Bitcoin Breaks Key Resistance: Reclaims $46K

The past couple of months have been quite overwhelming for the crypto trades, and the main star on the stage – the well-known Bitcoin, has been all over the place, running up and down the charts; giving everyone headaches, whether it’s worth staying with Bitcoin or better get rid of it.

However, no matter the turbulence, BTC recovered from USD 29 482.61 on July 21 and, ever since then, has continued to surpass one resistance after another. As crypto experts predicted, digital currency has cleared three tiers of resistance in the past three weeks.

In fact, for the past 50-days, BTC has remained on its moving average. Bitcoin has been going remarkably strong, and thus as of today, it has risen above the 200-day simple moving average. Moreover, on Monday morning, after a high stakes weekend for the crypto industry, the bitcoin price broke past USD 46 000. That marked its highest level since May 16, when it hit USD49 770.3.

The main reason for that significant event was that Bitcoin and cryptocurrency stocks were rallying ahead of a compromise on tax-reporting requirements for digital assets in the US Senate. On Sunday night, August 8, 2021, the Senate further delayed the vote on the infrastructure bill to Tuesday. Thus, it allowed all the members more time to analyse, further debate and think through the final decision concerning the crypto tax.

For now, the world’s largest cryptocurrency by market capitalisation is currently changing hands for around USD 45 912 after peaking at USD 46 691 over the last 24 hours.

If bitcoin fails to climb above the USD46,500 and USD47,200 resistance levels, it could start a downside correction. Initial support on the downside is near the USD 45,650 level.

The first major support is now near the USD45,250 zone. The next major support could be USD 44 680. It is near the recent wave’s 50% Fib retracement level from the USD 42 855 swings low to USD 46 511 high.

As experts say, BTC has created three consecutive bullish candlesticks in the weekly time frame. As the Bitcoin prediction made by hundreds of crypto maniacs states, BTC might be in the process of creating a fourth consecutive bullish move. So if you want to buy or sell crypto, stay tuned as we will update you on what’s coming next in the crazy Bitcoin Network.

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