Bitcoin Price Forecast – BTC/USD Enters Oversold Zone, Bullish Correction!
BTC/USD closed at $35,615.0 after placing a high of $36138.0 and a low of $33680.0. After declining for three consecutive sessions, BTC/USD found some support on Sunday and recovered a small portion of its losses incurred over the weekend. Recently, the Bank of Japan governor. Haruhiko Kuroda, criticized the leading crypto asset following the latest developments in China and the environmental concerns about Bitcoin’s energy consumption.
Kuroda said that most of the trading in Bitcoin was speculative and volatility was extremely high, and it could be barely used as a means of settlement. These comments might have come in because of the climate change discussions. Central banks worldwide have lately been criticizing bitcoin due to increased concerns about the environmental impact of digital currencies. According to BOJ’s Kuroda, the central bank has a great interest in tackling the rising climate concerns. After his comments, BTC/USD came under pressure and dropped in value.
Meanwhile, a Chinese economist and assistant director at the International Monetary Institute of Renmin University, Qu Qiang, has predicted that if Bitcoin becomes widely adopted as a currency, then we’re all going to die. He forecast that our societies would fall into a death spiral of deflation, and the whole community will shrink and self-explode.These comments from Qu came in after he was asked about the worst-case scenario cryptocurrencies could bring to the financial system. He added that Bitcoin has a rigorous and limited total number that makes it a deflation currency and notes that it will not expand as human development grows. He explained it and said that society would shrink as it happened at the end of the Ming dynasty when they were short on silver.
After these comments, Bitcoin saw a steep decline in its prices. On the other hand, the Co-Founder, Chairman, and CEO of MicroStrategy Inc., Michael J. Saylor, said that Bitcoin was the best way to save money and give it to your children. These comments also added support and helped recover some of its previous losses on Sunday.
BTC/USD Daily Technical Levels
Support Resistance
34150.6 36608.6
32686.3 37602.3
31692.6 39066.6
Pivot Point: 35144.3
The BTC/USD pair is trading with a bearish bias at 35,838, consolidating in a narrow trading range of 41,061 to 31,223. The MACD and RSI are holding in a selling zone, supporting a bearish trend. While the EMA is holding at 50K level daily, suggesting there’s still chances of bullish correction in the pair. The idea is to stay bullish over 35,144 levels today to target 38,550 and 41,061. Good luck!
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