BTC Price Fluctuates below $45K as Bitcoin Remains Resolute- February 15, 2022
BTC/USD has survived a bearish run as Bitcoin remains resolute. Bitcoin bulls are making frantic efforts to retest or break the overhead resistance at $45,400. The breaking of the overhead resistance will catapult Bitcoin to reach the high of $52,000.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Bitcoin’s (BTC) price is trading above the moving averages as the market resumes upward. On February 14, BTC’s price slumped above the 50-day line moving average and rebounded. Today, BTC’s price is trading at $44,161 as of press time. As the market resumes upward, buyers will attempt to push Bitcoin above the $45,400 overhead resistance. If the bulls are successful, BTC price will rally to $50,000 psychological price level. Also, if the bulls break above the $50,000 high, the bullish momentum will be extended to the $52,000 high. Conversely, if Bitcoin failed to cross above $45,400 overhead resistance, Bitcoin will be compelled to its sideways move between $41,800 and $45,400 price levels.
Cryptos to Have Free Circulation, by Belarus President
Belarusian President Alexander Lukashenko has signed a decree to officially support the free circulation of cryptocurrencies like Bitcoin (BTC). The president has signed a decree named: “On the register of virtual wallet addresses and the circulation of cryptocurrency.” According to reports, the decree proposes to protect crypto investors from potential losses and to “prevent unintentional involvement in activities prohibited by law.”
The report added this: “Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows free circulation of digital currencies.” Belarus’ Council of Ministers is required to assume appropriate measures to enforce the decree in three months following its publication. Belarus has been moving toward cryptocurrency adoption, some of its key economic and political partners were falling behind on crypto regulation.
Meanwhile, Bitcoin’s (BTC) price has turned from the $45,400 overhead resistance as Bitcoin remains resolute. On February 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BTC will rise to level 1.618 Fibonacci extension or $51,484.20. From the price action, the Fibonacci tool analysis will hold if the overhead resistance is breached.
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