Technical Analysis

BTC/USD Analysis – July 06, 2021

By LonghornFX Technical Analysis
Jul 6, 20214 min

Symmetrical Triangle Pattern

The BTC/USD was closed at $33.668.0 after placing a high of$35,289.0 and a low of $33,479.2. Bitcoin dropped and reversed its course on Monday amid some negative developments surrounding the bitcoin environment. REvil, a Russian ransomware gang group, has reportedly pulled off the most significant ransomware attack in history. The hackers have deployed a vicious malware that has affected over 200 companies in the United States and over a million companies beyond the globe.

According to REvil, they have deployed a universal malware that has infected more than a million network systems. The hacker's group has now demanded to be paid in bitcoin worth $70 million before they would release the universal decryptor for more than a million infected systems.

Initially, the hackers asked each business to pay $45,000 in XRM, but now the group has revised its demands and was asking $70 million in bitcoin. The hacker group belongs to Russia that has been terrorizing businesses for a while now. This news added weight on BTC/USD, and the crypto suffered on Monday.

Furthermore, a 77-year-old woman in Indiana has reportedly become the latest victim of a cryptocurrency scam. She has approximately lost $12,000 to digital scammers who called her explaining that $500 had been withdrawn from her account by a cyberattack. The woman was provided with a number where she called and was instructed to buy $3500 in bitcoin from Coinbase. Nevertheless, the man on the other side offered the woman help through the buying process and got access to her smartphone and checking account. After that, a total of $12,300 was removed from her checking account. This news also added extra pressure on BTC/USD on Monday.

On the other hand, the bitcoin mining company named Marathon Digital Holdings recently revealed that the company mined about 265.6 bitcoin in June alone. The total amount for the whole second quarter is 654.3 bitcoins, out of which 265.6 were mined in a single month only. June's mining was 17% higher than the mining done in May.

Furthermore, a Dubai-based investment company named IBC Group has reportedly announced to end its bitcoin and ether mining operations in China. The decision came in after China banned the mining of cryptocurrencies in different provinces across the country. IBC Group has major mining facilities in China, and it has plans to distribute its operations to UAE, Canada, the USA, Kazakhstan, Iceland, and various South American countries. Recently, the group relocated its headquarters to Toronto, Canada.

Moreover, Pham Minh Chinh, the minister of Vietnam, has asked the State Bank of Vietnam to begin operating on a pilot project for a cryptocurrency. The blockchain-based project is expected to be completed between 2021 and 2023. The PM has taken the initiative as a development strategy towards a digital economy. The Prime Minister of Vietnam has reiterated the digital currency as "an inventible trend."

BTC/USD Intraday Technical Levels

Support Resistance

33001.8 34811.6

32335.6 359955.2

31192.0 36621.4

Pivot Point: 34145.4

BTC/USD - Technical Outlook

Technically, the Bitcoin pair hasn't changed much as it continues to follow the same trading levels. It's trading with a slight bearish at 34,2886, gaining support at 32,445. The technical side of Bitcoin remains primarily unchanged as it continues trading choppy in between a symmetrical triangle pattern. The support level is extended by an upward trendline on the 4- hour timeframe at 32,445 level. The Bitcoin is trying to cross below 50 periods EMA that's extending immediate support at 34,250. The bearish crossover of the 32,245 support level can expose Bitcoin price towards the next support area, 30,565 and 29.244 support areas. At the same time, the breakout of 36,650 resistance can expose BTC toward 38,555 areas. All the best!


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