Bitcoin (BTC) Value Prediction – February 16, 2021
In the present day, Bitcoin bulls have damaged the $48,000 and $50,000 resistance ranges. BTC/USD has reached the excessive of $50,500 however was resisted. The bullish momentum couldn’t be sustained due to overwhelming promoting strain above the psychological worth degree. The worth finally dropped and located help above $48,000.
Resistance Ranges: $48,000, $49,000, $50,000
Assist Ranges: $35,000, $34,000, $33,000
In the present day’s worth motion may be very vital as consumers have been capable of push Bitcoin above the $50,000 resistance however pulled again to $48,000 low. Analysts imagine that if the $50,000 resistance is breached, Bitcoin may have an accelerated worth motion on the upside. In as we speak’s worth motion the candlestick has an extended wick above the $50,000 resistance. The lengthy higher shadow signifies that there’s sturdy promoting strain above the $50,000 resistance. That’s the reason BTC worth fell from the excessive of $50,500 to $48,000 low. Bitcoin is buying and selling at $48,309 on the time of writing. On the upside, if the bulls break the $50,000 resistance and bullish momentum is sustained, it will propel the value to rise and rally above the $60,000 excessive. Nonetheless, if BTC worth faces one other rejection, the market will drop to as little as $44,000.
India Crypto Ban Is Like Banning the Web, Says Former Coinbase CTO
There may be an impending ban on Bitcoin and different crypto currencies by the Indian authorities. In late January, the Crypto forex and Regulation of Official Digital Forex Invoice have been launched in India. The invoice lays the groundwork for an official digital forex issued and overseen by the Reserve Financial institution of India. Nonetheless, an nameless senior Finance Ministry official spoke to Bloomberg that the upcoming ban was very prone to happen. He indicated crypto traders may have three to 6 months earlier than changing their cash to authorized tender.
The previous Coinbase chief know-how officer, Balaji Srinivasan has indicated that India’s impending ban on Bitcoin and different crypto currencies is like banning the “monetary web.” He additional indicated that: “It’s actually necessary that the ban (India’s plan to ban proudly owning, buying and selling, mining or investing in crypto forex) mustn’t undergo. It will be a trillion-dollar mistake for India, with out exaggeration.”
In the meantime, Bitcoin has made an amazing transfer because it broke above the $50,000 resistance. Nonetheless, the bulls have been overpowered due to sturdy promoting strain. On February 8 uptrend; a retraced candle physique examined the 78.6% Fibonacci retracement degree. The retracement signifies that Bitcoin will rise to degree 1.272 Fibonacci extension or the excessive of $50,899.40. If worth reaches that degree, it’s anticipated to reverse to degree 78.6 % Fibonacci retracement degree the place it originated. The worth motion has already confirmed these ranges and reversed.