Bitcoin Rebounds above $37k Support as Bitcoin Targets $51k High – February 5, 2022
Bitcoin bulls have broken the $39,000 overhead resistance after a price rebound as Bitcoin targets $51k high.BTC’s price is trading above the $41,000 support but below the $42,000 resistance level. BTC/USD is trading at $41,616 as of press time.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
On February 4, Bitcoin’s (BTC) price rebounded above the $37,000 support as the cryptocurrency rallied to a high of $41,753. The largest cryptocurrency has almost reached the targeted price of $44,000 high. The bulls broke above the 21-day line moving average but it is below the 50- day line moving average. On the upside, if the bullish momentum extends above the 50-day line moving average, BTC price will rally above the $50,000 psychological price level. Today, the upward movement of price has been stalled below the $42,000 resistance. BTC price is fluctuating below the recent high. Presently, BTC’s price is at level 56 of the Relative Strength Index for period 14. It indicates that Bitcoin is in the uptrend zone and capable of further upside movement.
Bitcoin, Ether, and NFTS Will Never Be Legal Tender, by T.V. Somanathan
T.V. Somanathan is the finance secretary for the Indian government. He believes that cryptocurrencies will be widely accepted in the country but will not be adopted as legal tender. The Finance secretary indicated that a digital rupee backed by the Reserve Bank of India, or RBI, will be accepted as legal tender. He said: “People investing in private crypto should understand that it does not have the authorization of the government. There is no guarantee whether your investment will be successful or not, one may suffer losses and government is not responsible for this.”
Nonetheless, BTC/USD is trading above the $40,000 psychological price level as Bitcoin targets $51k high. The upward move has been hindered by the $42,000 resistance level. The uptrend will resume if the BTC price clears the $42,000 to $43,000 resistance zones. If the bulls are successful, Bitcoin will be out of downward correction. At the same time, the upside momentum will resume.
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