Bitcoin (BTC) Price Prediction: BTC/USD Is Set for More Upside Momentum as Bitcoin Holds Above $54k

Bitcoin Is in a New Uptrend as Bitcoin Holds Above $54k- October 12, 2021 BTC/USD continues its upward move as Bitcoin holds above $54K. The uptrend is facing resistance at the recent high. Bitcoin is retracing after two days of correction. The market is likely to retrace to the previous range bound zone of $54,000 and $56,000. Today, BTC’s price is trading at $55,573 at the time of writing. Resistance Levels: $53,000, $54,000, $55,000Support Levels: $40,000, $39,000, $38,000 BTC/USD – Daily Chart Buy Bitcoin Now Since October 6, Bitcoin bulls have been making concerted efforts to push BTC price on the upside. The bulls breached the resistance at $56,000 after five days of a downward correction. BTC price rose to the high of $58,000 as buyers faced another rejection. Bitcoin retraced after rejection from the high of $58,000. The crypto fell to low above $54,000 and pulled back. A long candlestick tail is pointing to the current support at $54,000. The long tail indicates that there is strong buying pressure above the $54,000 support. BTC price is rising to revisit the previous highs. The Relative Strength Index indicates that Bitcoin is at level 55. This implies that the crypto is in the bullish trend zone and has room to rally on the upside. Swiss Think Tank Proposes Addition of Bitcoin in Federal Constitution 2B4CH is a Swiss non-profit think tank that is launching a proposal that could make Bitcoin one of the country’s reserve assets. The body will assist the state in exploring cryptocurrencies like Bitcoin and blockchain technology. According to 2B4CH founder, the association will bring crypto education to people who are not yet Bitcoin-friendly. The body intends to collect 100,000 signatures for the introduction of Bitcoin to article 99 clause 3 of the Swiss federal constitution. The 2B4CH’s founder and chair Yves Bennaim said : “If the signatures are gathered successfully, the vote will legally have to happen, and so will the conversations and debates, eventually informing and educating better everyone in Switzerland, and hopefully worldwide, as we set the example,” Bennaim said. “We hope the vote will…

Source: Bitcoin (BTC) Price Prediction: BTC/USD Is Set for More Upside Momentum as Bitcoin Holds Above $54k

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