Bitcoin (BTC) Price Prediction: BTC/USD recovers from $47,500 low, Can the bulls resume upside momentum?
Bitcoin (BTC) Price Prediction – April 24, 2021
BTC/USD has fallen to $47,500 low. This was made possible because the bears broke the $54,000 support level. BTC price accelerated downward to reach the $47,500 low but price corrected upward. The upward correction has made BTC price to fluctuate below and above the $50,000 support level.
Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000
On the daily chart, the breaking of the moving averages and the crucial support at $58,000 accelerated the downward movement of prices. On April 18, there was a breakdown as Bitcoin plunged to $50,500. The bulls promptly bought the dips as price rallied above $55,000. The selling pressure was overwhelming as bears broke and closed below the moving averages. Bitcoin price fell to the bearish trend zone after a breakdown. In the bearish trend, Bitcoin is capable of falling on the downside. Today, BTC price has fallen to the low of $48,000 but buyers have pushed BTC price above the $50,000 support. The bulls and bears are still struggling for price possession above the $50,000 psychological price level. The upward move will resume if the $50,000 support holds. Nonetheless, if buyers can push Bitcoin above $58,000 support, upside momentum will resume in earnest.
Governing Body of Louisiana Offers Bitcoin Its Nod of Endorsement
The government of the U.S. state of Louisiana has passed a resolution in which it acknowledged Bitcoin’s achievement. Bitcoin has attracted growing levels of adoption by firms over the months as a result of rising above the $60,000 price level. The House Resolution No. 33 from Rep. Mark Wright indicated thus: “THEREFORE, BE IT RESOLVED that the House of Representatives of the Legislature of Louisiana does hereby commend Satoshi Nakamoto for his contribution to economic security,”
The first lines of the resolution read: “To commend Bitcoin for its success in becoming the first decentralized trillion-dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology.” The Louisiana document described Bitcoin as a gold alternative. “Bitcoin, which could potentially replace gold as a monetary reserve, is limited and finite and there is a maximum capacity of only twenty-one million bitcoins allowed to be produced,” the document said.
Bitcoin is in a downward correction. The king coin plunged to $47,500 low but it is correcting upward above the $50,000 support. Nonetheless, the price indicator has suggested otherwise. On April 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Bitcoin will fall to level 1.618 Fibonacci extension or the low of $41,655.40.