BTC/USD Analysis – November 19, 2021

Bitcoin Price Prediction

The BTC/USD was last seen at $57,014.0, with a high of $60,945.0 and a low of $56,559.0. BTC/USD fell for the fourth consecutive session on Thursday, reaching its lowest level since October 13th amid the market's latest sell-off. Bitcoin plummeted below $60,000 amid a broad sell-off in the crypto market, reaching $56,000 as the correction in the crypto market worsened. Market investors believed that Bitcoin was weaker than it appeared last week when prices rose to an all-time high near $69,000.

US President Joe Biden has stated that a nomination for the Federal Reserve Chair will be announced in the coming days. Whether to re-appoint current Chairman Jerome Powell or Fed Governor Lael Brainard, two names have emerged. Market players believe the latter is a better fit for the cryptocurrency business. When deciding between them, Biden will consider variables such as their attitude on combating rapidly growing inflation and how swiftly the US central bank will try to implement a digital version of the currency.

On Thursday, Indian Prime Minister Narendra Modi cautioned that bitcoin poses a risk to future generations. He did, however, strike a wary tone as his administration prepared to present legislation to regulate cryptocurrency. He expressed alarm and stated that all democratic nations must collaborate on the cryptocurrency business to guarantee that it does not wind up in the wrong hands, spoiling the youth. These remarks resulted from cryptocurrencies' completely anonymous and unregulated transactions, which make them an ideal tool for drug traffickers, people smugglers, and money launderers.

Furthermore, on Thursday, Congressmen presented the Keep Innovation in America Act, a bipartisan bill addressing the digital asset reporting requirements in the infrastructure bill that was signed into law this week.

In September, a tax provision was added in the infrastructure bill that would force US citizens who received more than $10,000 in bitcoin and cryptocurrency to notify the sender's personal information to the Internal Revenue Service (IRS). The reporting obligations will be deleted totally from the statute, according to the proposed measure. According to the proposed bill, the reporting requirement threatens to push innovators and entrepreneurs overseas and is incompatible with new technology. This should have bolstered BTC/USD values, but the leading cryptocurrency fell for the fourth consecutive session due to a correction.

BTC/USD Intraday Technical Levels

Support Resistance

55400.4 59786.4

53786.7 62558.7

51014.4 64172.4

Pivot Point: 58172.7

BTC/USD - Technical Outlook

During the early Asian session, the BTC/USD fell dramatically to trade at 56,173 levels. It has violated the intraday pivot point level of 58,366. The closing of candles below this level exposes the leading cryptocurrency towards the next support levels of 55,775 and 54,005. BTC's further breakout exposes it to the 51,414 support level.

On the bullish side, the major resistance holds around the 58,366 level and a crossover above this exposes BTC prices towards the 60,956 level. The RSI and stochastic are in support of a selling bias. Therefore, the BTC/USD’s bearish bias dominates below 58,366. While 51,414 seems to be a solid support for BTC. All the best!