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Bitcoin Fluctuates in a Range as Buyers Push on the Upside – August 31, 2021
Bitcoin (BTC) has continued to hover above the $47,000 support as buyers push on the upside. The bears have broken below the crucial support as bulls bought the dips. The downtrend would have resumed if price breaks the current support level and the bearish momentum is sustained. As bulls bought the dips, they have failed to break above the $49,000 resistance. BTC price is said to be range-bound below the recent high. For the past week, BTC/USD has been fluctuating between $47,000 and $49,500.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
Today, BTC’s price is rising above the $47,000 support as bulls bought the dips. Buyers will push the BTC price to retest the previous high. However, the upward moves are always resisted at the $49,000 high. This has been the price action for the past week. Following the rejection at the $50,000 high, BTC price now fluctuates between $47,000 and $49,500. The upside momentum will resume if the buyers breach the $49,500 resistance. For the past week, the bulls have retested the recent high on four occasions but were resisted. However, if the bears succeed in breaking the current support, the market will decline. Perhaps, the downtrend will resume.
77% of Russian Investors Desire Bitcoin to Gold and Forex
According to a recent survey, cryptocurrencies like Bitcoin are getting more and more popular with Russian investors. Russia’s Association of Forex Dealers (AFD), conducted a survey where it polled 502 Russian investors. The survey was conducted from Aug. 4 to Aug. 24, 2021 to find out the local investor sentiment regarding cryptocurrencies. During the survey, 77% of respondents said that cryptocurrencies such as Bitcoin, Ether, and Litecoin are the “most forward-looking” investment. About 8.8% of respondents indicated their interest in gold as the best investment, while 14% preferred “familiar national currencies.” The head of Russia’s Association of Forex Dealers (AFD), has promised to send the survey results to the Bank of Russia and the State Duma Committee on Financial Markets.
Nevertheless, BTC price is above the moving averages as buyers push on the upside. According to the price indicator, Bitcoin will rally to $55,000 if the current overhead resistance is breached. Meanwhile, on August 16 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC will rise to level 1.618 Fibonacci extension or level $55,253.30.
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