BTC/USD

May 08 2021

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Thrice at the $60,000 Resistance Zone, Resumes Downward Correction

Bitcoin (BTC) Price Prediction – May 9, 2021
Bitcoin bulls have broken above the $58,000 resistance but the bullish momentum could not be sustained. Today, BTC/USD traded as price reached the high of $59,450. The king coin is likely to retrace to $57,000 low if the bulls fail to break the $60,000 psychological price level.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

Bitcoin price was rejected thrice at the $60,000 resistance level. Buyers made frantic efforts to sustain the bullish momentum above the recent high but were repelled by overwhelming selling pressure. Consequently, Bitcoin has resumed a downward move as a result of a strong rejection at the resistance of $59,200. The current retracement will extend to the low of $57,000. Nevertheless, if price breaks below the $57,000 support, the market will continue the downward move. That is, the selling pressure will extend to the low of $53,000. On the upside, if price retraces and finds support above $58,000, the upside momentum will resume.

Bank of England Governor Warns on Crypto Investment
Andrew Bailey is the governor of the Bank of England who has warned crypto investors of the inherent dangers of cryptocurrency investment. The governor argued that cryptocurrencies lacked intrinsic value. According to him, “I would only emphasize what I’ve said quite a few times in recent years, [and] I’m afraid they have no intrinsic value. I’m sorry; I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.” Bailey’s comments are coming at a time when crypto markets are characterized by a huge spike in crypto prices. Major altcoins such as Polkadot, Chainlink, and XRP have also seen vertical price actions.

Bitcoin risks another downward correction as the king coin faces stiff rejection at the $59,450 resistance. The Fibonacci tool has already indicated a marginal upward move of Bitcoin and a possible reversal. On May 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1. 272 Fibonacci extension or the high of $59,819.90. From the price action, BTC price has reached a high of $59,450 and has commenced a downward move.

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Thrice at the $60,000 Resistance Zone, Resumes Downward Correction

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May 06 2021

Bitcoin (BTC) Price Prediction: BTC/USD Is Stuck between $53,000 and $58,000 as Bears and Bulls Continue Unending Price Tussles

Bitcoin (BTC) Price Prediction – May 7, 2021
Since May 1, BTC/USD upward moves have been restricted below $58,000 high. Bitcoin now fluctuates between $53,000 and $58,000 price levels. Bitcoin bulls have retested the $58,000 resistance level on four occasions but unable to break it. BTC price is now falling after the last rejection.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC price is falling on the downside after rejection from the $58,000 resistance zone. Yesterday, the king coin dropped to $55,500 support and pulled back to retest the $57,000 high before resuming the downward move. Selling pressure will persist if price breaks below the moving averages. The market will fall and revisit the previous low at $53,000. On the other hand, if price falls and finds support above the moving averages, the uptrend will resume. The downtrend becomes necessary because buyers fail to break the $58,000 resistance. A breakout at the $58,000 resistance will propel price to reclaim the $58,000 support. The bullish momentum will extend to the $60,000 psychological price level. In essence, the resumption of upside momentum begins when the BTC price is above the $58,000 support. Today, the market has declined to $55,896 and there are indications of a further downward move.

Largest Latin American eCommerce Platform, Mercado Libre, Adds $7.8m Bitcoin to Its Treasury
Mercado Libre is the largest e-commerce platform in Latin America. The purchase makes the eCommerce platform the 36th publicly-traded company to add Bitcoin to its balance sheet. The Argentinean Company is the first large Latin American company to acquire Bitcoin for its treasury. The company has joined other firms such as MicroStrategy and Tesla, which have holdings of BTC within their assets. The platform has announced to the U.S. Securities and Exchange Commission that it has acquired $7.8 million in BTC in the first quarter of 2021.

BTC price has resumed a downward move after its rejection at $58,000 resistance. The selling pressure may continue on the downside as the coin faces further rejections. Meanwhile, on May 6 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that the selling pressure will continue to level 1.618 Fibonacci extension or the low of $53,455.20.

Bitcoin (BTC) Price Prediction: BTC/USD Is Stuck between $53,000 and $58,000 as Bears and Bulls Continue Unending Price Tussles

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May 05 2021

Bitcoin Price Prediction: BTC/USD Stays Above the Moving Averages; Recovery May be Limited by $55,000 Level

Bitcoin (BTC) Price Prediction – March 5

BTC/USD is up by more than 6.94% as the price struck a sudden and bullish price spike.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $62,000, $64,000, $66,000

Support Levels: $48,000, $46,000, $44,000

The daily chart reveals that BTC/USD is pushing the price above the crucial resistance level of $56,500. The coin is moving towards $57,000 to trade at $56,914 at the time of writing. However, the number-one crypto is moving with strong bullish momentum after a sustainable break above an important technical level. Meanwhile, BTC/USD has gained over 6% since the beginning of the day as it is currently using $53,000 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

What to Expect from Bitcoin (BTC)

As the king coin stays above the moving averages, the return below $57,000 could set the framework for gains towards $60,000. Meanwhile, the technical analysis shows that the bulls are ready for action especially when the up-trending RSI (14) is considered. Therefore, any further bullish movement towards the upper boundary of the channel could pave the way for gains above $58,500 before reaching the resistance levels of $62,000, $64,000, and 66,000.

Looking at the downside, if the price falls back below the $55,000 level and move to cross below the lower boundary of the channel, the bears may wrestle out control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next critical support may come at $52,000, which may be followed by $48,000, $46,000, and $44,000 support levels.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

The 4-hour chart reveals that the market is showing a sign of weakness as the price couldn’t stay above the moving averages. However, the intraday trading is looking bullish; following the recent rebound at $53,000 which is the key support level. If the coin trades below the moving averages, it could meet the next key support level at $55,000 and below.

However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $57,000 resistance. A climb above the mentioned resistance may further push BTC price to the resistance level of $59,000 and above. In other words, the technical indicator RSI (14) faces down, suggesting downward movement.

Bitcoin Price Prediction: BTC/USD Stays Above the Moving Averages; Recovery May be Limited by $55,000 Level

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May 04 2021

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Twice at the $58,000 High as Selling Pressure Persists

Bitcoin (BTC) Price Prediction – May 5, 2021
Bitcoin’s recent upward moves to the $60,000 price level have been repelled twice. BTC/USD price now struggles below the $58,000 resistance level. Today, BTC price has fallen to the low of $53,000 as bulls buy the dips. The king coin is still facing rejection after correction on the upside.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

Following the last bearish impulse on April 23, the market declined to the low of $48,000. Buyers have difficulty in sustaining BTC prices above the $58,000 high. In the first week of May, buyers pushed Bitcoin to the previous highs on two occasions. On each occasion, the market would rise and retest the $58,000 resistance and fall. On May 1, the uptrend was interrupted as it fell to $56,000 support. Similarly, on May 3 the bullish momentum was terminated at the resistance as the market fell to the $54,000 support. Bitcoin is facing further selling pressure after the downward correction. The biggest altcoin is facing rejection at $55,500 high. If the bears succeed, the market will decline to the current support at $53,000. If this support is breached Bitcoin will revisit the $50,000 psychological price level.

CME Group Pioneer Micro Bitcoin Futures
The Chicago Mercantile Exchange, or CME, has officially launched its newest Bitcoin derivatives product. The new contract is worth one-tenth the size of a single Bitcoin. The Micro Bitcoin futures contract is worth 0.1 BTC, which provides traders with an additional tool to hedge their digital currency price risk. The CME launched its first-ever Bitcoin futures contract in December 2017 which made the cryptocurrency derivatives grow exponentially. According to reports, the cryptocurrency derivatives trades accounted for 55% of the overall markets in December 2020.

Bitcoin price has fallen and may likely continue the downward move. On the 4-hour chart, the BTC price is on a downward move. On May 1 uptrend. a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise and reverse at level 1.272 Fibonacci extension or the high of $59,759.60. Presently, the market has reversed from the high of $59,000 and a further downside is likely.

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Twice at the $58,000 High as Selling Pressure Persists

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May 03 2021

Bitcoin Price Prediction: BTC/USD Retreats; Could it be a Recovery to $60,000 Resistance?

Bitcoin (BTC) Price Prediction – April 3

BTC/USD slumps below the resistance level of $58,986. Further downside momentum appears to be imminent but $55,000 may likely come out as support.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $64,000, $66,000, $68,000

Support Levels: $50,000, $48,000, $46,000

BTC/USD soars to $58,986 in the early hours of today’s trading. The surge saw the price of Bitcoin rise to levels not reached in the last few days. Therefore, BTC/USD is hovering at $56,824 after dropping from the daily high. More so, where Bitcoin will go next after this retreat is likely to depend on the ability of the bulls to hold the price above the key support at $56,500.

Would Bitcoin Go Up or Down?

The Bitcoin price remains intact above the 9-day and 21-day moving averages; however, a further retracement seems imminent and it is likely to break below $56,500. Meanwhile, looking at the chart, $50,000, $48,000, and $46,000 serve as the major support levels, making room for BTC to fall even further. The technical indicator RSI (14) is still moving around the 52-level, suggesting sideways movement.

However, as the daily chart reveals, if the bulls could push the price back above the daily high at $58,986, BTC/USD may see a potential resistance level at $62,000, any further movement could send it to other resistance levels at $64,000, $66,000, and $68,000 respectively.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, the bears are coming back into the market as the market price moves below the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the moving averages. Meanwhile, if BTC/USD breaks above the channel, the $60,000 and above may come into play.

However, if the price breaks below the lower boundary of the channel and falls more, the support levels of $54,000 and below may be in focus. Meanwhile, as the RSI (14) nosedives below55-level, more bearish signals may play out before a rebound could come in.

Bitcoin Price Prediction: BTC/USD Retreats; Could it be a Recovery to $60,000 Resistance?

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