Bitcoin (BTC) Soars Above $43,000 as Bitcoin Eyes $47,000 – August 7, 2021

Bitcoin has resumed a fresh upward move as Bitcoin eyes $47,000. The first uptrend rallied to a high of $42,299.20 but was resisted. The second uptrend resumed after the crypto fell to the low of $37,519.20. BTC’s price has broken the resistance at $42,299 as the market approaches the high of $44,000. In other words, buyers have succeeded in breaching the resistance from $34,400 to $42,451 high.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Following the clearing of the resistance zones, Bitcoin has resumed upside momentum. BTC/USD is expected to reach a high of $45,000 but may face stiff resistance at the recent high. The crypto is likely to retrace to the $40,000 support if it faces rejection from the recent high. The upward move will resume if the $40,000 support holds. However, if price breaks below the $40,000 support, Bitcoin will fall to the range-bound zone. On the upside, if buyers can push Bitcoin above the $45,000 high, BTC price will rise to the $50,000 psychological price level. In the meantime, the RSI and the daily stochastic have indicated that Bitcoin has reached the overbought region. Therefore, the further upward move is doubtful as sellers are likely to emerge.

Ukraine To Allow Payment in Cryptocurrency, Says Official

Ukraine’s Ministry of Digital Transformation believes that crypto payments will be allowed in Ukraine similar to payments U.S. dollar. According to a government official, a new cryptocurrency-related bill will allow payments in cryptocurrencies like Bitcoin. This is although the crypto is not recognized as a legal tender. According to the bill the local payment processes would still provide services for converting crypto to fiat currency. The law states:  “Today, the legislation in Ukraine also does not allow you to pay in dollars, but you can easily pay for purchases with a dollar card. Currencies are converted instantly during payment. […] Therefore, it will be quite legal to pay with cryptocurrencies in Ukraine, but through an intermediary.”

BTC/USD – 4 Hour Chart

Meanwhile, the BTC/USD has resumed a fresh uptrend as Bitcoin eyes $47,000 . On July 30, downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will fall but reverse at level 1.272 Fibonacci extension or level $46,004. From the price action, the market is hovering above the $43,000 support.

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