Bitcoin in a Downward Correction as Bitcoin Attains $62k High- October 16, 2021
Yesterday, BTC/USD price rallied to $62,900 but retraced to $61,000 support as Bitcoin attains $62k high. For the past 48 hours, the cryptocurrency has fluctuated above the current support for a possible upward move. Bitcoin is likely to retrace as the market reaches the overbought region.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
Since September 29, Bitcoin has been rising consistently after falling to the low of $39,678. The bulls bought the dips as Bitcoin resumed upside momentum. BTC price resumed accelerated movement as bulls breached the previous resistance at $52,888. Nonetheless, Bitcoin bulls cleared the resistance levels of $58,000 and $60,000 and rallied to $62,900. The price indicators have already indicated the overbought condition of Bitcoin. Bitcoin is at level 74 of the Relative strength index period 14. This indicates that Bitcoin has no room to rally on the upside. In the meantime, the cryptocurrency is retracing after rejection from the recent high. Bitcoin is likely to retrace to the low of $57,869.
Salvadorans sell US dollars to buy Bitcoin
Salvador’s citizen is daily exchanging his U.S. dollar savings for BTC. President Nayib Bukele has shared the new development on Twitter. According to the president: “People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.” As the bull market continues, two new Chivo facts have emerged. Firstly, “ People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs). Secondly, 24,076 remittances were received, adding up to $3,069,761.05 (in one day).
Meanwhile, Bitcoin has retraced to the low of $60,000 as Bitcoin attains $62k high. Further downsides are expected to the low of $57,869 as the market is said to be in an overbought condition. Nonetheless, Bitcoin will continue to rise as long as the price bars the moving averages.
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