BTC/USD May Decline to $61k Low as Bears Breach $63k Support

BTC/USD Loses Crucial Support at $64k as Bears Breach $63k Support – November 12, 2021

Bitcoin (BTC) is falling after its recent rally to $68,444 high as bears breach $63K support. Buyers could not sustain the bullish momentum above the $68,000 high as a result of stiff resistance. The bulls struggled at the recent high for two days before they were overwhelmed by the bears. Today, BTC/USD has fallen from the high of $68,444 to the low of $63,747. There is a likelihood of further downward move.

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

BTC/USD – Daily Chart

Today, the market has been declining as it approaches November 10 previous low of $63,000. The downtrend may resume if the previous low is breached. Already, the bears have broken the crucial support at $64,000 which may cause Bitcoin to decline to $61,000 support. Since November 10, the bulls have defended BTC prices above the crucial support. If the bulls buy the dips, Bitcoin will be back above the current support and a rebound will signal the resumption of upside momentum. The cryptocurrency is approaching the 21-day line moving average. The uptrend may resume above the 21-day line moving average.

Miami Residents to Benefit Free Bitcoin from Profits on City Coin

In February, Mayor Suarez announced plans to turn the City of Miami into a major cryptocurrency hub by enacting the “most progressive crypto laws.” In the same vein, the Bitcoin conference was held in Miami, attracting the largest crowd in the annual event’s history. MiamiCoin cryptocurrency was launched in August, which helps fund municipal projects by generating yield. Following Suarez’s announcement, the Miami Coin price jumped by 18% to a daily high of $0.02369489.

According to Mayor Francis Suarez, every Miami resident with a digital wallet will be eligible to receive a Bitcoin dividend. Mayor Suarez in an interview said: “We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents”. Staking MiamiCoin has generated yields above $21million for the city. The Mayor indicated that if the yields continue at that rate, it is possible to cover the city’s tax needs.

Bitcoin (BTC) Price Prediction: BTC/USD May Decline to $61k Low as Bears Breach $63k Support — BTC/USD – 2 Hour Chart

Meanwhile, Bitcoin is in a downward move after the crucial support is broken as bears breach $63K support. BTC’s price is attempting to resume upward above the $63,000 support. Meanwhile, on November 10 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but will reverse at level 1.272 Fibonacci extension or $61,437.30.