Bitcoin (BTC) Price Prediction: BTC/USD Declines as Sellers Threaten to Short

Bitcoin (BTC) Fluctuates as Sellers Threaten to Short – June 20, 2021

Following its rejection on June 15, BTC/USD fell and resumed consolidation above the $35,200 as sellers threaten to short. BTC price consolidates in a tight range between $35,100 and $36,300. Buyers have retested the $36,300 high on three occasions to push Bitcoin to the previous highs. The upward move is being resisted as the crypto continues its range-bound move in a tight range.

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

BTC/USD – Daily Chart

Since May 19, Bitcoin is range bound between $31,000 and $40,000 price levels. For the past month, Bitcoin has consistently fluctuated within the confined range. Range-bound traders can adopt a range-bound strategy to trade Bitcoin prices. BTC’s price is consolidating above the $35,000 support. The bulls and bears are undecided about the direction of Bitcoin. Assuming BTC price finds support above $31,000, a range-bound trader will need a long trade.

The stop loss should be placed below the $31,000 support. This long trade should be exited near the $40,000 resistance zone. Similarly, if BTC price is facing rejection at the $40,000 resistance zone, a short trade will be needed. Nevertheless, stop loss placement should be above the resistance zone. Today, BTC’s price is trading at $35,604.80 at the time of writing.

Russian Oligarch Deripaska Condemns Bank of Russia for Ignoring Bitcoin

Oligarch Deripaska is one of Russia’s wealthiest men and the founder of Basic Element, one of Russia’s largest industrial groups. Volnoe Delo is Russia’s largest charitable foundation. The billionaire has criticized the Bank of Russia’s stance on cryptocurrency regulation in the country. Oligarch Deripaska argued that Russia needs to move to Bitcoin to provide a “real financial instrument enabling independence in foreign trade settlements.

He condemned the actions of the Russian central bank for persuading the crypto industry not to get involved in cryptocurrencies like Bitcoin. Deripaska pointed out and said: “Even poor El Salvador, known for being close to oft-mentioned Honduras, has realized the need for digital currencies and taken a simple path, recognizing Bitcoin as a means of payment.”

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is fluctuating above the $35,000 as sellers threaten to Short. Buyers have been defending critical support for the past month. BTC price will decline to $31,000 if the bears break the current support. This has been shown in the Fibonacci tool analysis. On April 25 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will fall to level 2.0 Fibonacci extension. That is the low of level $28,354.70.

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Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.