Bitcoin (BTC) discussed by BRICS nations for trade payments

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As a seasoned researcher with a knack for following global financial trends, I find the BRICS nations’ exploration of cryptocurrencies for trade payments intriguing. Having closely monitored the crypto market for years, I can attest to its potential as an alternative to traditional currencies, especially when political sanctions are in play.

At the recent BRICS Summit, representatives from each country considered employing digital currencies such as Bitcoin for cross-border transactions like import payments. This proposed move towards cryptocurrency usage within BRICS nations is intended to mitigate the impact of international sanctions.

BRICS investigate US dollar alternatives

At this week’s BRICS Summit, I had high hopes for the discussion of an alternative to the US dollar as the global reserve currency. While a symbolic banknote was indeed presented, it seems the focus shifted more towards exploring trade using local currencies instead.

It appears that the BRICS leaders acknowledge the U.S. dollar as the dominant currency in global trade, yet they understand the importance of having other currencies available as alternatives, especially when their own nations are barred from using the dollar due to political sanctions.

Russia proposes Bitcoin and crypto trade payments

Alongside discussions about utilizing local currencies, the BRICS leaders also explored the possibility of adopting digital currencies. This concept was notably advocated by the Russian representatives, who suggested a system where local miners could sell their Bitcoins to importers, allowing them to pay for goods from other countries without abiding by sanctions they are subjected to.

For this purpose, the Russian administration has set up two platforms inside the country where you can trade fiat money for cryptocurrency, and vice versa. Furthermore, the Russian administration is promoting the expansion of Bitcoin mining activities within their territory, ensuring a consistent supply.

The BRICS countries house a significant portion of the global population and contribute substantially to the worldwide economy. With around 30 other nations vying for membership in BRICS, this could potentially dilute the U.S. dollar’s dominant status as the world’s reserve currency, possibly making Bitcoin more prominent in its place.

$BTC trend is still up

For Bitcoin ($BTC), the temporary price graph indicates that the value continues to stay above the upper boundary of the “bull flag” pattern. Maintaining this position is crucial for the bulls in future trading. Moreover, the downward sloping trendline isn’t the only support; there’s also a horizontal level of support at approximately $66,000.

If the Bitcoin (BTC) price drops below these two levels, approximately $59,000 would represent a significant support level to prevent a potential trend reversal towards a downturn.

Given the current strength in traditional markets and the possibility of further interest rate reductions and cash injections by central banks globally, it seems quite plausible that this trend will persist.

$69,000 could provide base structure for next stage of bull market

Over a two-week horizon, it’s evident that the horizontal resistance at around $69,000 stands out. The Bitcoin price has been denied entry above this level once more. However, with the peak of its bull flag serving as support beneath, this level could serve as a launchpad for another attempt at breaking out, potentially as soon as next week.

If it’s successful, and the price reaches $69,000 and holds there, it could potentially establish a foundation for the upcoming phase of the bull market.

At the base of the graph lies a crucial factor that could propel Bitcoin’s next growth phase: the Stochastic RSI. Notably, both lines have surpassed the 25.00 mark, indicating a significant surge in Bitcoin’s price is imminent. Buckle up and prepare for takeoff!

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2024-10-25 13:06