Bitcoin (BTC) price is above breakout level when buyers return more than $ 34,000 – June 30, 2021

BTC / USD likely to revisit as buyers in the $ 37,000 resistance zone recover more than $ 34,000 in support. Buyers were unable to sustain the uptrend due to the overwhelming presence of sellers above the $ 37,000 price level. The bears are heavily defending $ 37,000 resistance zones. As the BTC price drops to $ 34,000, the bears have sought to return to a critical support level of $ 31,000.

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

BTC / USD – daily chart

After being rejected in the $ 37,000 resistance zone, BTC price has turned as the market returns downwards. The current retracement is expected to fall above the $ 34,000 support as the market continues its upward movement. However, the BTC price has already dropped more than $ 34,000 in support. The current reorientation will continue if the price breaks below the $ 34,000 subsidy. In addition, the BTC price has already fallen below the 21-day SMA, and a break below moving averages will accelerate sales pressure. The downside is that if the bears succeed, Bitcoin will drop $ 31,000 in support. Nonetheless, if the $ 31,000 subsidy breaks, Bitcoin will crash to $ 28,000 from $ 20,000. Meanwhile, there are rising signals above the $ 34,000 support. The upward shift will continue if current support continues.

Bitcoin has failed miserably as a currency, says NYU’s valuation dean

Aswath Damodaran is a professor of finance at the Stern School of Economics at New York University. He has shown contempt for Bitcoin’s (BTC) value proposition in the form of currency. In his master’s program in money management, a NYU professor restored his long-standing resentment of Bitcoin as a currency. Damodaran argued that Bitcoin has a limited use involving microtransactions that reject it as a form of money. According to him, he said: “I think a good currency is what is used to buy coffee, buy your house, buy a car, and in this regard, Bitcoin has failed, and not just failed, it has failed miserably.”

BTC / USD – 4 hour chart

Meanwhile, Bitcoin has returned after it had rejected $ 37,000 resistance buyers back over $ 34,000. BTC’s price is now stabilizing with more than $ 34,000 in support. June 28 upward trend; The retracated candle body tested the 78.6% fibonacci retracement level. The recalculation shows that Bitcoin rises to the level of 1,272 Fibonacci extension and turns. Today, the BTC price tested the 1,272 Fibonacci plug-in and continued down. Bitcoin turned to the 78.6% Fibonacci retracement level from which it originated. The market may return upwards above current support. Bitcoin has tested the $ 37,000 Fibonacci plug-in and turned from a recent high. A new upward movement is likely.

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