BTC/USD Consolidates Above $57,000 Support, Preparatory to an Imminent Breakout

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Bitcoin (BTC) Price Prediction – May 1, 2021
Bitcoin Price has rallied to $58,000 high but was resisted. Today, Bitcoin is fluctuating below the $58,000 resistance. BTC price now fluctuates in a tight range between levels $57,000 and $58,000. BTC/USD is trading at $57,608 at the time of writing.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Today, BTC/USD has reached and retested the $58,000 resistance level but faces rejection. The recent retest and subsequent consolidation below the $58,000 resistance is an indication of a further upward move. In the lower time frame, BTC price now fluctuates in a tight range between $57,000 and $58,000. Analysts think that consolidation near a resistance level increasing the chances of a breakout. Presently, if price breaks above the $58,000 high, the market will rally to $62,000 high. Similarly, if price breaks below the $57,000 support, a decline to $54,000 support is likely. Meanwhile, the king coin is retracing after rejection from the recent high. On the daily chart, the market is retracing to the support of the 21-day and 50-day SMAs. The king coin will resume an upward move if the current support holds.

Uzbek Governmental Agency Proposes to Legal Domestic Crypto Trading
A major governmental agency in Uzbekistan seems to be rethinking its stance on allowing cryptocurrency trading in Uzbekistan. According to an official statement which reads: “The National Agency for Project Management under the President of the Republic of Uzbekistan, or NAFT, issued an official document proposing several amendments to licensing procedures for crypto trading” In 2019, the agency banned citizens from purchasing cryptocurrencies like Bitcoin. Despite barring crypto purchases, the authority reportedly still allows locals to sell their crypto holdings. The recent development shows an apparent change of heart toward cryptocurrencies at the NAFT.

BTC/USD – 4 Hour Chart

On the 4-hour chart, the BTC price is fluctuating below the $58,000 resistance. On April 28 uptrend. a retraced candle body tested the 61.8% Fibonacci retracement. This retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of $62053.80. Meanwhile, Bitcoin is trading at $57,241 at the time of writing.



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