Bitcoin Reclaims $48,000 Support as It Revisits Recent High – August 28, 2021
Bitcoin bulls have broken above the $48,000 resistance level as it revisits recent high. This breakout gives passage to buyers to push the crypto to retest the $50,000 psychological level. BTC/USD’s price is trading marginally above the $48,000 price level. The price movement is likely to be slow as the price action is characterized by small body candlesticks.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
Today, BTC’s price rallied to $49,310 high but attracted selling pressure from the recent high. Consequently, Bitcoin has resumed its downward move. If the selling pressure extends to the low above $48,000 support, the uptrend will resume on the upside. The $48,000 support gives buyers the advantage to resume the upside momentum. Conversely, if the selling pressure extends below $48,000 support, the bears will take the advantage to sink Bitcoin on the downside. Presently, the bears and bulls have continued their price tussle above the $48,000 support.
11% of Young Americans Invest Their Stimulus Checks in Cryptos
According to a survey, Americans aged between18 to 34 have invested part of their COVID-19 stimulus checks into crypto assets. Young Americans choose crypto over mutual assets and ETFs to invest their stimulus checks. The Young Americans appear bullish on cryptocurrency’s prospects. The report indicated that 60% of survey participants see digital assets as a long-term investment. About 21% described crypto as a short-term investment, while 26% said they are engaging with the market out of excitement. According to reports, citizens who invested their entire $1,200 stimulus checks issued on April 15, 2020, into Bitcoin would be having more than $8,600 — a 620% gain.
Meanwhile, BTC’s price is retracing after the rejection at the recent high as it revisits recent high. Meanwhile, on August 28 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the BTC price will rise to level 1.272 Fibonacci extension or level $49,862.40.
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