BTC/USD Rebounds Above $63k as Bitcoin Targets $68k High

BTC/USD Holds Above $64k as Bitcoin Targets $68k High- November 13, 2021

From the recent breakdown, buyers have continued to sustain recent rallies above the $63,500 as Bitcoin targets $68K high. Today, BTC/USD has rebounded above the current support as price reached the high of $65,263. Buyers’ main target is to push the crypto to retest the $68,000 resistance. The current uptrend is made possible as Bitcoin trades above the moving averages.

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

Since November 10 breakdown, BTC price slumped to $64,000 low and resumed fluctuation between $64,000 and $66,000 price levels. For the past four days, Bitcoin has been trading in a narrow range. On November 12, the bears broke below the $64,000 as bulls bought the dips. Today, the upward move has resumed as the bullish momentum is sustained above the breakout level of $64,000. Certainly, the bulls will attempt to push Bitcoin to retest the $68,000 resistance. In the previous price action, on November 9 and 10, the bulls could not breach the $68,000. Consequently, the market declined to $64,000 low. Today, the upward move has resumed as Bitcoin regained bullish momentum. A break above the $68,000 resistance will signal the resumption of upside momentum.

Nigerian Banks Trailing Customer Account With Crypto Trading

In Nigeria, commercial banks are monitoring accounts of individuals that are used for cryptocurrency trading. This directive is from the Central Bank of Nigeria (CBN) demanding all commercial banks freeze accounts belonging to at least two individuals engaged in cryptocurrency trading. According to reports the memo reads as follows: “We wish to reiterate that the CBN is strictly monitoring non-compliance with the directive on the closure of all accounts involved in cryptocurrency for high impact regulatory sanction.

Because of the above, all staff are hereby advised to identify entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.” All bank workers are required in monitoring accounts, and customers to guarantee that the bank is fully complying with CBN requirements. Employees who intentionally neglect to disclose an account’s involvement in cryptocurrency trading would be penalized. Targeted accounts include those of fintech firms with a large volume of daily transactions without a payments license or any that contain cryptocurrencies in their memorandum or expression of business. Accounts that receive a lot of money from multiple payees and make numerous payments to several beneficiaries will also be under suspicion.

Meanwhile, Bitcoin has rebounded above the $63,500 support as Bitcoin targets $68K high. However, if the bears have broken below the current support and the bearish momentum is sustained, Bitcoin would have declined. According, to the Fibonacci tool, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.618 Fibonacci extension or $59,411.10. From the price action, BTC’s price has rebounded above the current support as the market reaches the high of $65,263.

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