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Bitcoin (BTC) Price Prediction: BTC/USD Is Trading Marginally, Breaks Above The $55,000 Resistance

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Bitcoin (BTC) Price Prediction – April 27, 2021
Bitcoin bulls have cleared the initial resistance level as they approach the resistance at $58,000. On the upside, if buyers can push BTC price above the $58,000 support, Bitcoin will resume upside momentum. Besides, the king coin will be out of the bearish trend line. Presently, the BTC/USD price is fluctuating below and above the $55,000 support as buyers push the coin on the upside.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Bitcoin bulls are struggling to break above the $55,000 price level. The king coin is facing selling pressure at the $55,000 high. In previous price action, on March 26, BTC price rebounded above the $51,000 support as price rallied to $60,000 overhead resistance. After retesting the $60,000 high, BTC price pulled back to $58,000 support to rally above the $60,000 overhead resistance. Bitcoin is trading at $54,967 at the time of writing. Today, if price rebounds above the current support, a retest at $60,000 overhead resistance is possible. Similarly, if BTC price faces rejection from the recent high, Bitcoin may fall into a deeper correction.

South Korea To Pay Crypto Tax In 2022, By Minister

South Korea, finance minister, Hong Nam-ki has confirmed government readiness to begin taxing capital gains from crypto trading in 2022. He said cryptocurrencies like Bitcoin will be taxed as “intangible assets.” That is, “It’s inevitable, we will need to impose taxes on gains from trading of virtual assets,” South Korean lawmakers initially proposed 20% capital gain tax on crypto trading in 2020. Later in 2020, the South Korean government officially postponed 20% capital gain tax until 2022.

BTC/USD – 4 Hour Chart

Bitcoin price is trading marginally as price breaks above the $55,000 resistance. The Fibonacci tool has indicated a downward movement of price if Bitcoin faces rejection at the recent high. On April 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Bitcoin will fall to level 1.618 Fibonacci extension or the low of $41,639.90. Bitcoin is trading in the overbought region and there is a tendency for price to fall at the overbought region of the market.

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