BTC/USD in a Range Bound Move as Bitcoin Corrects Upward

BTC/USD in a Range Bound Move as Bitcoin Corrects Upward


Bitcoin (BTC) Price Is Stuck in a Range as Bitcoin Corrects Upward – July 6, 2021

BTC/USD price is trading marginally below the $35,000 resistance zone as Bitcoin corrects upward  . The buyer’s enthusiasm has been erased as the BTC price is stalled below the $35,000 resistance level. The chances of a further upward move have been reduced as the market continues to decline. Bitcoin now trades in the bearish trend zone.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Following the recent price action, buyers were repelled as they failed to sustain BTC’s price above the $35,000 resistance on July 4. This has not been the first time; BTC/USD has been repelled at the $35,000 resistance level. On June 25 and 29, Bitcoin was repelled as buyers attempt to push BTC price above the $35,000 resistance level. The bears have had the upper hand over the bulls as Bitcoin is confined below the $35,000 resistance level. Nevertheless, Bitcoin has been having a partial breakout above the $35,000 resistance but buyers have failed to sustain the bullish momentum above the recent high. For instance, Bitcoin faced rejection at the $35,495 and $36,600 price levels on June 25 and 29, respectively. The upward moves were interrupted as BTC/USD was compelled to continue the downward correction. Bitcoin is now at the bottom of the chart, consolidating the between $31,000 and $35,000 price levels.

Ukrainian e-Bank Intends to Offer Bitcoin Trading in July

The Ukrainian government is set with cryptocurrency-related legislation, while a major local e-bank is preparing to launch a debit card featuring Bitcoin trading. Because of this, Monobank has submitted a request to the National Bank of Ukraine to launch its Bitcoin debit card later this month. According to Monobank co-founder Oleg Gorokhovsky, a new integration will enable Monobank users to buy and sell Bitcoin with a debit card. The new feature will be released this month pending approval from the National Bank of Ukraine.

BTC/USD – Daily Chart

Meanwhile, BTC’s price is resuming upward after falling to the low above $33,200 as Bitcoin corrects upward – July 3, 2021. Since June 22, BTC’s price has been confined to fluctuate between $31,000 and $35,000. On the upside, if the bulls break the $35,000 high and the bullish momentum is sustained, Bitcoin will rally to retest the $40,000 to $42,500 resistance zones. Nonetheless, if the Bitcoin bulls clear the resistance zones, it will signal the resumption of upside momentum. Conversely, if the bears break below the $31,000 support, there will be panic buying and selling if Bitcoin declines to $28,000 or $20,000 low.

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