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
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.
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.
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