BTC Price Slumps above $40K as It Attracts Selling Pressure

BTC Price on the Verge Deeper Correction as It Attracts Selling Pressure – April 22, 2022

Today, Bitcoin (BTC) price has slumped above the $40,000 as it attracts selling pressure. Incidentally, the bulls have succeeded to keep the price above $40,000 since April 11. Yesterday, the bears pushed BTC/USD to the low of $39.789 as bulls bought the dips. The largest cryptocurrency risks further decline.

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

BTC/USD – Daily Chart

Following the bearish impulse on April 11, buyers have failed to push Bitcoin to the previous highs. The bulls made several attempts but failed to break the initial resistance at $42,000 price level. The crypto is falling as buyers fail to push the price to the previous highs. The bears will attempt to repossess and break below the $40,000 psychological price level.

The market will decline to the low of $37,577 if sellers are successful and the bearish momentum is sustained. In other words, BTC price will fall if the bears break below the $39,200 support. Conversely, if Bitcoin rebounds above $40,000 support, the market will rally above the initial resistance at $42,000. Subsequently, the bullish momentum will extend to the $45,000 high.

Russian Central Bank to Ease up Digital Projects Amidst Western Sanctions, Says Governor

Elvira Nabiullina is the governor of Bank of Russia for the third time. She has been holding that post since 2013. Her concern is the speeding up of digital asset projects in order to attract funding and maintain the economy. She admitted that the Bank of Russia should reconsider its tough stance on the digital asset industry, stating: “We need to see if we are too tight here and we need to ease up these projects on digital financial assets.

This can become another channel for attracting funding through digital financial assets.” Elvira Nabiullina has indicated measures that Russia has taken and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy. She also talked about Russia’s central bank digital currency (CBDC) which expects the Bank of Russia to conduct international settlements with the digital ruble already in 2023. According to her: “We are certainly looking to implement it [the digital ruble] for international settlements,”

Meanwhile, the BTC price has continued to fluctuate above the $40,000 support as it attracts selling pressure. Buyers are attempting to defend the current support from further decline. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.272 Fibonacci extension or $37,065.