Bitcoin Retraces Back to $63,000 (-5.71%). Is it a Good Time to go Long?
The BTC/USD is supported at a 62,005 level and that support is being extended by an upward channel on the 4-hour timeframe. Moreover, the
- Bitcoin surged above the $65,000 and $66,000 barrier levels before falling back
- It is currently trading below both $63,000 and the 100 hourly simple moving average
- On the hourly chart of the BTC/USD pair, there was a break below a strong bullish trend line, with support near $63,200
Bitcoin reached a new all-time high above $66,800 before falling against the US dollar. BTC dropped below $63,000, and is still vulnerable to further declines. The Securities and Exchange Commission (SEC) has approved the first US Bitcoin futures exchange-traded fund, which has boosted optimism in the crypto industry.
The launch serves as a launching pad for cryptocurrency to become more mainstream in the financial sector. Bullish comments by tech billionaire investment trader, Paul Tudor Jones, also boosted the price of Bitcoin, after he stated that cryptocurrency is a better inflation hedge than gold.
Bitcoin Live Rate
According to a study of 50 financial professionals, conducted by Finder, Bitcoin is anticipated to peak just above $80,000 this quarter, before ending the year near $71,400. Long-term forecasts are considerably more optimistic: panelists expect BTC to reach $249,578 and $5,237,082 in 2025 and 2030, respectively.
Based on the strong fundamentals and a favorable macro context, I believe BTC is headed for $70,000, with a probable pullback. It would not be surprising to see a starting point of $72,000 to $80,000 by the end of 2021. Nonetheless, the market is extremely volatile.
Bitcoin’s price is correcting. It has risen beyond the $65,000 barrier level. BTC even broke the $66,000 barrier and reached a new all-time high of $66,982. Recently, there was a negative reversal below the $65,000 support level. On the hourly chart for the BTC/USD pair, there was also a breach below a strong bullish trend line, with support near $63,200. The pair is currently trading below both the $63,000 level and the 100-hourly simple moving average.
A low has been set near $62,050, and the market is now consolidating losses. Near the $63,200 level, there is instant resistance. It is close to the 23.6 percent Fib retracement level of the decline, from the upswing of $66,982 to the low of $62,050.
The 100-hourly SMA is also close to the $63,200 mark. A decisive break above the $63,200 resistance level might pave the way for a new uptick. The next significant barrier is located near the $64,500 level, above which the price may increase to the $66,000 level.
Bitcoin price prediction: Is it a good time to go long?
Technically, the answer is yes…
The BTC/USD is supported at the 62,005 level, and that support is being prolonged by an upward channel on the 4-hour timeframe. Moreover, the BTC/USD has closed Doji and bullish engulfing candles right above the 62,005 support level, which increases the odds of a bullish reversal in Bitcoin. Therefore, investors might be interested in going long above the 62,005 level today, and vice versa. Good luck!
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