BTC/USD Approaches Support at $47k as Bitcoin Risks Deeper Correction

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BTC/USD is confined between $47,000 and $52,000 price levels as Bitcoin risks deeper correction. Yesterday, the BTC price corrected upward to the high of $51.970 but was resisted. Today, Bitcoin is falling to the downside but it is holding above the $47,000 support. BTC price will trend when the range-bound levels are breached.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Bitcoin’s (BTC) price is trading marginally as Bitcoin fluctuates between $47,000 and $52,000. Yesterday, buyers pushed BTC’s price to the high of $51,970 but it faced rejection at the $52,000 resistance zone. Bitcoin would have reached the $60,000 psychological price level if buyers breached the initial resistance. Consequently, the market has been declining to the downside since December 8. The king coin has fallen to the low of $47,500 at the time of writing. BTC price is expected to reach the low of $47,000 and resume upward. However, if price breaks below the $47,000 support, the downtrend will resume. The market will further decline to $41,000. Meanwhile, Bitcoin has declined and it is approaching the low of $47,000.

Microstrategy Procures $82 M in Bitcoin, Now Holds 122,478 Coins

Since its initial purchase in August 2020, MicroStrategy’s holdings are valued at more than $5.9 billion. This total figure represents more than $2.2 billion in gains. Meanwhile, between Nov. 29 and Dec. 8, the company purchased roughly $82.4 million, bringing its total holdings to 122,478 BTC. That is, the firm, MicroStrategy has added 1,434 Bitcoin to its coffers after purchasing the crypto asset at an average price of $57,477.

Bitcoin (BTC) Price Prediction: BTC/USD Approaches Support at $47k as Bitcoin Risks Deeper Correction — BTC/USD – 4 Hour Chart

Meanwhile, BTC’s price is testing the crucial support at $47,000 as Bitcoin risks deeper correction. Bitcoin will be compelled to a deeper correction if the bears break the support at $47,000. On the other hand, if Bitcoin rebounds above the current support, BTC’s price will rally above the $52,000 resistance. On November 27 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but reverse at level 1.272 Fibonacci extension or $49,110.40.