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Bitcoin (BTC) Price Prediction: BTC/USD Breaches $34,000 Resistance as Bitcoin Retakes Lost Ground

Bitcoin (BTC) Price Prediction: BTC/USD Breaches $34,000 Resistance as Bitcoin Retakes Lost Ground

Bitcoin (BTC) In a Decisive Move As Bitcoin Retakes Lost Ground– July 24, 2021

BTC/USD has continued to make positive moves as Bitcoin retakes lost ground. However, the subsequent bullish move is doubtful as the market reached the overbought region of the market. Incidentally, the $34,400 to $35,000 resistance zones will poise as a battleground for the bears and the bulls. Sellers are likely to be attracted in the resistance zone which will be an uphill task for buyers.

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

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BTC/USD – Daily Chart

Bitcoin’s (BTC) price rebounded and it is approaching the high of $34,000. On July 20, BTC’s price consolidated above the $29,400 support as bulls bought the dips. This propels the king coin to have a strong rebound as it reached the high of $34,076. For the past 24 hours, the bulls have been battling to penetrate the $34,000 and $35,000 resistance zones. The bears have been having selling pressure above the $34,000 resistance zone. On the upside, if buyers overcome the resistance zone, BTC/USD will rally to $37,000 high. On the other hand, if buyers fail to breach the resistance zones, the BTC price will fall. In addition, the bears will sink the crypto to the previous low at $29,400. Later, Bitcoin will further decline to $28,000 if the previous low is breached. Bitcoin is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. There is a possibility of downward movement of prices.

Bitcoin Security Worries Some Institutional Investors

Some Institutional investors coming for the first are hindered from buying crypto because of the security of cryptocurrency custodial services. A survey has been carried out by the United Kingdom-based crypto fund, Nickel Digital Asset Management. The survey includes respondents from the United States, France, Germany, the United Arab Emirates, and the United Kingdom, who collectively own $275 billion in assets under management. An investigation of 100 wealth managers and global institutional investors is conducted to find out the biggest investor associated with crypto. The survey is conducted online from May to June 2021. The investigation found low confidence among institutional investors in crypto security, with 76% of respondents citing concerns about the security of custodial services as one factor stopping them from investing in crypto. Other concerns include the regulatory environment as a major obstacle. The respondents complained of a lack of transparency and volatility. The survey includes a lack of reputable fund managers offering crypto investment.

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BTC/USD – 4 Hour Chart

Bitcoin price is attempting to break the $34,000 high as Bitcoin retakes lost ground. The crypto is consolidating below the resistance with small body indecisive candlesticks. BTC price is retesting the resistance to break. Meanwhile, on July 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extension or level $33,777.20. Bitcoin will reverse to the 78.6% Fibonacci retracement level where it originated.

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Bitcoin (BTC) Price Prediction: BTC/USD Recovers above $29,400 as Bitcoin Rebounds

Bitcoin (BTC) Price Prediction: BTC/USD Recovers above $29,400 as Bitcoin Rebounds

Bitcoin Regains Bullish Momentum, Reaches $32,850 High as Bitcoin Rebounds – July 22, 2021

Bitcoin has recovered after crashing to the low of $29,400 support as Bitcoin rebounds. BTC’s price consolidated above the $29,400 support for two days before the eventual rebound. The bears have earlier intended to sink Bitcoin to $28,000 low and later to $20,000 price level. BTC/USD has returned to the range-bound move between $31,000 and $41.273.

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

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BTC/USD – Daily Chart

Following the recent breakdown on July 20, the BTC price consolidated above the $29,400 support for two days. Long candlestick tails are pointing downward indicating that the bulls have bought the dips.
This has translated into a strong rebound as BTC price rallied to $32,850 high. There are strong indications that BTC price will further rise to the high of $34,000. However, Bitcoin is likely to face resistance at the high of $34,400. Nonetheless, if buyers overcome the $35,000 resistance zone, the market will rally above $37,000 high. Conversely, if buyers face another rejection at the $35,000 resistance, Bitcoin will fall. The bears will attempt to sink BTC’s price beyond the $31,000 crucial support level. In the meantime, BTC’s price is trading above the $75% range of the daily stochastic. It indicates that the king coin is approaching the overbought region of the market. This will result in the emergence of sellers to push prices downward.

Russian Stock Exchanges to Avoid Listing Crypto-Related Firms

The Bank of Russia has requested stock exchanges not to list crypto-related firms. However, these recommendations do not apply to central bank digital currencies and authorized digital assets issued in Russia. This comes at a time when global cryptocurrency companies are considering going public. Officially, the Bank of Russia has issued a letter on July 19, asking Russian stock exchanges to stay away from listing foreign and local companies involved in a broad range of crypto services. According to the report: “The Bank of Russia’s recommendations aim at a preventive measure — they are designed to prevent a mass investor adoption of such instruments,”

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BTC/USD – 4 Hour Chart

Bitcoin price has resumed an upward move as Bitcoin rebounds .Presently, the upward move is facing resistance at the $32,900 high. The uptrend will resume when the initial resistance is breached. On the 4 hour chart, Bitcoin price has broken above the moving averages suggesting a possible upward move of the coin. Meanwhile, on July 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but will reverse at level 1.272 Fibonacci extension or level $33,727.50.

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