Bitcoin potential price recovery, analysis for May 14, 2021

By finding support in the $ 47,000-48,000 zone, we see that the price has started to rise and is now at the current $ 50,600. In the last 24 hours, we see that the price is consolidating around $ 50,000 and that if there is a positive consolidation, we see a price increase to the zone around $ 54,000. This zone coincides with the 38.2% Fibonacci level, and we can expect the next resistance there. A further jump above leads us to $ 56,000 at 50.0% Fibonacci level and an even bigger resistance zone at 61.8% Fibonacci level at $ 58,000. Since this consolidation is still undecided, it is not excluded that the price of Bitcoin will fall below the previous low to $ 47,000. Looking at the MACD indicator, we see that the MACD blue line is moving sideways and is now leaning to the bullish side, and for a stronger signal, we need a break above the signal line.
Tesla abandoned payments in Bitcoins, followed by rumors of an investigation into a large exchange of Binance by US regulators; it was enough to send Bitcoin to a low of $ 47,000 before stabilization. As Cointelegraph reported, the decline could have been significantly worse, with long-term price characteristics providing support at key levels. The inflows to the stock exchanges reflect the desire to sell BTC in the short term. Some may not lose money because of cash but will take a stable position in the currency and then buy it back after prices stabilize. As such, outflows may soon begin to rise as panicked investors join those who “buy the dip.” The executive director of CryptoQuant pointed out the whales that continue to send coins to the stock exchanges more than usual, as a potential sign that the bear phase is not over yet. Turkish customs seized over 500 smuggled mining platforms for Bitcoin. Turkey’s biggest arrests against crypto mining smugglers resulted in the seizure of illegal Bitcoin ASIC miners in the amount of $ 600,000 and the detention of four suspects. Shortly after Turkish police arrested 62 suspects in the Thodek investigation, another local stock exchange, Webbitcoin, shut down in the same way.
Recently, the Turkish Minister of Treasury and Finance Lutfi Elvan announced that the Financial Crimes Investigation Committee, or MASAK, has full authority to audit and oversee crypto exchanges. As a countermeasure to fraud and illegal money trafficking, every cryptocurrency exchange present in Turkey is now required to notify MASAK of crypto transactions of over 10,000 Turkish lire (the US $ 1,200), or $ 600,000, and the detention of four suspects.