Bitcoin (BTC) Price Prediction: BTC/USD in a Rally as Bitcoin Turns from $39,000
Bitcoin (BTC) Price Prediction – June 10, 2021
BTC/USD price rallied to $38,337 as Bitcoin turns from $39,000 . The king coin is retracing after the resistance at the recent high. However, if buyers continue to push BTC price to break the $39,000 resistance and the bullish momentum is sustained; Bitcoin will be out of the downward correction.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
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Following the recent breakdown above the $31,050 support, the bulls bought the dips as Bitcoin rebounded and rallied on the upside. The king coin has survived an imminent breakdown to $28,000 low. The bears have earlier broken the $34,000 support which led to the low at $31,000. Nonetheless, if the bears succeed in breaking the $30,000 support, Bitcoin would have fallen to $28,000 or $20,000 low. This would have been disastrous as there would be panic buying and selling of Bitcoin. On the upside, buyers have successfully pushed BTC’s price to the previous high of $38,000. If the bulls take a step further to break the $39,000 and $40,000 resistances, Bitcoin will rally to $46,000 high. BTC/USD is trading at $36,569 at the time of writing.
India Suspend Ban on Bitcoin, May Accept Asset Classification as Bitcoin turns from $39,000
The Indian government is no longer eager on banning Bitcoin rather is in favor of classifying cryptocurrencies as an alternative asset class. Because of that a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament. The government has changed its hostile stance towards the crypto ban and is shifting toward more common-sense regulatory policies for cryptocurrencies. The Securities and Exchange Board of India and the finance ministry are tasked with overseeing crypto regulations in the country. These inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July. An expert panel created by the finance ministry is reportedly studying protocols for crypto regulation and its finding could form part of the parliamentary deliberations next month.
Meanwhile, Bitcoin is in a downward move after a rally to $38,000 high. On June 4 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the BTC price is likely to fall to level 2.0 Fibonacci extension or level $32,113.90. Bitcoin is falling and has reached the low of $36,542 at the time of writing.