BTC/USD Upward Correction Terminates as Bitcoin Faces Rejection at $43.9K
BTC Price Resumes Sideways Move as Bitcoin Faces Rejection at $43.9K – April 7, 2022
Today, BTC/USD has declined to $43,162 as Bitcoin faces rejection at $43.9K. The decline is likely to extend to the $40,000 psychological price level. This is because Bitcoin has fallen to the bearish trend zone. The cryptocurrency is hovering above the $43,000 support for a possible downward move.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
Following the rejection from the $48,000 overhead resistance, Bitcoin has resumed selling pressure. Buyers have failed to keep BTC’s price above the $48,000 resistance level. The largest cryptocurrency fell below the 21-day line SMA but above the 50-day line SMA. This indicates that Bitcoin is likely to be range-bound between the moving averages.
Today, the bears have broken below the breakout level of $45,400 as Bitcoin fell to the low of $43,475. Sellers will attempt to push Bitcoin to the previous lows. In previous price action, the bears pushed BTC’s price to the low above $37,000. On the upside, if the bears break below the 50-day line SMA, Bitcoin will decline and find support above $37,000. On the other hand, the BTC price will rally to $48,000 overhead resistance, if the 21-day line SMA is breached.
Companion Bill to “Mitigate Risks” From El Salvador’s Bitcoin Law
California Representative Norma Torres and Arkansas Representative Rick Crawford are members of the House of Representatives. The two Representatives have introduced legislation intended at mitigating the risks to the United States financial system due to El Salvador’s Bitcoin adoption as legal currency. According to Norma Torres, “The United States must have a plan in place to protect our financial systems from the risks of [El Salvador’s decision.” She further cited the International Monetary Fund’s reports of risks related to financial stability, financial integrity, and consumer protection. “El Salvador is an independent democracy and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision, which appears to be a careless gamble rather than a thoughtful embrace of innovation,” said Torres.
Meanwhile, the BTC price has fallen to the low of $43,162 as Bitcoin faces rejection at $43.9K. The upward correction is facing rejection at the high of $43,901. The selling pressure will resume if the current support is breached. Sellers will attempt to push Bitcoin to the low of $37,000.
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