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Bitcoin (BTC) Price Prediction: BTCUSD Consolidates Below $48,000 Resistance, May Rally Above $50,000 High

Bitcoin (BTC) Price Prediction – February 13, 2021
Following its recent attainment of the $48,000 high, the bulls have found penetration difficult at the recent high. BTC/USD is range-bound below the $48,000 resistance. Presently, BTC price is fluctuating between $44,000 and $48,000.This is because the market is characterized by indecisive small body candlesticks. The current range-bound movement is cause buyers and sellers indecision about the direction of Bitcoin price.

Resistance Levels: $48,000, $49,000, $50,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Presently, BTC price is confined below $48,000 resistance and above the $44,000 support. As the price consolidates in the current range, the bulls can push the price above $48,000. Invariably, the price would rally above the $50,000. It is also assumed that the psychological price level of $50,000 will act as a resistance. Bitcoin will rally to $60,000 if the $50,000 price level remains as resistant. However, if the bulls fail to break the recent highs, there is the tendency of BTC price falling. If the bears break the $44,000, the market will drop to $41,000 and later to $39,000. The Relative Strength Index of Bitcoin is above 70. This implies that the upward move in doubt fall.

Bitcoin (BTC) Indicator Reading
The 50-day and 21-day SMAs are sloping northward indicating the uptrend. The crypto’s prices are well above the SMAs which indicates that Bitcoin is rising. Bitcoin is at level 71 of the Relative Strength Index period 14. It indicates that Bitcoin is in an uptrend zone and may continue not upside momentum. It has a chance to rally on the upside.

BTC/USD – 4 Hour Chart

Bitcoin has resumed its upside momentum as it retests the $48000 high. According to February 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level to the Fibonacci tool analysis, Bitcoin is likely to move above the psychological price level. On. This implies that the coin will rise to level 1.272 Fibonacci extension. That is, Bitcoin will rise to a high of $51,161.70 but will reverse.

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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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