Bitcoin (BTC) Price Prediction: BTC/USD Shows Weakness, Slumps From $65,000 High But Finds Support above $60,000

Bitcoin (BTC) Price Prediction – April 17, 2021
BTC/USD is in a downward move. BTC price is making a series of lower highs and lower lows. Sellers have broken below the $60,000 psychological price level. There is the tendency of price reaching the $58,000 crucial support if the current support fails to hold. The king coin is likely to resume upside momentum if price falls to $58,000 support.

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

BTC/USD – Daily Chart

Between April 13 and 14, Bitcoin bulls broke the $60,000 and $61,825 resistance level. This propels the BTC price to rally to the high of $65,000. Unfortunately, the bulls could not continue with the rally above the $65,000 resistance. Bitcoin would have reached the next psychological price level if the bulls were successful. However, on April 14, the price indicator has indicated that Bitcoin has reached level 78 of the Relative Strength Index period 14. It indicates that BTC price is in the overbought region of the market. Therefore, between April 14 and 17, sellers emerged to push prices on the downside. Bitcoin has fallen and broken below the $60,000 low. There is a tendency for further downward movement of prices as price breaks below the moving averages.

The Ban On Cryptocurrency Payments Is Underway In Turkey
Effective on April 30, rendering any crypto payments solutions and partnerships is illegal. Turkey’s central bank has banned payment providers from offering fiat-to-crypto onramps for cryptocurrency exchanges. In other words, crypto holders will not use their digital assets for payments in addition to preventing payments providers from providing fiat onramps for crypto exchanges. Banks are excluded from this regulation. That is users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts. On the other hand, payment providers will not provide deposit or withdrawal services for crypto exchanges. Crypto users have two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways.

BTC/USD – 4 Hour Chart

Bitcoin price has fallen to the $60,000 psychological price level. There are bullish signals as price hovers above the support level. On April 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Bitcoin will rise to level 1.618 Fibonacci extension or the low of $59,115. 90. From the price action, Bitcoin fell to the low of $59,662.0 and resumed upward. The bullish momentum will continue if the current support holds.

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.