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Bitcoin (BTC) Price Prediction: BTC/USD Is Consolidating Below $38,000 Resistance, Targets the $40.500 High

Bitcoin (BTC) Price Prediction – February 5, 2021
Bitcoin price has risen to $38,000 high after successfully breaking the $35,000 resistance. BTC/USD price reached a high of $38,750 but pulled back below the $38,000 support. The crypto is now consolidating below the $38,000 resistance. The coin will rally above $40,000 once the current resistance is breached.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

As Bitcoin consolidates below the $38,000 resistance, there are chances of a possible breakout. When price breaks the current resistance, the coin may attempt to rally above the $40,000 high. The bottom line is that the BTC price will face rejection at $40,500. Presently, buyers are yet to reclaim the $38,000 high as the price continues to consolidate below it. On the upside, if buyers break the minor resistance above $37,500, the $38,000 high will be reclaimed. The bullish momentum will extend to the $40,500 resistance. The upside momentum will resume once the bulls break the $40,500 resistance. Otherwise, the coin will drop to $36,000 low. Later, BTC price will find support above the breakout level above $35,000 support.

Billionaire Bitcoin Investor Rescind Decision to Run for California Governorship Race
Chamath Palihapitiya has put his political aspirations on hold after ten days of announcing his intention to run for political office. He started as a Bitcoin investor in 2012, and he has been a vocal critic of the current California Governor Gavin Newsom. In his words, he said: “Let’s be honest,” he said on the podcast, in response to a question about his run for governor, “I’m not ready to do any of that.” Instead of focusing on a political career, he said he would rather focus on where his business is going. “I do think it’s worth figuring out what is the conflict of interest laws and what do you have to do if all of this were to come to pass. I cannot make a credible decision without all of that.”

BTC/USD – 4 Hour Chart

Nonetheless, the Fibonacci tool has indicated an upward movement of the coin. On February 4 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level suggests that BTC price will rise and reverse at level 1.272 Fibonacci extension or the high of $40,583.10. The coin will reverse at level 1.272 and return to 78.6% Fibonacci retracement level where it originated.

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      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.

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