Bitcoin (BTC) Price Prediction: BTC/USD Struggles as Bitcoin Bounces Above $31,000

Bitcoin (BTC) Trades Marginally As Bitcoin Bounces Above $31,000– July 17, 2021

Bitcoin is still confined between $31,000 and $41,273 price levels as Bitcoin bounces above $31,000. Nonetheless, the price tussles between buyers and sellers have compelled BTC/USD to trade in a narrow range between $31,000 and $34,400. However, the bears appear to have the upper hand as Bitcoin trades above the critical support at $31,000

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

BTC – Daily Chart

For the past week, Bitcoin bulls have been struggling to defend the critical support at $31,000. On July 15 and 16, the bears struck the $31,000 support as bulls bought the dips. BTC price upward correction is always short-lived as price retests the $33,000 or the $32,000 high before facing another rejection from the recent high. The bears are bent on breaking the $31,000 support while the bulls continue to be on the defensive. There are indications that if the bears break the $31,000 support, Bitcoin will decline to $28,000 support. Later the bearish momentum will extend to $20,000 low. Bitcoin is below the 20% range of the daily stochastic. The price indicator has shown that the market has reached the oversold region. The implication is that the bearish momentum is likely to subside as buyers emerge.

ECB Plans to Design Digital Euro More Efficient Than Bitcoin

The European Central Bank or ECB intends to launch its first digital euro. According to the report, the principal architect of the digital euro will be designed to have a negligible environmental footprint compared to Bitcoin and other crypto-assets. In view of this, the ECB’s governing council has launched the investigation phase of a digital euro project. The investigation phase is planned to last for two years, thereafter the Euro group will design a digital currency focused on “users’ preferences and technical advice by merchants and intermediaries.” ECB officials indicated and said: “We will look at how a digital euro could be designed and distributed to everyone in the euro area.” They added: “It has also shown that the energy needs of the infrastructure would be negligible compared with the energy consumption and environmental footprint of crypto-assets, such as Bitcoin .”

BTC/USD – Daily Chart

Meanwhile, Bitcoin is consolidating above the $31,000 support after the bearish onslaught as Bitcoin bounces above $31,000. BTC price direction is unknown as price is characterized by small body candlesticks called Doji and Spinning tops. The small body candlesticks have caused Bitcoin to trade marginally. The price movement has been rather slow because of the indecision between buyers and sellers.

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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.

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