BTC/USD Consolidates above $49,000 as Bears Resume Selling Pressure

BTC/USD Risks $40k Low as Bears Resume Selling Pressure– December 6, 2021

For the past 48 hours, BTC/USD has been consolidating above the $49,000 support as bears resume selling pressure. The $49,000 support is the historical price level of September 28. The bulls have bought the dips as shown by the long candlesticks. BTC price will be in downward correction between $49,000 and $59,000 price levels. Bitcoin bulls have an uphill task to break above the $59,000 resistance or the moving averages.

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

BTC/USD – Daily Chart

Following the recent price action, Bitcoin plunged to $42,000 low as bulls bought the dips. The king coin has corrected above the $49,000 support. The bulls and bears are in price tussle above the current support. If the bulls have the upper hand, buyers will push the crypto to retest the $59,000 resistance. A break above the resistance will catapult Bitcoin above the $60,000 high. The range-bound move will resume if buyers face rejection at $59,000. On the downside, if the bears break the $49,000 support, it will signal the resumption of the downtrend. The market may decline to a low of $40,000 if the bearish trend is sustained.

El Salvador loads 150 Bitcoin after prices plunge below $50K

El Salvador’s Bitcoin reserve is now amounting to 1,270 BTC after the purchase of 150 BTC. President Bukele’s government ” buy the dips” as Bitcoin crashed to $42,000 low. The government purchases 150 BTC at an average price $48,670 per coin. The bear market has pushed BTC’s price to almost $42,000 after falling over 37% from its all-time high of $68,000. The Salvadoran government plan includes withdrawing unrealized BTC gains in U.S. dollars to fund developmental projects while maintaining the overall value of the central reserve.

Bitcoin (BTC) Price Prediction: BTC/USD Consolidates above $49,000 as Bears Resume Selling Pressure — BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is fluctuating above the $49,000 as bears resume selling pressure. On November 27 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.272 Fibonacci extension or $49,528.20. From the price action, sellers are attempting to break below the current support.