Bitcoin (BTC) Fluctuates in a Price Range as Bitcoin Poises for Uptrend– June 28, 2021
For the past 48 hours, BTC/USD has been consolidating below the $35,000 resistance zone as Bitcoin poises for uptrend. It has been established that consolidation near a resistance zone increases the chances of a possible breakout. A breakout above the $35,000 resistance will push Bitcoin to the high of $38,000. Subsequently, the bullish momentum will extend to retest the $40,000 to $42,000 resistance zones.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
Since June 23, BTC’s price has been struggling and retesting the $35,000 resistance zone to break above it. On June 23, buyers were repelled as the crypto fell to $32,000 low. At the $32,000 low, the bulls pushed BTC’s price to the high of $35,495. This bullish move attracted sellers who plunged Bitcoin to the low of $30,206. Immediately, the bulls bought the dips, propelling Bitcoin to rise to the $35,000 resistance level. For the past week, BTC’s price has made positive moves to retest and break the $35,000 high. For example, if buyers push Bitcoin above the $35,000 resistance, it will rally to $38,000 high. The bullish momentum is likely to extend to retest the $40,000 to $42,000 resistance zones. Conversely, if buyers fail to break the initial resistance at $35,000, Bitcoin will be confined to a range-bound movement between $29,000 and $35,000. In the meantime, BTC/USD is consolidating below the $35,000 resistance zone.
Mexico to Open First Bitcoin-Friendly Bank, by Ricardo Salinas Pliego
Ricardo Salinas Pliego is third of Mexico’s richest billionaire. Salinas is the founder and chairman of Grupo Salinas, a Mexican corporate conglomerate spanning television and radio network TV Azteca, consumer electronics retailer Grupo Elektra, and major local bank, Banco Azteca. According to reports, Salinas has invested 10% of his liquid portfolio into Bitcoin last year. He wants his bank to be the first in Mexico to accept BTC. The Mexican billionaire has tweeted his support for the global adoption of BTC, indicating that his bank is “working” to become the first in Mexico to accept the world’s leading digital asset.
Bitcoin is still consolidating below the $35,200 resistance zone as Bitcoin poises for uptrend. Buyers have to break the $35,000 resistance for Bitcoin to rise and revisit the previous highs. Meanwhile, on June 23, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Bitcoin is likely to reach 1.618 Fibonacci extension or level $37,861.60. From the price action, buyers are yet to overcome the resistance at $35,000.
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