BTC/USD rejects key hurdle at $31,500 mark, Let’s Check Available Possibilities of the Trend for the Day; July 15, 2021

Bitcoin recovers from the previous losses and remains well supported above $32,000 mark. The volatility came after the U.S. Fed Chair Powell’s testimony mentioning that the US economy was “still a way off” from the tapering bond purchase program. It was the clear cut dovish stance by Fed officials and bitcoin got chance to strengthen above $32,000 levels.

Top 5 Headlines on Digital Currency:

  • NFL star Saquon Barkley has revealed that he will be converting all of his endorsement money into Bitcoin – Investing.
  • Publicly traded North American Bitcoin mining company, Bitfarms, has doubled its productivity this year amid the Chinese crackdown and resultant miner migration – Investing.
  • Blue Line Capital President Bill Baruch, who has invested in bitcoin in the past, noted he is eyeing a key level to add more bitcoin to his portfolio- Investing.
  • Amid a massive spike of the United States’ Consumer Price Index (CPI, PPI), the cryptocurrency community has been divided on whether Bitcoin (BTC) is really a hedge to inflation – Investing.
  • Bank of America’s latest Global Fund Manager survey shows that “long bitcoin” is now the third most crowded trade. The most crowded trade is now “long tech stocks,” followed by “long ESG.”- Investing.

Technical View:

  • Today bitcoin trades noticeably lower and hovers around $32,500 mark.
  • The pair made intraday high at $33,179 and low at $32,425 mark.
  • Today a day chart and H1 chart with triple EMA confirms further down trend in short run.
  • A sustained close above $32,980 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $32,297 will check further supports.
$32,297 $33,184
$31,758 $33,290
$31,588 $33,570
$31,100 $33,740
$29,840 $34,050


Take a look and do trade wisely!
Good Luck

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