BTC/USD Struggles above $40K as Bitcoin Risks Further Decline to $37K

BTC Price as Trades Marginally as Bitcoin Risks Further Decline to $37K– March 21, 2022

BTC/USD fluctuates between $37,000 and $44,500 price levels as Bitcoin risks further decline to $37K. Since March 9, the upward move has been stuck below $42,427 high. Today, BTC price is declining as bulls failed to break above the $42,424 resistance level. The largest cryptocurrency has been fluctuating below the $42,000 resistance zone.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

Bitcoin has been trading above the moving averages for the past five days. Today, the bears are attempting to break below the moving averages. If the bears succeed in breaking below the moving average, BTC price will slump to the $37,000 low. On the other hand, if the largest cryptocurrency retraces and finds support above the moving averages, a fresh uptrend is likely to be initiated. Besides, if the BTC price rebounds above the moving averages, the resistance at $42,427 is likely to be broken. Nonetheless, the bullish momentum will extend to retest the $45,000 overhead resistance.

Ukraine’s Largest Privatbank Halts Bitcoin Purchase with Hryvnia

The Ukrainian government has legalized Bitcoin (BTC) in view of Russian attacks. However, locals were unable to buy Bitcoin using their bank accounts at PrivatBank. The largest local banks have banned their clients from buying BTC using the national currency, the hryvnia (UAH). According to a spokesman of PrivatBank, the restrictions will apply during the current period of martial law in the country. Despite PrivatBank restrictions, some major Ukrainian crypto exchanges support BTC purchases with UAH. In the same vein, Binance has advised its customers to use its peer-to-peer (P2P) exchange service, indicating that other banks can make a similar decision at a given time.

Meanwhile, BTC’s price is hovering above the moving averages as Bitcoin risks further decline to $37K. Bitcoin risks further decline if it loses the $40,000 psychological price levels. On the other hand, a price rebound will catapult the altcoin to the previous highs.

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