Bitcoin (BTC) Price Prediction: BTC/USD Retests $48,000 Resistance Twice but Unable to Break Above It

Bitcoin (BTC) Price Prediction – February 11, 2021
Bitcoin bulls are retesting the previous price of $48,277 to break above it. On February 8, the BTC/USD price broke the $40,500 resistance as price rallied to the $48,000 high. The uptrend could not continue as price fell to $44,000 low. Buyers are pushing the price to the next major psychological price level of $50,000.

Resistance Levels: $48,000, $49000, $50,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart


Today, the bulls are making frantic efforts to break the $48,000 resistance level. In the first retest on February 9, the bulls were repelled as price found support above $44,000. Today, buyers attempted to push the Coin above the resistance level but were resisted. BTC price is retracing from the recent high. On the upside, if the bulls break the current resistance at $48,000, Bitcoin will rally to the next psychological price level of $50,000. Nevertheless, the cryptocurrency is facing rejection after an attempt to break above it. The price will retrace and find support above $44,000. As long as the $44, 000 support hold, Bitcoin will retest the next psychological price level of $50,000. On the other, the downtrend will resume if the $44000 support cracks.

Bitcoin Has Made Naira Almost Useless, Says Nigerian Senator
Nigerian senators have reacted to the recent Bitcoin ban by the Central bank of Nigeria. In view of this, the Nigerian Senate has resolved to invite the CBN governor to a hearing before the appropriate committees to discuss issues regarding crypto regulations in the country. Some senators have conflicting views on the crypto ban. According to Senator Sani Musa: “Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.” Sen. Biodun Olujimi of the Ekiti South Constituency put it in this manner: “We didn’t create Cryptocurrency and so we cannot kill it and cannot also refuse to ensure it works for us. These children are doing great business with it and they are getting results and Nigeria cannot immune itself from this sort of business.”

BTC/USD – 4 Hour Chart

Bitcoin bulls are struggling to break the $48,000 resistance level. The Fibonacci tool has indicated a further upward movement of the coin. Meanwhile, on February 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level suggests that BTC price will rise to level 1.272 Fibonacci extension or the high of $49481. BTC price is likely to reverse and return to 78.6 % Fibonacci retracement level where it originated

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.