Bitcoin (BTC) Price Prediction: BTC/USD Struggles above $31,000 as Bears Overrun Bulls

Bitcoin (BTC) In Downward Move as Bears Overrun Bulls – June 25, 2021

Bitcoin bulls were overwhelmed at the $36,000 resistance zone as Bears overrun bulls. However, Bitcoin was repelled at the $36,000 resistance zone. The focus of buyers is how to break the $41,273 resistance. The previous rejection at $41,273 caused the king coin to resume eight days of a downward correction. BTC/USD upside momentum will resume if BTC price breaks above the moving averages.

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

BTC/USD – Daily Chart

Bitcoin has scaled above the $34,000 resistance after three days of price tussle. Sellers attempted to push the BTC price to the $31,000 support as the crypto slumped to $32,381 low. However, the buying pressure above the $31,000 support has helped to push prices upward. Earlier before now, on June 22, Bitcoin fell to the low at $29,247 as bulls bought the dips. The long tails of candlesticks are indications of strong buying pressure above the $31,000 support. Meanwhile, buyers have an uphill task to push BTC prices to the previous highs. Buyers are to overcome the initial resistance at $34,000 and the next resistance at $36,000. Bitcoin is falling on the downside because of selling pressure at the $36,000 high.

El Salvador to Airdrop $30 Worth of Free BTC to Every Adult Citizen

The president of El Salvador has indicated that the government will airdrop $30 worth of (BTC) to every adult citizen of the country. Salvadoran adults who download the government’s Bitcoin wallet app will be eligible for the free offer. There are indications that the Salvadoran adult population is as high as 6.5 million. Yahoo Finance anchor, Zack Guzman has suggested that $195 million worth of Bitcoin will be airdropped across the country. However, exact figures are not feasible, though Statistics show that in 2019 the population was at 4.72 million people aged 15 and above. According to President Bukele, the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.” President Bukele indicated that the country’s much-celebrated Bitcoin law will come into effect on September 7.

BTC/USD – Daily Chart

Meanwhile, BTC’s price has resumed a downward move as bears overrun bulls. The bears are attempting to break the $31,000 support. On the downside, if the bears are successful, Bitcoin will drop to $30,000 or $28,000 low. On the other hand, if the $31,000 support holds, Bitcoin will revisit the previous high at $40,000. However, the bears appear to have upper hand.

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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.