Bitcoin (BTC) Faces Strong Rejection as Bitcoin Fluctuates Below $47,000 – August 10, 2021
BTC/USD is trading in the overbought region as Bitcoin fluctuates below $47,000. Since August 6, the bulls have broken the resistance at $42,299 to reach a high of $46,4 38. Today, BTC’s price is facing rejection at the $47,000 resistance zone. BTC/USD is expected to fall as sellers emerge in the overbought region.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $40,000, $39,000, $38,000
Following the breakout on August 6, the bulls overcame the resistance at $42,299 to reach the $47,000 resistance. Buyers could not sustain the bullish momentum above the $47,000 high. If buyers have succeeded, Bitcoin would have rallied to the $50,000 psychological price level. The bulls will not have an easy way as they face stiff opposition at the high of $50,000. Nevertheless, if the bulls again clear the $50,000 or $51,500 resistance zone, Bitcoin will rally to the $60,000 price level.
On the downside and today, BTC price is falling as bulls fail to sustain above the $47,000 high. The bearish scenario is that if the BTC price falls and breaks below the $42,299 support, the crypto will fall into the range-bound zone of $31,000 and $40,000 price levels. The bullish scenario is that if price falls and finds support above $42,299, Bitcoin will continue the upside momentum. Today, Bitcoin is falling but it is trading at $45,531 at the time of writing.
Gold Market Crashes as Bitcoin Holds Strong
On Monday morning, in the Asian trading session, Gold prices dropped below $1,700 per ounce. This has compounded the losses accumulated over the week. Presently, Gold is down by 4% over the past seven weeks and 8.7% since trading above $1,900/oz at the end of May. According to the reports, the precious metal has retreated to 8% in 2021, and it is down by 14.6% from its August 2020 all-time high of just below $2,040. Presently, 1 BTC is worth 25 ounces of gold. Bitcoin is down 28.5% from its all-time high against gold. Nevertheless, 1 Bitcoin was worth 15.5 ounces of gold at the start of 2021.
Meanwhile, the BTC/USD is falling and it has found support above the 21-day SMA as Bitcoin fluctuates below $47,000.. The uptrend will resume if the 21-day SMA support holds. BTC price will rise to retest the $47,000 resistance. A break above the resistance will signal the resumption of an uptrend. Nevertheless, on August 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extension or level $47,430.40.
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Bitcoin (BTC) Faces Robust Rejection as Bitcoin Fluctuates Under $47,000 – August 10, 2021
BTC/USD is buying and selling within the overbought area as Bitcoin fluctuates under $47,000. Since August 6, the bulls have damaged the resistance at $42,299 to succeed in a excessive of $46,4 38. Right now, BTC’s value is dealing with rejection on the $47,000 resistance zone. BTC/USD is anticipated to fall as sellers emerge within the overbought area.
Resistance Ranges: $45,000, $46,000, $47,000
Assist Ranges: $40,000, $39,000, $38,000
Following the breakout on August 6, the bulls overcame the resistance at $42,299 to succeed in the $47,000 resistance. Consumers couldn’t maintain the bullish momentum above the $47,000 excessive. If consumers have succeeded, Bitcoin would have rallied to the $50,000 psychological value degree. The bulls won’t have a straightforward method as they face stiff opposition on the excessive of $50,000. However, if the bulls once more clear the $50,000 or $51,500 resistance zone, Bitcoin will rally to the $60,000 value degree.
On the draw back and right now, BTC value is falling as bulls fail to maintain above the $47,000 excessive. The bearish state of affairs is that if the BTC value falls and breaks under the $42,299 assist, the crypto will fall into the range-bound zone of $31,000 and $40,000 value ranges. The bullish state of affairs is that if value falls and finds assist above $42,299, Bitcoin will proceed the upside momentum. Right now, Bitcoin is falling however it’s buying and selling at $45,531 on the time of writing.
Gold Market Crashes as Bitcoin Holds Robust
On Monday morning, within the Asian buying and selling session, Gold costs dropped under $1,700 per ounce. This has compounded the losses gathered over the week. Presently, Gold is down by 4% over the previous seven weeks and eight.7% since buying and selling above $1,900/oz on the finish of Could. In accordance with the stories, the valuable metallic has retreated to eight% in 2021, and it’s down by 14.6% from its August 2020 all-time excessive of just under $2,040. Presently, 1 BTC is price 25 ounces of gold. Bitcoin is down 28.5% from its all-time excessive in opposition to gold. However, 1 Bitcoin was price 15.5 ounces of gold in the beginning of 2021.
In the meantime, the BTC/USD is falling and it has discovered assist above the 21-day SMA as Bitcoin fluctuates under $47,000.. The uptrend will resume if the 21-day SMA assist holds. BTC value will rise to retest the $47,000 resistance. A break above the resistance will sign the resumption of an uptrend. However, on August 8 uptrend; a retraced candle physique examined the 78.6% Fibonacci retracement degree. The retracement signifies that Bitcoin will rise however reverse at degree 1.272 Fibonacci extension or degree $47,430.40.
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