BTC/USD Retraces as Buyers Recoup above $34,000

Bitcoin (BTC) Price Holds above Breakout Level as Buyers Recoup above $34,000 – June 30, 2021

BTC/USD is likely to revisit the $37,000 resistance zone as buyers recoup above $34,000 support. Buyers could not sustain the bullish momentum above the $37,000 price level because of sellers’ overwhelming presence. The bears are strongly defending the $37,000 resistance zones. As BTC price falls to $34,000 low, the bears have targeted to revisit the $31,000 critical support level.

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

Following its rejection at the $37,000 resistance zone, BTC price has made a U-turn as the market resumes a downward move. The current retracement is expected to subside above the $34,000 support as the market resumes its upward move. However, the BTC price has already fallen above the $34,000 support. The current retracement will continue if price breaks below the $34,000 support. Besides, the BTC price has already broken below the 21-day SMA. A break below the moving averages will accelerate the selling pressure on the downside. On the downside, if the bears are successful, Bitcoin will decline to the $31,000 support. Nevertheless, if the $31,000 support cracks, Bitcoin will crash to $28,000 of $20,000 low. In the meantime, there are bullish signals above the $34,000 support. The upward move will resume if the current support holds.

Bitcoin Has Failed Miserably as Currency, Says NYU’s ‘Dean of Valuation’

Aswath Damodaran is a professor of finance at New York University’s Stern School of Business. He has shown his disdain for Bitcoin’s (BTC) value proposition as a form of currency. In the Money control Master‘s class program, the NYU professor reinstated his longstanding disapproval of Bitcoin as currency. Damodaran argued that Bitcoin has limited use involving microtransactions which disqualify it as a form of money. According to him, he said: “A good currency, in my view, is one that’s used to buy coffee, buy your house, buy a car, and on that count, Bitcoin has failed, and not just failed, it’s failed miserably.”

Meanwhile, Bitcoin has been retracing after its rejection at the $37,000 resistance buyers recoup above $34,000. BTC’s price is now consolidating above the $34,000 support. On June 28 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1.272 Fibonacci extension and reverse. Today, BTC price tested the 1.272 Fibonacci extension and resume downward. Bitcoin reversed to 78.6% Fibonacci retracement level where it originated. The market may resume upward above the current support. Bitcoin has tested the $37,000 Fibonacci extension and turned from the recent high. A fresh upward move is likely.

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