Bitcoin (BTC) Price Prediction – February 24, 2021
On February 21, BTC/USD tested the $58,000 resistance as Bitcoin crashed to $45,000 low. The price is consolidating above the current support as the market resumes upward. The recent crash is not unconnected with the overbought condition of the market.
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000
Following the bulls’ failure to break the resistance at $58,000, the market crashed to $48,000 low. The bulls promptly buy the dips to push the coin to $54,000 high. However, the selling pressure persisted as Bitcoin plunged again to $45,000 low. After the second breakdown, the price consolidated above the current support. The candlesticks are portraying long tails. The long tails indicate an attraction of buyers at lower levels of price. BTC price has recovered as it rises above the high of $50,000. The bulls are trying to resume a fresh uptrend. The target price is $60,000 high. The upward move is likely as the price finds support above the 21-day SMA.
Indian Banks Put Crypto Traders’ Account Under the Microscope
Crypto currency traders and investors in India are facing account closure by global banking operations. HSBC, HDFC, and Citi banks are now requiring crypto traders in India to make available information about their activities or risk losing their funds. According to Economic Times reports that customers of private banks in India have sent notices to the customers to clarify crypto-related transactions, or visit their local bank branch in person. One such letter is stated as follows: “To comply with the regulatory guidelines, banks are advised to exercise due diligence by closely examining the transactions carried out in the account on an ongoing basis to caution users, holders and traders of virtual currencies including Bitcoins regarding risks.”
Bitcoin price is recovering after the breakdown to $45,000 low. The king coin will risk further decline if the $45,000 support is breached. On February 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that BTC price will rise to level 1.618 Fibonacci extension. That is the low of $36,666.10.