Bitcoin (BTC) Price Prediction: BTC/USD has maintained its recent rally, holding above $46,000.
Bitcoin (BTC) bullish above $46,000 on August 14, 2021
Since July 31, Bitcoin bulls have been able to sustain their recent rally above $40,000 while holding above $46,000. BTC price is making a series of higher ups and higher downs. On August 3rd, the price of BTC crossed $38,000 and hit a record low, allowing Bitcoin to reach its previous price level. Today, the price of BTC is declining after being rejected from a high of $48,000.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $40,000, $39,000, $38,000
Today, the price of BTC has dropped to as low as $46,281 while remaining above $46,000. Buyers failed to maintain bullish momentum above the $48,000 high. Moreover, BTC/USD has been overbought for several days. The current selling pressure has subsided as Bitcoin gained support above the 21-day SMA. Bullish momentum resumes when price finds support above its moving average. Conversely, if the bull breaks the $48,000 resistance, Bitcoin will rally above the $50,000 psychological price level. However, the downtrend resumes when the selling pressure resumes and falls below the $38,000 support level. Meanwhile, BTC price is consolidating above the 21-day SMA for upside potential. Currently, Bitcoin is trading at $46,826 at the time of writing.
Argentina President Supports Bitcoin and CBDC - Holds Over $46,000
Argentine President Alberto Fernandez has expressed the idea of seeking support for digital assets and central bank digital currency (CBDC). The President believes that Bitcoin acts as a hedge against inflation in the wider global economy. Nevertheless, the governor of the Central Bank of Korea rejected the president's idea. Argentina's central bank governor Miguel Pesce rejected a proposal for Argentina to develop a central bank digital currency (CBDC). Miguel Pesce said that cryptocurrencies pose a threat to economic stability and heralds more stringent regulations in the sector. According to Miguel Pesce, central banks want to prioritize “preventing lower-level investors from engaging in crypto assets.”
Meanwhile, BTC price is consolidating above $45,800 while maintaining above $46,000. Bitcoin is also facing rejection from the $48,000 high. A break above the $48,000 resistance level means the uptrend will resume. Bitcoin will fall if it falls below the current support level. Meanwhile, the Candle Body, returning from the uptrend on the 14th of August, tested the 61.8% Fibonacci retracement. A retracement indicates that Bitcoin will move up to the level 1.618 Fibonacci extension or the $50,709.70 level.
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