Bitcoin Price Prediction: BTC Rises 6% Amid Israel Crisis, Taproot & Tesla AI
As global events and tech advancements shape the crypto world, Bitcoin price stands resilient. Trading at $28,247 with a 0.84% decline on Thursday, its price rose 6% amidst US calls for action against Hamas' crypto use following Israel's strike.
Additionally, Bitcoin's ecosystem is enriched by the inclusion of stablecoins through Lightning Labs' Taproot Assets alpha. Even as Tesla dives deep into AI, Bitcoin's value in their earnings remains steadfast.
US Lawmakers Urge Action on Hamas' Crypto Use Post-Israel Strike
A bipartisan group of 105 US politicians, including Senators Elizabeth Warren, Roger Marshall, and Representative Sean Casten, have called on the Biden administration for swift action against Hamas and its affiliates' use of cryptocurrency.
This call to action follows a deadly incident in Israel perpetrated by a militant Palestinian faction. The legislators expressed "grave concern" over how groups like the Palestinian Islamic Jihad and Hamas utilize digital assets to fund their activities, thereby circumventing US sanctions.
Bitcoin Price Prediction
For the October 18 BTC/USD technical analysis, Bitcoin's activity is evident on a 4-hour chart. The pivotal value for the asset is $28,582. Currently, it encounters sequential resistance at $29,237, followed by $29,921, and then at $30,500.
On the contrary, potential support markers are at $27,691, dropping to $27,239, and further down at $26,576. The 50-day Exponential Moving Average (EMA) is set at $27,250. With Bitcoin's price trading above this EMA, it implies a short-term upward trend.
In essence, Bitcoin's current trajectory leans towards the bullish side as long as it sustains above $28,000. In the near future, Bitcoin might challenge the mentioned resistance points, warranting traders' attention to these levels.
