Bitcoin hovers around key resistance at $31,825 mark, a sustained close above requires for the upside rally; July 19, 2021

Bitcoin enjoys roller coaster movement but remains well supported above $31,000 mark as key support zone. If pair fails to break key resistances at $32,050 and $32,297, there are chances for more weaknesses.

Top 5 Headlines on Digital Currency:

  • “Crypto is simply providing an alternative for people who want more freedom. Everyone can make their own choice, and that is probably a good thing” – Brian Armstrong, CEO of Coinbase – Investing.
  • Federal Reserve Chairman Jerome Powell took the stand to discuss bitcoin and other cryptocurrencies with the U.S. Financial Services Committee. He stated to the panel that if the United States had its own digital currency in play, bitcoin would serve no purpose and would ultimately disappear – Investing.
  • The Fed has since announced that it will be publishing a report this September 2021 regarding the benefits, risks, and other considerations that must be taken into play when it comes to initiating some form of national digital currency – Investing.
  • A panel of crypto experts has predicted that the price of bitcoin will rise to $318,417 by December 2025 – Investing.
  • Doubleline Capital CEO Jeffrey Gundlach – The price of bitcoin will fall below the $23K level – Investing.

Technical View:

  • Today bitcoin starts a new week on a positive note.
  • The pair made intraday high at $31,881 and low at $31,429 mark.
  • Today a day chart and H1 chart with triple EMA confirms further bearish trend in short run.
  • A sustained close above $31,825 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $31,200 will check further supports.
$31,100 $32,050
$29,840 $32,297
$29,620 $32,500
$29,276 $32,980
$28,985 $33,295

Take a look and do trade wisely!
Good Luck

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