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Bitcoin (BTC) Price Prediction: BTC/USD Pauses Above $62,000 Support As Bulls Prepare For The Next Round Of Upside Momentum

Bitcoin (BTC) Price Prediction – April 16, 2021
Bitcoin price now fluctuates between $62,000 and $65,000 as bulls struggle to break above the $65,000 resistance. For the past three days, the BTC/USD price has been in a downwards correction above the $62,000 support. Bitcoin will attain a new high above $70,000 if the bulls clear the resistance at $65,000.

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

BTC/USD – Daily Chart

It is no longer news that buyers have overcome the $60,000 ad $61,825 resistance levels after one month of price struggle. The breakout above the resistance levels propels the price to rally to $65,000 high. Nonetheless, for the past three days, buyers are still struggling to overcome the new resistance level at $65,000. After its initial fall to $61,306 low, BTC price resumed fluctuation between $62,000 and $64,000. Buyers have not been able to retest the $65,000 resistance as price consolidates above the $62,000 support. On the upside, if buyers breach the $65,000 resistance, Bitcoin will rally above the $70,000 psychological price level. On the other hand, if sellers break the $62,000 support, the king coin will decline to $60,000 low.

Europe’s Second Largest Insurance Firm, AXA Begins Acceptance of Bitcoin as Payment
AXA has become Switzerland’s first all-line insurer to offer its customers to pay their bills with Bitcoin. Bitcoin payments will be accepted for nearly all AXA products, except for life insurance due to regulatory barriers to the latter. This new policy arrangement has been facilitated through a partnership with the established cryptocurrency broker Bitcoin Suisse. The accelerated digital transformation of the global economy during the coronavirus pandemic has been the main reason for the adoption of Bitcoin as a means of payment. Another reason is that market research conducted by AXA showed that a third of respondents aged between 18 and 55 are interested in Bitcoin. According to AXA Switzerland, “the acceptance of Bitcoin payments is AXA’s response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever greater role.”

BTC/USD – 4 Hour Chart

Bitcoin price is consolidating above the $62,000 support as it prepares for the next round of upside momentum. According to the Fibonacci tool indicator, Bitcoin will rise to the next psychological price level. Meanwhile, on April 14 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement implies that Bitcoin will rise to level 2.0 Fibonacci extension or the high of $70,057.50.

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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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