https://ift.tt/3exxWkf Continues Downward Correction, Battles Resistance at $52k

BTC/USD Recovers From $46.6k as Bitcoin Battles Resistance at $52K- December 29, 2021

BTC/USD is still in a downward correction as Bitcoin battles resistance at $52k. The selling pressure was significant because the BTC price tested the $52,000 overhead resistance. This will be the second time the resistance will be retested. On December 7, BTC price was repelled at the overhead resistance as the market declined to $47,051 low.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

Yesterday, Bitcoin (BTC) slumped to $47,642 as bulls bought the dips. For the past week, the BTC price has been correcting upward. On December 23, the bulls broke above the $50,000 high but could not sustain the bullish momentum. The crypto’s price resumed a sideways move below the recent high. Eventually, the bullish momentum extended to $52,000 resistance which has caused the crypto to decline to the lower price range. In retrospect, since December 4 price slump, the market has been fluctuating between $46,000 and $52,000 price levels. Today, BTC price is declining to the lower price range. Bitcoin is trading at $46,961 at press time.

El Salvador’s State-issued Chivo Wallets Are Reportedly Missing

Some of the Salvadorans claim funds are missing from the Chivo wallets. Luis Guardado has made a direct appeal to El Salvador President, Nayib Bukele. He demanded his money. He said: “There is a security flaw on the wallet where money and transactions disappeared,” According to reports, at least 50 Salvadorans have reported losses from cryptos’ claims totaling more than $96,000. Some of these transactions were as low as $61.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has fallen to the low of $46,996 but battles resistance at $52k. BTC price has fallen to the lower price range and it is pulling back. For the past three weeks, Bitcoin is range bound between $46,000 and $52,000 price levels. Buyers have made three unsuccessful attempts at the overhead resistance. Similarly, sellers have made several attempts to breach the $46,000 support to no avail.

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