Bitcoin Resumes Selling Pressure as Bitcoin Risks Decline below $37K- February 21, 2022
BTC/USD upward move is facing rejection at the $39,000 resistance zone as Bitcoin risks decline below $37K. The cryptocurrency faced rejection twice at $39,000 before resuming selling pressure. Bitcoin selling pressure will resume if it loses the $37,000 support. A break below the $37,000 support will push the crypto to the low of $32,000 price level.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Today, Bitcoin’s (BTC) price is making an upward correction after breaking below the previous break level of $39,000. The upward correction is facing resistance at the $39,000 resistance zone. On the upside, Bitcoin will be able to reclaim the $40,000 psychological price level, if price breaks the $39,000 resistance zone. However, BTC’s price is hanging above the $38,000 support as Bitcoin faces rejection from the recent high. Nonetheless, if Bitcoin fails to rebound, it may face resistance at the 21-day line moving average. BTC/USD will fall and retrace to the previous low at $37,000. If Bitcoin loses the $37,000 support, it may decline to the low of 32,000.
El Salvador to Offer Citizenship to Foreign Investors
President Nayib Bukele intends to offer citizenship to those who invest in the small Central American nation. In addition, Bukele wants the removal of red tape, reducing bureaucracy, creating tax incentives to foreigners wanting to invest in the nation. These proposals are included in the list of 52 legal reforms that are being sent to congress. The president wants to make El Salvador one of the most freedom-centric countries. This is because the world is falling into “Tyranny”.
Bitcoin (BTC) price is fluctuating between $37,000 and $39,000 as Bitcoin risks decline below $37K. The cryptocurrency has earlier faced rejection at the $39,000 resistance zone. Nonetheless, BTC price corrected upward but was repelled at the recent high. The upward move is doubtful as the market consolidates above the $37,000 support.
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