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Bitcoin Video 06.07.21.
Bitcoin Continues To Get Strong Support Of Nearly $ 35,000
Bitcoin continues to trade in a range between support at $ 35,000 and resistance at $ 37,000 as traders wait for further catalysts.
According to recent reports, China has banned several social media accounts focused on crypto markets as the country continues to pressure the industry.
Interestingly, this news has had little impact on the crypto markets, and most of the major cryptocurrencies are mostly flat at the start of the week. Ethereum is gaining ground and trying to break above the 20 EMA at $ 2815 while Dogecoin is stuck below its 20 EMA at $ 0.3750.
Technical analysis
Bitcoin recently attempted to break above the nearest resistance level at $ 37,000, but failed to develop sufficient bullish momentum and pulled out. As a result, Bitcoin continues to trade in the $ 35,000 to $ 37,000 range.
If Bitcoin manages to settle above the resistance at $ 37,000, it will head to the next resistance level which is at the 20 EMA at $ 38,800. A move above this level will push Bitcoin towards major resistance at $ 40,000. If Bitcoin moves above this resistance level, it will gain additional bullish momentum and head towards resistance at $ 42,000.
On the support side, the closest support level for Bitcoin is located at $ 35,000. A move below this level will present a serious problem for Bitcoin bulls as it will indicate that Bitcoin will try to develop further bearish momentum.
If Bitcoin drops below $ 35,000, it will head to the next support at $ 32,000. A successful test of the $ 32,000 support will pave the way for the test of the $ 30,000 support.
From a global perspective, Bitcoin managed to stabilize after the sharp drop in May. However, Bitcoin is located too close to the key support level at $ 35,000, and bears will likely try to push Bitcoin below that level.
For an overview of all of today’s economic events, check out our economic calendar.
The story continues
This article originally appeared on FX Empire
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