Bitcoin (BTC) Price Prediction: BTC/USD Is in a Downward Correction, Fluctuates Between $46,000 and $51,000

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Bitcoin (BTC) Price Prediction – May 15, 2021
BTC/USD is in a downward correction. BTC price is fluctuating between $47,000 and $51,000 price levels. The uptrend will resume if price breaks above the $51,000 psychological price level and the bullish momentum is sustained. On the other hand, the selling will continue if price breaks below $46,000 support.

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

BTC/USD – Daily Chart

Following the rejection at the $51,000 high, the BTC price has resumed a downward move. If the bearish momentum is sustained, the market will decline to $45,000 low. The bulls will aggressively defend the current support level. Presently, Bitcoin has fallen and it is testing the previous low at $46,644. The market will decline if the previous low at $46,644 is breached. However, the bulls will buy the dips if the current support holds. Buyers will attempt to push BTC price on the upside. BTC/USD is trading at $47,997 at the time of writing.

Argentina’s Tax Body Asks Crypto’s Firm to Provide Monthly Reports of Its Operations
Argentina’s Federal Administration of Public Income (AFIP), has instructed domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations. The tax authority in Argentina is intending to examine operations involving cryptocurrencies like Bitcoin and users on their platforms. The tax authority has been paying closer attention to the crypto industry recently. Recently, the Central Bank of Argentina has asked domestic banks to forward them information about its customers dealing with Bitcoin.

BTC/USD – 4 Hour Chart

Meanwhile, as bulls buy the dips, BTC price is rising on the upside. However, the Fibonacci tool analysis may hold if bears break the support at $46,600. On May 10 downtrend, a retraced candle body tested the 38.2%% Fibonacci retracement level. The retracement indicates that BTC price is likely to fall to level 2.618 Fibonacci extension . That is the low of $45,281.40.

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