BTC/USD Continues Correction as Bitcoin Consolidates above $47k – December 11, 2021
Since December 4 price collapse, BTC price has been in range bound as Bitcoin consolidates above $47k. The bearish impulse on December 4, plunged BTC price to the low of $41,634 as bulls bought the dips. For the past week, BTC/USD has been range-bound between $47,000 and $52,000 price levels.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Today, Bitcoin is recovering after the recent fall below the current support. The bears pushed Bitcoin to $46,872 low as bulls bought the dips. Buyers have pushed Bitcoin to the high of $49,229 at the time of writing. In previous price action, buyers have broken above the $50,000 psychological price level but were repelled. The upside momentum will resume if buyers pushed BTC price above the $52,000 resistance and the bullish momentum is sustained. Buyers will continue the bullish run to the next resistance at $54,000. A break above the $54,000 resistance will push the crypto above the $58,000 high. However, if the bullish scenario fails, Bitcoin will be compelled to continue downward correction.
“Nation Should Not Compensate Investors for Crypto Losses” by Nikhil Rathi
Nikhil Rathi, is the CEO of the United Kingdom’s Financial Conduct Authority, or FCA intends to bar investors from accessing government compensation in the event of crypto scams or financial loss. The CEO refers to the FCA’s Financial Services Compensation Scheme, or FSCS, which makes reimbursement to consumers when certain authorized financial institutions cannot meet claims against them, such as during bankruptcies, criminal schemes, or insurance breach-of-contract. The proposed rules would prevent the U.K. government from making a refund to crypto investors who have been scammed by fraudulent exchanges or decentralized finance rug pulls. According to Nikhil Rathi, he indicated that: “When we talk about the compensation scheme, we have to draw some pretty clear lines. I would suggest anything is crypto-related should not be entitled to compensations, and consumers should be clear about that when investing “.
Meanwhile, BTC’s price has resumed an upward move after the recent fall as Bitcoin consolidates above $47K. Buyers would want to revisit the resistance at $52,000. On November 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC price will fall but reverse at level 1.272 Fibonacci extension or $49,110.40.
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