BTC Price Retraces above $29K

Bitcoin Is in a Deadlock as BTC Price Retraces above $29K – June 7, 2022

Bitcoin bulls fail to break above the $32,000 overhead resistance as BTC price retraces above $29K. The cryptocurrency may resume its sideways move between $28,600 and $32,000 price levels. Besides, BTC/USD risks further decline below $28,600 support. Today, the BTC price has fallen to the low of $29,503.54.

Bitcoin Price Statistics Data:
•Bitcoin price now – $29,559.64
•Bitcoin market cap – $563,422,844,287
•Bitcoin circulating supply – 19,060,350.00 BTC
•Bitcoin total supply – $620,729,734,892
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000

Since May 30, the BTC price broke above the 21-day line SMA but fail to break above the 50-day line SMA. A break above the 50-day line SMA will mean the resumption of upside momentum. Today, the bears are attempting to break below the 21-day line SMA. A break below the 21-day line SMA inmdicates the resumption of selling pressure. Today, Bitcoin has turned from the $32,000 overhead resistance and fallen above the 21-day line SMA. On the downside, if the BTC price holds above the 21-day line SMA, Bitcoin will continue its range-bound move above the 21-day line SMA but below the 50-day line SMA. Alternatively, a break below the 21-day line SMA will mean the resumption of selling pressure.

New York City Intends to Ban Crypto Mining

In New York, a bill is being proposed that will ban proof-of-work (PoW) mining. Jake Chervinsky, the head of policy at Blockchain Association, explained that the move will not “reduce carbon emissions” at all. He said a mining ban will push miners away from New York to build in other areas where the state does not influence them. The lawyer, Jake Chervinsky expressed his hopes that the governor will veto the bill “for the sake of New York.”

Meanwhile, Bitcoin has broken below the 21-day line SMA as BTC price retraces above $29K. The cryptocurrency will further decline to the low of $26,591 if the bulls fail to defend their current support.

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