{"id":288455,"date":"2021-05-09T01:17:54","date_gmt":"2021-05-09T05:17:54","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=288455"},"modified":"2021-05-12T10:54:41","modified_gmt":"2021-05-12T14:54:41","slug":"bitcoin-btc-price-prediction-btc-usd-faces-rejection-thrice-at-the-60000-resistance-zone-resumes-downward-correction","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-price-prediction-btc-usd-faces-rejection-thrice-at-the-60000-resistance-zone-resumes-downward-correction","title":{"rendered":"Bitcoin (BTC) Price Prediction: Why third $60k Rebuff Shows Consolidation"},"content":{"rendered":"

Bitcoin (BTC) Price Prediction – May 9, 2021<\/strong>
Bitcoin bulls have broken above the $58,000 resistance but the bullish momentum could not be sustained. Today, BTC\/USD<\/a> traded as price reached the high of $59,450. The king coin is likely to retrace to $57,000 low if the bulls fail to break the $60,000 psychological price level.

Resistance Levels<\/strong>: $65,000, $70,000, $75,000
Support Levels:<\/strong> $50,000, $45,000, $40,000<\/p>\r\n

\"\"<\/a>
BTC\/USD – Daily Chart<\/figcaption><\/figure>\r\n

Bitcoin price has now been rejected three times at the $60,000 resistance level. Buyers made frantic efforts to sustain the bullish momentum above the recent high but were repelled by overwhelming selling pressure.<\/p>\r\n

Consequently, Bitcoin has resumed a downward move as a result of a strong rejection at the resistance of $59,200. The current retracement will extend to the low of $57,000.<\/p>\r\n

Nevertheless, if price breaks below the $57,000 support, the market will continue the downward move. That is, the selling pressure will extend to the low of $53,000. On the upside, if price retraces and finds support above $58,000, the upside momentum will resume.<\/p>\r\n

Bank of England Governor Warns on Crypto Investment<\/h2>\r\n

Andrew Bailey is the governor of the Bank of England who has warned crypto investors of the inherent dangers of cryptocurrency investment. The governor argued that cryptocurrencies lacked intrinsic value.<\/p>\r\n

The governor said: “I would only emphasise what I’ve said quite a few times in recent years, [and] I’m afraid they have no intrinsic value. I’m sorry; I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.”<\/p>\r\n

Bailey’s comments come at a time when crypto markets are characterised by a huge spike in prices. In addition to bitcoin, major altcoins such as Polkadot, Chainlink and XRP have also seen strong price actions.<\/p>\r\n

\"\"<\/a>
BTC\/USD – 4 Hour Chart<\/figcaption><\/figure>\r\n

Bitcoin at risk of further downside<\/h2>\r\n

Bitcoin risks another downward correction as the king coin faces stiff rejection at the $59,450 resistance. The Fibonacci tool has already indicated a marginal upward move of Bitcoin and a possible reversal.<\/p>\r\n

On May 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1. 272 Fibonacci extension or the high of $59,819.90. From the price action, BTC price has reached a high of $59,450 and has commenced a downward move.<\/p>\r\n

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!<\/strong><\/p>\r\n

Buy Bitcoin Now<\/span><\/a><\/div>\r\n

75% of retail investor accounts lose money when trading CFDs with this provider<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 May 9, 2021Bitcoin bulls have broken above the $58,000 resistance but the bullish momentum could not be sustained. Today, BTC\/USD […]<\/a><\/div>","protected":false},"author":1742,"featured_media":288525,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[734,5319,7812,8009],"acf":[],"yoast_head":"\nBitcoin (BTC) Price Prediction: Why third $60k Rebuff Shows Consolidation<\/title>\n<meta name=\"description\" content=\"Bitcoin price was rejected thrice at the $60,000 resistance level. 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