BTC/USD Retraces, Poises to Reclaim $48,000

Bitcoin Consolidates Above $46,000, Poises to Reclaim $48,000 – August 16, 2021

Bitcoin has resumed upside momentum as it poises to reclaim $48,000. Today, buyers have retested the resistance level but were repelled. The bulls are not giving up the battle to reclaim the $48,000 price level. Since August 13, BTC/USD has been trading between $46,000 and $48,000 as buyers continue to retest the $48,000 overhead resistance.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Following the rally to the $48,000 high, BTC price has been trading consistently below the resistance zone. For the past three days, the bulls have retested the resistance level thrice as Bitcoin finds support above $46,000. Yesterday, the BTC price retraced to $45,676 low as bulls bought the dips. The retracement indicates that there is a possibility of further rise of Bitcoin. On the upside, Bitcoin will rally above $50,000, if the $48,000 resistance level is breached.

The bullish momentum is likely to extend to the high of $51,000. However, buyers are likely to face stiff resistance at the $50,000 psychological price level. Conversely, if BTC/USD faces rejection at the $48,000 resistance zone, Bitcoin is likely to drop sharply on the downside. Meanwhile, Bitcoin is at level 68 of the Relative Strength Index period 14. It appears that Bitcoin has not enough room to rally on the upside. The chances of a breakout at the $48,000 resistance are very slim as Bitcoin approaches the overbought region.

Ethereum Popular Than Bitcoin in Singapore

According to a popular survey, Ethereum is more popular than Bitcoin, followed by Cardano, and Binance Coin in Singapore. The study titled: “The State of Crypto in Singapore Report 2021,” conducted by crypto exchange Gemini in partnership with CoinMarketCap and Seedly, found that more than two-thirds of Singaporeans who have financial investments currently hold crypto. “The report, which sampled 4,348 Singapore-based adults who self-identify as having or being interested in personal finance and investment products, shows that 67% of the respondents currently own crypto assets.” The report concluded that people’s interest in crypto increased partly due to the COVID-19 pandemic. During the period of COVI9, 67% of crypto holders invested more during the pandemic to hedge against inflation.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is retracing after rejection from the recent high as it poises to reclaim $48,000. The selling pressure will be accelerated if price breaks below the moving averages. The upward move will resume if price finds support above 50-day SMA. Meanwhile, on the August 13 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 2.0 Fibonacci extension or level $52,323.00.

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