Bitcoin Price Prediction
The BTC/USD coin pair maintained its early-day bullish bias and drew further heavy bids around the $56,500 level. Bitcoin is still showing positive signs above $56,000 against the US dollar. It could accelerate even higher if there is a clear break above the $56,500 resistance zone. At the same time, the price remained in a positive zone and climbed above the $56,000 resistance. BTC even broke the $56,500 resistance level and settled above the 100 hourly simples.
On the contrary, the BTC could correct lower if it fails to clear the $56,500 resistance zone. The following support stays near the $55,000 level. The first significant support is now forming near the $54,500 level. The next adequate support is near the $54,000 level, below which there is a risk of a larger decline. At this time, BTC/USD is trading at $56,386.3, having gained over 1.58% in 24 hours. The BTC's current market ranking is 1, with a live market cap of USD 1,065,578,155,437. It has a circulating supply of 18,840,512 BTC coins and a max. supply of 21,000,000 BTC coins.
However, the reason behind Bitcoin's upward rally could be attributed to the bullish crypto market. This was witnessed after reports revealed that around five countries would accept Bitcoin as legal tender by the end of next year. Apart from this, Elon Musk is bullish (again), saying: "It's not possible to destroy crypto". These positive remarks in favor of the crypto world were seen as key factors that kept BTC prices higher.
Being CEO of Tesla and Chief Engineer of SpaceX, Musk was invited to be a speaker at last week's Code 2021 ceremony in Beverly Hills, which Vox Media sponsored. During his remarks answering questions as to whether or not governments should regulate blockchain and the crypto space, Musk flat out replied, "I would say, governments should 'Do nothing.'" He added further, "It is not possible to destroy crypto, but governments can slow down its progress." Lastly, the broad-based US dollar extended its early-day bullish rally and rose sharply against its major peers on the day.
BTC/USD Intraday Technical Levels
Pivot Point: 54501.3
BTC/USD - Technical Outlook
The leading cryptocurrency, Bitcoin, continues trading with a solid bullish bias at the 56,558 level, facing immediate resistance at the 56,956 level. Most of the bullish trend is due to optimistic fundamentals driven by revolving in the market. Therefore, the odds of a bullish trend's continuation remain high.
In the case of a bullish breakout of the 56,956 resistance level, the Bitcoin price will be exposed towards the next resistance level of 57,885. Moreover, the breakout of the 56,027 support level exposes the cryptocurrency pair towards the next support level of the 55,430 level.
As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. Therefore, the closing of bullish engulfing and a marubozu candle above 55,430 support signals the chances of a bullish trend continuation in Bitcoin. Thus, the bullish bias dominates above 56,027 and vice versa. All the best!
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