Search Inside Bitcoins

Bitcoin (BTC) Price Prediction: 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.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.