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BTC/USD Makes Upward Correction as Bitcoin Faces Rejection at $46K

BTC Price Holds Above $45.4K as Bitcoin Faces Rejection at $46K – March 31, 2022

BTC /USD consolidates above $45,400 assist as Bitcoin faces rejection at $46K. Buyers are making an attempt to push Bitcoin above the $45,400 excessive. The bulls will retest the $48,000 resistance if the $45,400 assist holds. Conversely, Bitcoin will decline if the bears break under the $45,400 assist.

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

Bitcoin (BTC) Price Prediction: BTC/USD Makes Upward Correction as Bitcoin Faces Rejection at $46K
BTC/USD – Daily Chart

Bitcoin is making an upward correction after the current breakdown. Buyers have an uphill activity as they push Bitcoin upward and reclaim the earlier resistance ranges. On the upside, the market will resume upside upward if the $45,400 assist holds. BTC value will rise and retests the $48,000 resistance degree. The present uptrend is doubtless to face resistance at the $47,000 excessive. On the opposite hand, if the BTC value rebounds above the breakout degree of $45,400, the market will rally to the $48,000 resistance degree. Presently, the present retracement has subsided but when the bears break under $45,400 assist, the downtrend will resume. Bitcoin will resume one other spherical of promoting stress.

“Financial Markets Not Ready for Bitcoin Bonds”, Says Michael Saylor

Michael Saylor is the CEO of MicroStrategy. In a Bloomberg interview, Michael Saylor indicated that conventional monetary markets weren’t ready for bonds backed by Bitcoin. He categorically said that he would love to see the day when Bitcoin-backed bonds are bought like mortgage-backed securities. These feedback have been made two days after MicroStrategy has taken a $205 million BTC-collateralized mortgage to buy extra Bitcoin.

Michael Saylor’s touch upon Bitcoin bonds is comparable to El Salvador’s current determination to postpone the issuance of its $1 billion BTC-backed “Volcano Bond” on March 23. El Salvador’s Finance Minister Alejandro Zelaya indicated that the choice to delay the bond was due to normal monetary uncertainty within the international market pushed by battle in Ukraine. Saylor stated that the nation’s Volcano Bonds are a lot riskier than his firm’s Bitcoin-collateralized mortgage, “That’s a hybrid sovereign debt instrument as opposed to a pure Bitcoin-treasury play. That has its own credit risk and has nothing to do with the Bitcoin risk itself entirely.”

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     Bitcoin (BTC) Price Prediction: BTC/USD Makes Upward Correction as Bitcoin Faces Rejection at $46K
BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has continued to push to the upside as Bitcoin faces rejection at $46K. The cryptocurrency is doubtless to face resistance at a excessive of $47,000. Bitcoin is doubtless to rally above $48000 if it clears the resistance at the $47,000 excessive.

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