BTC/USD Back Below $32,000 mark, What to expect further? July 16, 2021

Bitcoin continues to trade lower on Friday and in addition, U.S.’s negative economic results released yesterday also failed to lift the bitcoin.

Top 5 Headlines on Digital Currency:

  • MicroStrategy CEO Michael Saylor thinks that Bitcoin is more like digital property than digital currency – Investing.
  • The Crazy Horse 3 gentlemen’s club has announced it has become the first major entertainment venue in Las Vegas to accept Bitcoin using the Lightning Network – Investing.
  • Jack Dorsey’s popular mobile payments platform Square is branching out with a new business venture that will be focused on Bitcoin – Investing.
  • PayPal is raising the bar. Now its customers can buy up to $100K in crypto every week with no further limits.
  • Former U.S. Treasury Secretary Steven Mnuchin – his viewpoint on bitcoin “has evolved a little bit.” While he personally does not want to have bitcoin in his portfolio, he says if people want to buy the cryptocurrency, “that’s perfectly fine.”

Technical View:

  • Today bitcoin depreciates and slips back below $32,000 mark.
  • The pair made intraday high at $32,051 and low at $31,539 mark.
  • Today a day chart and H1 chart with triple EMA confirms further bearish trend in short run.
  • A sustained close above $32,050 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $31,268 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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