Bitcoin (BTC) Plunges as Bitcoin Risks Deeper Correction – June 22, 2021
Expectantly, BTC/USD traded and revisited the $31,000 support as Bitcoin risks deeper correction. This will be the fourth time the bears will be retesting the $31,000 support. The bulls have successfully defended the $31,000 support. As usual, traders will be booking their profits as the BTC price makes an upward move. Buyers will be attracted as the market resumes upward.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
Following a successful defense of the $31,000 support, the bullish scenario is likely to resume. Buyers will attempt to break the $41,273 resistance. For instance, if the BTC price rebounds above the $31,000 support, the crypto is expected to rally above $40,000 high. If the bullish momentum breaks the $41,273 resistance, Bitcoin will resume upside momentum. The uptrend will face initial resistance at the $47,000 high. Conversely, if BTC price faces another rejection at the $40,000 high, Bitcoin will resume a range-bound move between levels $31,000 and $41,273. Since May 19, the king coin has been fluctuating within a confined range. Bitcoin is trading at $31,455 at the time of writing.
Crypto Is the Most Dangerous Investment, by Bank of Russia Governor
The governor of Russia’s central bank, Elvira Nabiullina has upheld a hard position on Bitcoin despite growing criticism of how the bank has handled digital asset regulation. The governor declared that crypto is one of the most dangerous investments that currently exist. Nabiullina has indicated that cryptocurrencies like Bitcoin are “fake money” and should not be used for settlements in Russia. Elvira Nabiullina indicated that: “It’s far easier to lose on the foreign exchange market than to win, stating that “speculative crypto-assets” are even riskier. In addition, she emphasized that prices in the cryptocurrency market are extremely volatile, stating that “losses can be tremendous.” She further stressed that the Bank of Russia does not recommend crypto investments to the public: “The central bank never gives investment advice, but in this particular case, the bank does not recommend it.”
Meanwhile, the crypto has fallen and it is fluctuating above the $31,000 support as Bitcoin risks deeper correction. Buyers have to defend the current support to prevent the crypto from falling into a deeper correction. On the upside, if the crypto rebounds above the current support, the BTC price will rally to retest or break the resistance at $41,273. On the other hand, if the bears break the $31,000 support, Bitcoin will decline to $30,000. Subsequent bearish momentum will extend to the lows of either $28,000 and $20,000.
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