Bitcoin Breaks Below 45,760 Level – Downward Trendline in Play

Furthermore, two Virginia-based public pension funds, the Fairfax County Police Officers Retirement System and Fairfax County Employees’ Retirement System, were willing to invest $50 million in an investment fund that provides Bitcoin offerings, along with other crypto derivatives. Most of both funds will be invested in blockchain firms, and only 15% will go into cryptocurrencies. However, this was still a piece of favourable news for digital assets, which helped BTC/USD to surge on Sunday.

Meanwhile, according to a survey conducted by Sherlock Communications, about half of all Brazilians agree that the country should follow in the footsteps of El Salvador, and adopt Bitcoin as legal tender. The primary reason behind this poll result was attributed to protection against inflation and financial instability in the country.

Another favorable report was that customers of the UK Post Office can now make in-app Bitcoin purchases, as the post office has announced a partnership with German-based crypto exchange, Swarm Markets. This partnership will allow users to verify their identities through the Post Office Easy ID app, in order to directly access and purchase cryptocurrencies from Swarm’s website.

Bitcoin is trading at around 44,700 on Monday, with a bearish tendency. BTC/USD is acquiring immediate support to the downside at 44,212, and a bearish crossover beneath this level could reveal the subsequent support level of 43,300. Furthermore, if the 43,308 level is broken again, Bitcoin prices may be exposed to the following support level of 41,906.

Bitcoin has breached the pivot point mark of 45,601 in the 4-hour timeframe. This pivot point level is currently acting as a significant resistance level for Bitcoin. The breakthrough at the 45,614 level, on the other hand, exposes Bitcoin prices to the next resistance level at 46,518.