Bitcoin Resumes Selling Pressure As Bitcoin Risks Drop Below $37K – Feb 21, 2022
BTC/USD’s upward move is facing rejection at the $39,000 resistance zone as Bitcoin risks dip below $37,000. 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 cryptocurrency to the $32,000 low price level.
Resistance levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
BTC/USD – Daily Chart
Today, Bitcoin (BTC) price is making an upward correction after breaking below the previous level of $39,000. The upward correction is facing resistance at the $39,000 resistance zone. On the upside, Bitcoin could reclaim the $40,000 psychological price level if the price breaks the $39,000 resistance zone. However, the BTC price is above the $38,000 support as Bitcoin faces rejection from the recent high. However, if Bitcoin does not recover, it could face resistance at the 21-day moving average. The BTC/USD pair will decline and return to the previous low at $37,000. If Bitcoin loses the $37,000 support, it could drop to as low as 32,000.
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BTC/USD – 4-hour chart
Bitcoin (BTC) price is fluctuating between $37,000 and $39,000 as Bitcoin risks drop below $37,000. The cryptocurrency has already faced rejection at the $39,000 resistance zone. However, the BTC price corrected upwards but was repelled on the recent high. The upward move is doubtful as the market consolidates above the $37,000 support.