Shanghai Court’s Ruling Boosts Bitcoin’s Bullish Prospects

The Shanghai Court’s ruling boosts Bitcoin’s bullish prospects. Justin Sun recently revealed a significant development for Bitcoin, highlighting its bullish potential. As per Justin Sun, the Shanghai No. 2 Intermediate People’s Court officially acknowledges Bitcoin as an exceptional digital currency, distinct from virtual coins like Q coins, due to its scarcity and inherent value.

The Court highlighted Bitcoin’s distinct and unrepeatable nature as a digital currency. This was a result of the influence of advances in internet technology. Even though China has strict rules for cryptocurrencies, the court showed support for Bitcoin. This support provided legal safeguards and boosted its position as a digital asset. With this recognition and a phase of consolidation ending, BTC’s potential for an upward trajectory appears promising.

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Bitcoin Key Levels To Watch – September 24

An uptrend began as the bulls stormed the market in March 2023. The uptrend continued for a month until a swing high formed at $31050.00. Following the formation of the $31050.00 swing high, BTCUSD declined swiftly into the $24750.00 demand zone.

A higher-high formed at $31862.00 due to the buying momentum from the $24750.00 demand zone. According to the RSI (Relative Strength Index), the market is in an upward expansion as a bullish divergence occurred. The upward expansion is likely to continue until the premium zone is reached.

Bitcoin’s Key Levels

Resistance Levels: $28661.00, $31862.00, $36800.00

Support Levels: $24750.00, $22655.00, $19569.00

Total Market Capitalization: $1.05T

Bitcoin Market Capitalization: $516B

Bitcoin Volume: $7.6B

Market Rank: #1

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