BTC/USD Holds above $45.5k as It Struggles Below $50k
BTC/USD Trades between $45.50k and $50k as It Struggles Below $50k -December 23, 2021
Bitcoin has continued to retest the $50, 0000 resistance zone as it struggles below $50k. Bitcoin’s upward move has been restricted below $50,000 resistance after the December 4 price slump. Presently, BTC/USD is fluctuating between $45,500 and $50,000 price levels. Bitcoin will trend if the range-bound levels are breached and the momentum is sustained.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
Today, Bitcoin is declining after facing rejection at the $49,600 resistance zone. Each time the BTC price retest the $50,000 high, the crypto would decline to the $45,500 support. At other times the selling pressure will dry up at the lower price levels. However, if the bears succeed in breaching the $45,500 support, sellers will sink Bitcoin to the low of $41,634. The crypto price has already fallen to $41,634 low during the December 4 price slump. The bulls are presently defending the $45,000 support. Bitcoin has continued to be range-bound between the range-bound levels. Buyers are pushing BTC price to remain above the $48,000 as the market continues to fluctuate. If Bitcoin rebounds above the current support, the market will rally above $50,000 high. The bullish momentum will extend to the high of $54,000 high.
El Salvador Buys 21 Bitcoin To Celebrate December 21, 2021
In El Salvador, government celebrates different occasions or plays around with meaningful figures by buying Bitcoin. Buying 21 Bitcoin on Tuesday is to celebrate the “last 21st day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited by 21 million BTC. The 21 Bitcoin purchase is valued at $1,036,000 at the time of writing, Another reason to buy 21 Bitcoin is that El Salvador’s entire size is around 21,041 square kilometers, which, according to Bukele, is not a coincidence as El Salvador is the first country in the world to adopt Bitcoin as a legal tender.
Presently, BTC/USD is fluctuating between $45,500 and $50,000 price levels as it struggles below $50k. Meanwhile, on December 22 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.618 Fibonacci extension or $47,680. From the price action, BTC’s price has fallen to $48,096 low and it is resuming upward. Bitcoin bulls are finding it difficult to break above the recent high.
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