Bitcoin value will be riding toward hitting the previous march 65K market value. So far crypto market investors and traders are holding a bullish sentiment as the rate of demand for Bitcoin is presently on the rise.

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