Technical Analysis of BTC/USD for March 31, 2021

Crypto Industry News:

PayPal announced the ability to allow US customers to pay with cryptocurrencies (including bitcoin and ethereum) across its global retail network. The BTC / USD exchange rate rose to $ 59,000. Will he attack the price record today?

According to a report released this morning by Reuters, the move could help bolster the daily use and adoption of cryptocurrencies such as bitcoin and ethereum among millions of online retailers worldwide. Additionally, PayPal's move could positively increase exposure and broader evidence of the validity of cryptocurrency use in a relatively niche sector.

According to yesterday's reports, customers with cryptocurrencies such as BTC, ETH, LTC, BCH in their PayPal digital wallets will now be able to convert their resources into FIAT currencies in shopping carts to make purchases.

This means customers would pay in cryptocurrencies, however PayPal will immediately convert digital assets into fiat currency and pay the sellers. For the merchant, this would mimic the current payment method, while for a PayPal user it would be a newer experience of spending cryptocurrency to purchase goods or services.

The service goes live one year after PayPal announced that it is launching its cryptocurrency-based business, which will be available to all 29 million sellers in the coming months.

Technical Market Outlook:

The BTC/USD pair has broke through the trend line resistance and made a top at the level of $59,612 (at the time of writing the article). The next target is seen at the level of $60,100. From there the road towards the ATH located at the level of $61,683 is very short. Strong and positive momentum supports the short-term bullish outlook for BTC.

Weekly Pivot Points:

WR3 - $66,270

WR2 - $62,632

WR1 - $58,882

Weekly Pivot - $54,425

WS1 - $50,791

WS2 - $46,464

WS3 - $42,622

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken on the e daily time frame chart.

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The material has been provided by InstaForex Company - www.instaforex.com

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