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Bitcoin (BTC) Price Prediction: BTC/USD Recovers but Struggles to Sustain Above $50,000 High

Bitcoin (BTC) Price Prediction – February 25, 2021
BTC/USD now fluctuates between $48,000 support and $50,000 high. For the past 48 hours, Bitcoin bulls have been attempting to break the $50,000 high. Buyers are resisted at every attempt of the recent high.

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

BTC/USD – Daily Chart

Following the breakdown on February 23, the BTC price fell to the Low of $45,419. Immediately, the bulls buy the dips as price rallied on the upside. The price rallied to a high of $51,001 but faces rejection from the recent high. For the past two days, the bulls are yet to push above the $50,000 high. Bitcoin price will resume the upside momentum once it breaks above the $50,000 resistance. Possibly, a retest of the $58,000 high is likely. However, if the bears break the $45,000 support, the market will decline to the low of $40,000. Presently, the BTC price has room to rally on the upside, as the coin is at level 58 of the Relative Strength Index period 14.

Congress Will Determine to Bring Digital Dollar to Market, Says Fed Chair
Jerome Powell, the Federal Reserve Chair stated that the health of other markets will be taken into consideration when creating a digital currency. Powell indicated that there were many constraints concerning the project and the Fed intended to reach out to the public. According to him : “This is going to be the year in which we engage with the public pretty actively, including some public events that we’re working on,” he said. “In the meantime, we’re working on the technical challenges and also collaborating and sharing work with the other central banks around the world that are doing this. We could well need legislative authorization for such a thing. It isn’t clear until we see which way we’re going.”

BTC/USD – Daily Chart

Bitcoin price is rising as the $45,000 support hold. If the bullish momentum is sustained the Fibonacci tool analysis will hold.On February 21 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 extension. That is the high of $65,724.80. At this price level, the market is likely to reverse.

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