Pre Open US - Bitcoin 16 Aug 2023

The Bitcoin Taproot upgrade, activated in November 2021, is a significant advancement enhancing network privacy, efficiency, and smart contract capabilities. It combines multiple conditions into transactions for increased privacy and efficiency. Its key features include Schnorr Signatures, Tapscript, and Taproot itself, which collectively improve transaction validation speed, block space efficiency, and data storage. The upgrade's potential benefits encompass enhanced privacy, lower transaction fees, innovative smart contracts, and improved network security. This milestone empowers developers to create decentralized finance solutions and accelerates transactions, fostering efficiency and reduced costs. Overall, the Taproot upgrade represents a crucial step in Bitcoin's development, offering innovative features and paving the way for a new era in cryptocurrency.

Technically, on the daily chart, price action is still clinging to the resistance level of 29790. A genuine breach of the current resistance could propel the price towards 31000, while a selloff might lead BTC back to the 100-day moving average on the daily chart.