BTC/USD Remains Stable as Bitcoin Slumps above $42K

BTC Price Fluctuates Below $45K as Bitcoin Slumps above $42K – March 23, 2022

BTC/USD is still trading above the moving average as Bitcoin slumps above $42K. On March 21, the bears pushed Bitcoin to the low of $40.544 as bulls bought the dips. Yesterday, the bulls pushed the BTC price to the high of $43,333 as bears sold at the recent rally. Today, the bears have resumed selling pressure at the resistance level.

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

BTC/USD – Daily Chart

For the past week, buyers and sellers have been in price tussle above the moving averages. The bulls have the advantage above the moving averages as they continue to retest the $42,000 resistance zone. The bears have consistently defended the $42,000 resistance level by selling at each rally. The bears intend to push BTC price below the moving average. This will result in Bitcoin reaching the low of $37,000. In the same vein, the bulls have the intention of retesting the $45,000 overhead resistance. On the upside, if BTC’s price rebounds above the moving average, the $42,000 resistance will be broken as the BTC price rises to the previous highs.

El Salvador Postpones Issuance of $1 Billion Bitcoin Bond

According to a report, the El Salvador government has postponed the issuance of a Bitcoin- (BTC)-backed bond due to unfavorable market conditions. Finance Minister Alejandro Zelaya has indicated that the volatile prices of BTC have been fueled by the Russia-Ukraine crisis. The $1 billion BItcoin bond was originally scheduled to launch in March. William Soriano took to Twitter in February and declared that the Bitcoin bond was expected to go live by the second or the third week of March. In addition, the Salvadoran government is also delaying the pace of buying new BTC as well. The government is proposing the month of September for the issuance of Bitcoin bound. El Salvador decided to wait for favorable conditions in the financial market, expecting September as the latest, stating: “Now is not the time to issue the bond […] In May or June the market variants are a little different. At the latest in September. After September, if you go out to the international market, it is difficult to raise capital.”

Meanwhile, Bitcoin is declining after reaching a high of $43,333 as Bitcoin slumps above $42K. The market is declining but it is hovering above the $42,000 support. The largest cryptocurrency is expected to rally to the $45,000 resistance zone if the BTC price rebounds.