Bitcoin (BTC) Price Fluctuates in a Range as Bitcoin Underlying Strength Weakens – July 3, 2021
Today, BTC’s price rises but struggles below $35,000 resistance as Bitcoin underlying Strength weakens .The upward move has been interrupted as price resumes consolidation near the resistance zone. Since June 21, Bitcoin has been trading between $31,000 and $35,000 price levels.
Bitcoin (BTC) has been in a downward correction since May 19 as the king coin fluctuated between $31,000 and $41,273 price levels. However, BTC/USD is now confined in a tight range between $31,000 and $35,000. The crypto’s upward move has been restricted below $35,000 high as buying dries up at the resistance zone. For example, today buyers are struggling below the $35,000 resistance to break above it. If they are successful above the resistance zone, Bitcoin will rise to retest the $41,273 high. This will be an uphill task as Bitcoin lacks buyers at higher price levels. Presently, Bitcoin is facing rejection at the $35,000 resistance zone. If the market faces rejection at the recent high, the Bitcoin range-bound move will continue for few more days.
Russia’s Central Bank to Study Crypto Investment Risks
The Bank of Russia will collect data from 15 credit organizations on Russia’s assessment of crypto-related risks comes amid growing criticism. In the past, local lawmakers and businesses have criticized the government regarding the institution’s tough stance on the crypto industry. These 15 credit organizations include major banks like Sberbank, VTB, and Tinkoff Bank, payment systems like Visa and Mastercard, and electronic payment providers like Western Union, Qiwi, and WebMoney. Russia’s central bank has organized a risk assessment screening program for cryptocurrencies like Bitcoin for the second half of 2021. According to the report, the examination of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” In addition, the Bank of Russia is also looking to release a study on equity investment by non-resident investors by October or November 2021. The Bank of Russia will inaugurate the first pilot group for testing the country’s central bank digital currency, the digital ruble.
Meanwhile, Bitcoin bulls are struggling to break above the $35,000 resistance as Bitcoin underlying strength weakens. The breaking of this initial resistance will accelerate the upward movement of the coin. There is an indication that the king coin will lose the $30,000 support if buyers fail to clear the $35,000 resistance. In the meantime, Bitcoin is consolidating below the $35,000 resistance. A rebound above the $34,000 support will propel price to break above the resistance zone.
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