Bitcoin Price Prediction: BTC/USD Regains Upside Momentum, Can the Bulls Sustain an Upturn?

Bitcoin (BTC) Price Prediction – August 22, 2020
Bitcoin is trading at $11,693 at the time of writing. The market is revisiting the $12,000 resistance. BTC price is holding because it is the crucial support level of price. The market resumes upside momentum when price falls above $11,400 to $11600 support levels

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

In August, Bitcoin resumed upside momentum when price fell on the support level. On August 2, BTC was consolidating above $11,200 before price resumed upward to retest the $12,000 resistance. Other crucial support levels are between levels $11,400 to $11,600. However, if the bulls lose $11,200 to $11,400 support levels to the bears, the downtrend will resume. Meanwhile, BTC is rising as price trades marginally upward. The king coin is at level 55 of the Relative Strength Index period 14. It is in the uptrend zone and likely to rise.

$50 Million Investment in Crypto Lender Block F

Block F, a major American cryptocurrency lending startup has raised $50 million in a Serie C round led by Anthony Pompliano. As earlier announced the new funding comes amid Block F seeing a 10 fold revenue increase over the past year. The company has managed assets  for more than $1.5 billion to date. According to Block F representatives, the company has $100 million in revenues over the past years. In 2020, BlockF plans to issue the “world’s first-ever crypto-rewards credit card.” . BlockFi wants to provide global customers with cryptos like Bitcoin.

BTC/USD – Daily Chart

The $12,400 is the 1.272 Fibonacci extension level. According to the Fibonacci rule, the market will reverse to 78.6% retracement level, if it tests the 1.272 extension level. BTC has fallen to that level as per the pointed arrow. The market has resumed upward movement. 

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.