Bitcoin Struggles Above $48K as Bitcoin Resumes Fresh Uptrend – August 30, 2021

Today, BTC/USD has fallen to the low of $47,573 as Bitcoin resumes fresh uptrend.Bitcoin bulls have failed to break above the $50,000 psychological price level. Buyers were repelled thrice as they attempt to push BTC’s price above the $49,500 resistance zone. On August 29, the crypto was rejected as bears break below the crucial support at $48,000.

Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Following the breaching of the $48,000 support, Bitcoin risks further downsides. Sellers have pushed Bitcoin below the previous price level of $47,760. This will accelerate the downward movement of prices. The current downtrend will reach the low of $44,000. Nonetheless, the bearish momentum is likely to extend to the low of $42,000 which is the breakout price level. However, if Bitcoin falls and finds support above $47,000 price level, the bearish scenario is likely to be invalidated. Buyers will attempt to push BTC prices upward if they were able to defend the support above $47000. Bitcoin will resume a fresh uptrend to retest the $48,000 high Meanwhile, BTC price is fluctuating above the $47,000 as buyers attempt to push price upward.

Cuba Ready to Recognize and Regulate Cryptocurrency

Given the tight restriction on United States dollars by former U.S. President Donald Trump, the Cuban government stopped accepting cash bank deposits in the interim. The government is keen as they recognize and regulate cryptocurrencies for payments. According to reports, the Caribbean nation’s central bank will formulate policies to regulate cryptocurrency transactions. In the same vein, the Cuban government is expected to give relevant licenses to businesses based on crypto-related services.

BTC/USD – 1 Hour Chart

Meanwhile, BTC’s price has resumed an upward move above the $47,500 support as Bitcoin resumes fresh uptrend. Buyers are intending to reclaim the $48,000 high. The $48,000 price level provides support for the crypto to resume upside momentum. For instance, if the BTC price breaks above $48,000, the upside momentum will resume. Further rejection at the recent high will compel Bitcoin to resume the downward move. Meanwhile, on August 29 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that BTC will fall to level 2.618 Fibonacci extension or level $44,723.50.

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