After a dismal NFP (Non-Farm Payroll) report saw Bitcoin peak above the key psychological level of $50,000, bulls were able to push higher before running into a wall of resistance just below $53,000.
Despite El Salvador adopting BTC/USD as its legal tender, the rally came to an abrupt halt due to the downward momentum. Sellers were able to push prices down to below $50,000 and towards $45,000, which allowed the rally to stop.
PRICE ACTION FOR BITCOIN (BTC/USD).
After bulls failed in breaking above $53,000, Bitcoin (BTC/USD), prices have fallen to $50,000
Bitcoin prices have recovered from the July low of $27,000 and are now pushing towards the April high (all time high) of just under $65,000.
BTC/USD fell to the May high after retesting the move. It then reached the 61.8% Fibonacci Retracement of July -September. Price action is currently stuck between the key Fibonacci levels for the 2020 – 2021 move and the above-mentioned one on a weekly basis.
Currently, the price action is above the 200 and 50 moving averages on the daily charts. However, the MACD remains above zero. The upward trend may still be valid if prices remain above the moving averages, and the MACD stays above the zero line.
Bitcoin prices are currently at $45,000 support as of this writing. BTC/USD could test the 61.8% level of support at $45,000 if bears continue to pressurize bears. The 20-period Moving Average (MA) provides additional support at approximately $45,000 and the July-August move at $43,776.
