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Bitcoin (BTC) Price Prediction: BTC/USD Fails to Clear the $58,000 Resistance, Retraces in a Downward Correction

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Bitcoin (BTC) Price Prediction – February 22, 2021
On February 20, the BTC/USD price faced major resistance at the $56,000 high. The uptrend was stalled at the $56,000 high and the price pulled back to $55,000 support. Later the bullish momentum broke the $56,000 resistance level as BTC rallied to the $58,000 high,

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Bitcoin price is in a smooth and strong uptrend. The uptrend is consistently rising as bulls aggressively purchase the dips on the downside. As price reaches a high of $58,000, Bitcoin was repelled. Now if the bulls break the current resistance at $58,000, there is a possibility of price rallying above the $60,000 high. However, the RSI and the daily stochastic are indicating that Bitcoin is trading in the overbought region of the market. It is doubtful if the coin has any room to rally to the $60,000 psychological price level.

UK Firm Launches Services for Company Treasuries to Invest in Bitcoin
A U.K firm called the BCB Group, a global digital financial services firm is planning to help corporations find the way to provide corporations with a way to put Bitcoin on their balance sheet by launching a dedicated treasury. BCB Group founder and CEO Oliver von Landsberg-Sadie indicated that the launch of BCB Treasury comes in response to increasing demand triggered by the recent Bitcoin moves of companies like Microstrategy and Tesla. According to CEO Oliver von Landsberg-Sadie, he said that lots of companies are looking to invest in crypto to hedge against weak fiat currencies. He put it this way.
“We are seeing some powerful signals attracting companies to the digital asset space including the debasement of reserve currencies through unprecedented levels of the central bank money supply.”

BTC/USD – 3 Hour Chart

Bitcoin is presently facing rejection at the $58,000 resistance. Nonetheless, Fibonacci has indicated a further upward of Bitcoin. On February 20 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that BTC price will rise to level 1.272 Fibonacci extensions and reverse. That is the high of $59,269.90. From the price action, the market is reversing at the $58,000 high. After the retracement, the upward move will resume.

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