BTC/USD Is In a Minor Retracement as Bitcoin Pauses above $47K
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BTC/USD Fluctuates as Bitcoin Pauses Above $47k – December 31, 2021
Since December 4 price slump, Bitcoin’s bearish trend has subsided as Bitcoin pauses above $47K. For the past month, BTC/USD has been fluctuating between $46,000 and $52,000. Bitcoin is in a tight range for the past five days. It appears to be fluctuating in a tight range between $46,000 and $52,000 price levels.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
BTC/USD – Daily Chart
The king coin is trading marginally above the $47,000 support . Since December 29, bearish impulse, Bitcoin has been compelled to a narrow range between $46,000 and $48,000. Yesterday, the upward move was terminated at the high of $47,957 as the crypto resumed downward. The crypto has retraced above the $47,000 support. The bottom line is that if BTC price continues to fluctuate in a tight range, the market will encounter a price rebound or breakout. The market will decline sharply to the low of $41,634 if Bitcoin loses the $46,000 support. On the upside, a rebound above the $47,000 support will catapult Bitcoin above the $52,000 resistance. The bullish momentum will extend to the high of $58,000.
President Nayib Bukele Predicts Bitcoin to Rally to 100k in 2022
El Salvador President Nayib Bukele has made five bullish predictions on Bitcoin’s performance for the year 2022. He also made other predictions about two more countries joining El Salvador to adopt Bitcoin as a legal tender in 2022. In 2021, El Salvador became the first country to adopt Bitcoin as legal tender as a countermeasure to the growing inflation in the country. As of today El Salvador has acquired 1,370 BTC for the country’s reserve and reinvested its unrealized gains into new infrastructure projects like hospitals and schools. Some of the predictions of President Nayib Bukele include:
• About two more countries will adopt Bitcoin as a legal tender
• Bitcoin will be a major electoral issue in US elections this year
•Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
• Bitcoin will have a bull run that will reach the high of $100K
BTC/USD – 4 hour Chart
Meanwhile, Bitcoin is fluctuating above the $47,000 support as Bitcoin pauses above $47K. Bitcoin is trading marginally as the price action is characterized by small body candlesticks called Doji. These candlesticks are responsible for the current range-bound move.
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