opinion

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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May 02 2021

Bitcoin (BTC) Price Prediction: BTC/USD Struggles to Break Above $58,000 Resistance, Lacks Buyers at Higher Price Levels

Bitcoin (BTC) Price Prediction – May 3, 2021
BTC/USD is in a brief uptrend and has partially broken above the $58,000 resistance. The bullish momentum could not be sustained above the resistance level because of intense selling pressure. Bitcoin now fluctuates between $56,000 and $58,000 price levels.

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

Today, the BTC price has returned to retest the $58,000 resistance level. The $58,000 support level has been the crucial price level that has facilitated the resumption of upside momentum. On the upside, Bitcoin bulls are retesting the recent high for a possible breakout. If buyers succeed in breaking the current resistance the market will rally to the $60,000 high. Also, if the $60,000 psychological price level is breached, Bitcoin will resume the second round of upside momentum. However, if BTC price rallies the $60,000 high and fails to sustain above the psychological price level, the market will not hesitate to fall to the previous price level. Bitcoin is trading at $57,956 at the time of writing.

Turkey Jails Six Suspects Over Missing CEO of Thodex Crypto Exchange
The missing Thodex CEO is reported to have own millions of dollars worth of crypto. Turkish authorities are investigating the local cryptocurrency exchange, Thodex, which has ceased operation abruptly. The Turkish court has already jailed six suspects including siblings of the missing CEO and senior company employees. According to reports 83 individuals suspected to be involved in the case have been detained. There are growing concerns that Thodex was a scam after the platform halted money withdrawals. Nevertheless, the missing Thodex CEO is reported to have gone with as much as $2 billion worth of crypto. From the latest reports, interior minister Soylu said that the company’s portfolio has a total of $108 million.

On the 4-hour chart, the BTC price is struggling to break above the $58,000 resistance. The Fibonacci tool has indicated a possible rise to the $60,000 high and subsequent reversal. 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 $59,884.70.

Bitcoin (BTC) Price Prediction: BTC/USD Struggles to Break Above $58,000 Resistance, Lacks Buyers at Higher Price Levels

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May 01 2021

Bitcoin (BTC) Price Prediction: BTC/USD Consolidates Above $57,000 Support, Preparatory to an Imminent Breakout

Bitcoin (BTC) Price Prediction – May 1, 2021
Bitcoin Price has rallied to $58,000 high but was resisted. Today, Bitcoin is fluctuating below the $58,000 resistance. BTC price now fluctuates in a tight range between levels $57,000 and $58,000. BTC/USD is trading at $57,608 at the time of writing.

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

Today, BTC/USD has reached and retested the $58,000 resistance level but faces rejection. The recent retest and subsequent consolidation below the $58,000 resistance is an indication of a further upward move. In the lower time frame, BTC price now fluctuates in a tight range between $57,000 and $58,000. Analysts think that consolidation near a resistance level increasing the chances of a breakout. Presently, if price breaks above the $58,000 high, the market will rally to $62,000 high. Similarly, if price breaks below the $57,000 support, a decline to $54,000 support is likely. Meanwhile, the king coin is retracing after rejection from the recent high. On the daily chart, the market is retracing to the support of the 21-day and 50-day SMAs. The king coin will resume an upward move if the current support holds.

Uzbek Governmental Agency Proposes to Legal Domestic Crypto Trading
A major governmental agency in Uzbekistan seems to be rethinking its stance on allowing cryptocurrency trading in Uzbekistan. According to an official statement which reads: “The National Agency for Project Management under the President of the Republic of Uzbekistan, or NAFT, issued an official document proposing several amendments to licensing procedures for crypto trading” In 2019, the agency banned citizens from purchasing cryptocurrencies like Bitcoin. Despite barring crypto purchases, the authority reportedly still allows locals to sell their crypto holdings. The recent development shows an apparent change of heart toward cryptocurrencies at the NAFT.

On the 4-hour chart, the BTC price is fluctuating below the $58,000 resistance. On April 28 uptrend. a retraced candle body tested the 61.8% Fibonacci retracement. This retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of $62053.80. Meanwhile, Bitcoin is trading at $57,241 at the time of writing.

Bitcoin (BTC) Price Prediction: BTC/USD Consolidates Above $57,000 Support, Preparatory to an Imminent Breakout

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Apr 29 2021

Bitcoin (BTC) Price Prediction: BTC/USD Consolidates Above $50,000 Support; Can Bulls Resume The Rally?

Bitcoin (BTC) Price Prediction – April 29, 2021
Bitcoin faces rejection from the $56,000 resistance zone after three days of fluctuating below it. Bitcoin is in a downward move after rejection from the recent high. The bears have also broken the $54,000 support level which is an indication of a further downward move.

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

Following a stiff resistance at the $56,000 high, Bitcoin has dropped sharply to $52,000 low. The downtrend was accelerated because the bears broke the $54,000 supports. As price breaks the $54,000 support there is every indication that the decline will continue to the previous low at $48,000 support. BTC/USD will undergo an acid test above the $48,000 support. The bulls have been defending the support level since February 22. The bears attempting to break the psychological price level which will pave the way for a further downtrend. However, if Bitcoin loses the $48,000 support, the BTC price will fall into a deeper correction. Buyers have lost the $54,000 support; therefore there is a likelihood of a further downtrend. Today, Bitcoin is trading at $52,896.10 at the time of writing.

Bitcoin (BTC) Indicator Reading
Bitcoin is at level 44 of the Relative Strength Index period 14. It indicates that BTC price is in the downtrend zone and capable of falling on the downside. The king coin has fallen below the 20% range of the daily stochastic. This implies the crypto has fallen into the oversold region of the market. In the oversold region, there is likely to be the emergence of buyers to push prices upward. The crypto’s price is breaking below the support line of the ascending channel. The selling pressure will resume if price breaks and closes below it.

On the 4-hour chart, the BTC price has fallen to the support of the 50-day SMA. If the support holds, the uptrend will resume. Nevertheless, if the bears break the $48,000 support, the price action may retest the Fibonacci levels. That is, on April 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Bitcoin will fall to level 1.618 Fibonacci extension or the low of $41,660.00.

Bitcoin (BTC) Price Prediction: BTC/USD Consolidates Above $50,000 Support; Can Bulls Resume The Rally?

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