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.
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,”
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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