Bitcoin (BTC) Pushes on the Upside, Bitcoin Targets $37,000– July 25, 2021
For the past 48 hours, BTC/USD has been trading below the $34,500 high as Bitcoin targets $37,000 . BTC price appears to reach the overbought region of the market. Besides, Bitcoin is trading in the resistance zones where sellers are attracted to push prices down. Bitcoin’s upward move depends on the bulls clearing the resistance levels of $34,400 to $35,000.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
Following the recent rebound above the $29,400, and subsequent rally to $34,000 high, traders have booked profits. According to the daily stochastic, a further upward move is doubtful as the market reaches the overbought region. In a strong trending market, the overbought condition may not hold as long as the crypto continues to rise on the upside. Meanwhile, BTC’s price is at level 55 of the Relative Strength Index period 14. This implies that Bitcoin has room to rally on the upside as it is in the uptrend zone. Nevertheless, for the past 48 hours Bitcoin has been trading above the $34,000 support. The bottom line is that a strong rebound above the current support will propel BTC price to rally above the resistance zones of $34,400 to $35,000. Bitcoin is capable of reaching the previous highs of $37,000 to $40,000 if the bulls are successful. Bitcoin will resume a downtrend if it faces rejection at the resistance zones.
Canadian Border Town Postpone Bitcoin Mining over Aesthetic Concerns
Massena, a Canadian Border Town with New York has been closed temporarily by city officials on new Bitcoin mining operations in the area. The three-month suspension on new Bitcoin mining operations is to enable officials to complete roads and buildings maintenance. According to a report by the Associated Press, Massena town officials ordered the 90-day moratorium on new Bitcoin mining activities due to aesthetic concerns. According to the Massena town supervisor, miners do litter roads with trailers laden with computers and other hardware required to mine Bitcoin. The officials indicated and said: “We don’t want it littered with these trailers that are pumping out Bitcoin. We just want to make sure if they are going to come here, that it’s a nice presentable building.”
Bitcoin price is stuck below the resistance at $34,400 as Bitcoin targets $37,000. For the past two days, buyers have not been able to penetrate the resistance zones. A breakout above the resistance will trigger further upsides. On the other hand, a rejection will cause Bitcoin to fall. 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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