Search Inside Bitcoins

Bitcoin (BTC) Price Prediction: BTC/USD Sustains Recent Rallies as Bitcoin Fluctuates Below $47,000

Bitcoin (BTC) Faces Strong Rejection as Bitcoin Fluctuates Below $47,000 – August 10, 2021

BTC/USD is trading in the overbought region as Bitcoin fluctuates below $47,000. Since August 6, the bulls have broken the resistance at $42,299 to reach a high of $46,4 38. Today, BTC’s price is facing rejection at the $47,000 resistance zone. BTC/USD is expected to fall as sellers emerge in the overbought region.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Following the breakout on August 6, the bulls overcame the resistance at $42,299 to reach the $47,000 resistance. Buyers could not sustain the bullish momentum above the $47,000 high. If buyers have succeeded, Bitcoin would have rallied to the $50,000 psychological price level. The bulls will not have an easy way as they face stiff opposition at the high of $50,000. Nevertheless, if the bulls again clear the $50,000 or $51,500 resistance zone, Bitcoin will rally to the $60,000 price level.

On the downside and today, BTC price is falling as bulls fail to sustain above the $47,000 high. The bearish scenario is that if the BTC price falls and breaks below the $42,299 support, the crypto will fall into the range-bound zone of $31,000 and $40,000 price levels. The bullish scenario is that if price falls and finds support above $42,299, Bitcoin will continue the upside momentum. Today, Bitcoin is falling but it is trading at $45,531 at the time of writing.

Gold Market Crashes as Bitcoin Holds Strong

On Monday morning, in the Asian trading session, Gold prices dropped below $1,700 per ounce. This has compounded the losses accumulated over the week. Presently, Gold is down by 4% over the past seven weeks and 8.7% since trading above $1,900/oz at the end of May. According to the reports, the precious metal has retreated to 8% in 2021, and it is down by 14.6% from its August 2020 all-time high of just below $2,040. Presently, 1 BTC is worth 25 ounces of gold. Bitcoin is down 28.5% from its all-time high against gold. Nevertheless, 1 Bitcoin was worth 15.5 ounces of gold at the start of 2021.

BTC/USD – 4 Hour Chart

Meanwhile, the BTC/USD is falling and it has found support above the 21-day SMA as Bitcoin fluctuates below $47,000.. The uptrend will resume if the 21-day SMA support holds. BTC price will rise to retest the $47,000 resistance. A break above the resistance will signal the resumption of an uptrend. Nevertheless, on  August 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extension or level $47,430.40.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.