BTC/USD Slumps But Then Recovers Above $31k

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Bitcoin (BTC) Risks Crucial Support As Bitcoin Recovers Above $31,000– July 14, 2021

BTC/USD price traded and fell to the lower price range as Bitcoin recovers above $31,000. This will be the sixth time the bears will be retesting the crucial support. On the previous five occasions, the bears fail to break below the $31,000 support.

The breaking of the crucial support will mean the resumption of the downtrend. The holding of the $31,000 support will mean the continuation of the range-bound move. The upside momentum will resume if buyers breach crucial resistance levels above $40,000.

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

BTC/USD – Daily Chart

Since May 19, Bitcoin bulls have consistently defended the $31,000 support. This support level has been crucial because a breakdown may signal the resumption of a downtrend. A breakdown and sustained bearish momentum will compel BTC’s price to drop to $28,000 or $20.000.

This will portend a negatively signal to traders and holders of Bitcoin. However, as the king coin reaches bearish exhaustion, the upward move is likely to resume.BTC price lacks buying power at higher levels. Bitcoin will resume upside momentum if buyers clear the initial resistance levels above $35,000 and $36,000 high. Bitcoin is at level 34 of the Relative Strength Index period 14. It implies that BTC’s price is approaching the oversold region of the market.

India ICICI Bank Cautions Remittance Users to Steer Away from Bitcoin

ICICI bank is one of the biggest financial services in India. The bank has warned users not to use their remittance services for transferring any form of crypto or digital currency. According to reports, ICICI bank has also asked users not to invest in any fiat currency that may have links to previous cryptocurrency investments.

 

The bank based their decision on the Foreign Exchange Management Act (FEMA) 1999, the declaration states: “The above remittance is NOT for investment/purchase of Bitcoin/Cryptocurrencies/Virtual Currencies (such as Ethereum, Ripple, Litecoin, Dash, Peercoin, Dogecoin, Primecoin, Chinacoin, Ven, Bitcoin or any other virtual currency/cryptocurrency/bitcoin).” Nevertheless, the Indian government has not shown displeasure with blockchain-based financial applications.

BTC/USD – Daily Chart

Meanwhile, Bitcoin has risen above $32,000 as Bitcoin recovers above $31,000. The king coin’s upward move is likely as it reaches the high of $32,359. Bitcoin is retracing from the recent high.

On the upside, if BTC’s price rebounds above the current support, Bitcoin will rally above the $34,400 and $36,000 resistance levels. The bullish momentum is likely to extend to the previous highs. However, since June 21, buyers are yet to breach the resistances at $34,400 to $36,000.

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