Bitcoin bulls and bears continue price wars as Bitcoin tests $ 50,000 again – August 31, 2021

After being rejected at the $ 50,000 overhead resistance, Bitcoin swings between the $ 48,000 and $ 49,000 price level as Bitcoin retests $ 50,000. First and foremost, the price of BTC fell sharply to the low of $ 48,200. It later retired over $ 49,000. The bears would have sunk Bitcoin if it had fallen below the $ 48,000 support.

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

BTC / USD – daily chart

In today’s candle, BTC price plunged to the USD 48,200 support and then retreated. The pullback was above the high of $ 49,000. The candlestick has a small body and a long tail. The long candlestick tail describes that there is strong buying pressure above the USD 48,000 support. On the flip side, the retest of the $ 50,000 high will continue as long as the $ 48,000 support holds. Also, the uptrends will continue when the BTC price closes above the psychological price level of $ 50,000. Plus, another rejection at the $ 50,000 high will cause Bitcoin to drop to the $ 42,000 breakout level. Meanwhile, RSI period 14 is at level 60. This indicates that Bitcoin has room for an upside rebound. Bitcoin is trading at $ 49,440 at the time of writing.

Read Bitcoin (BTC) indicator

BTC / USD is above the 80% range of daily stochastics. It indicates that the crypto is trading in the overbought region. This implies that the bullish momentum is likely to wear off. In other words, sellers are likely to show up in the overbought area to push prices down. Meanwhile, in a strong trending market, the overbought condition may not persist. Bitcoin will continue to rise.

    Bitcoin (BTC) Price Prediction: BTC / USD drops sharply and pulls back as Bitcoin retests $ 50,000BTC / USD – daily chart

Nonetheless, the price of BTC has risen above $ 49,500 as Bitcoin retests $ 50,000. On August 23, the bulls broke the overhead resistance but were unable to close it. The price of BTC would have risen above $ 51,000 but dropped to a support of $ 47,000. Bitcoin has recovered in the past 24 hours.

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