Bitcoin Price Predicted to Hold $60k as Brazilian Bank Onboards 100M BTC Users

Bitcoin Price Analysis:

Bitcoin price has rebounded 4% to close the week around $61,000 on June 29, after reversing losses from Monday’s crash, bullish news events in Brazil could spur investor confidence over the weekend. 

Brazil’s Nubank Integrates Bitcoin Lightning Network for its 100 Million Users

Brazilian digital banking powerhouse Nubank is set to introduce the Bitcoin Lightning Network to its extensive user base across Latin America. This move comes through a collaboration with Lightspark, a payments platform aimed at promoting enterprise adoption of the Lightning Network.

Lightspark, established in 2022 by former PayPal president David Marcus, will support Nubank in integrating the Lightning Network and the Universal Money Address (UMA) standard. UMA simplifies cryptocurrency transactions by providing users with email-like addresses for sending and receiving digital funds.

The Lightning Network, a layer-2 solution built on Bitcoin, addresses scalability issues inherent to the cryptocurrency. According to Lightspark, Nubank’s integration marks a “significant milestone” poised to “dramatically impact overall network usage at a time when it’s most needed.”

Nubank, a key financial player in Latin America and supported by Warren Buffett’s Berkshire Hathaway, ventured into the cryptocurrency realm in May 2022. The bank currently facilitates trading in 14 cryptocurrencies.

Demonstrating its commitment to digital currencies, Nubank has also allocated 1% of its net assets to Bitcoin. Of its 100 million users, 92 million are now likely to have direct exposure to the digital asset.

Bitcoin Price Forecast: $60k Support to Hold Steady 

Bitcoin has recently rebounded by 4%, closing the week around $61,000 on June 29, following a reversal of losses from Monday’s crash. The recent bullish news from Brazil regarding Nubank’s integration of the Bitcoin Lightning Network could enhance investor confidence over the weekend.

Key support and resistance levels can be identified from the chart. The $60,000 level is a crucial support, as BTC price has tested this level multiple times and managed to hold steady. Below this, the next significant support level lies at approximately $58,000, as indicated by the 2.618 Fibonacci extension level.

This support level is critical to watch, as a drop below it could signal further downside potential.

On the resistance side, Bitcoin faces immediate resistance at around $62,000, which coincides with the 0.236 Fibonacci retracement level. Beyond this, stronger resistance levels are observed at $64,000 and $66,000, corresponding to the 0.382 and 0.5 Fibonacci retracement levels, respectively. A break above these resistance levels would be a positive sign, indicating the potential for a continued upward move towards the $70,000 mark.

In conclusion, with the $60,000 support level holding firm and positive market sentiment driven by institutional adoption, Bitcoin appears poised to maintain its bullish trajectory. Investors should monitor the key resistance levels at $62,000, $64,000, and $66,000 closely. A successful break above these levels could set the stage for further gains, potentially pushing Bitcoin towards new highs in the near term.