- Bitcoin retreat from $35,000 could trigger more declines to $30,000.
- Billionaire Mark Cuban believes Bitcoin is better than gold in almost all perspectives.
Bitcoin made a swing into recovery after the massive selloff to $29,000 earlier in the week. The flagship cryptocurrency closed the gap to $35,000 but failed to sustain the uptrend toward $40,000.
A retreat followed amid an upsurge in overhead pressure, leading to losses toward $32,000. If bulls fail to launch another assault mission toward $40,000, Bitcoin may dip toward $30,000 as sell orders are triggered.
Billionaire Mark Cuban says Its (Bitcoin) than gold
Bitcoin has, from the beginning, been promoted as digital gold. According to the billionaire investor and entrepreneur Mark Cuban, Bitcoin is better than gold, almost by all standards. For instance, he outlines that BTC is easier to trade, converge, fractionalize and transfer.
Its BETTER than gold. No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn’t require an intermediary. Can be fractionalized. Biggest BTC challenge? No William Devane type commercials and all the people who believe gold is an inflation hedge https://t.co/lZWPApMOHq
— Mark Cuban (@mcuban) June 21, 2021
Trending Stories
Regarding hedging against inflation, both Bitcoin and gold are used. However, Cuban says that the precious; metal “is useless, pretty much across the board, but particularly as a hedge.” In his opinion, “BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.”
In the meantime, Bitcoin price trades at $35,500 at the time of writing. The primary goal is to secure higher support, preferably at $32,000, to give way for the resumption of the uptrend.
However, the Relative Strength Index (RSI) confirms the growing bearish grip. Hence, there is a high probability of Bitcoin revisiting the support at $31,000 before a significant recovery comes into the picture.
BTC/USD four-hour chart
On the upside, Bitcoin must settle above the upper range limit at $35,000 to reinforce the bulls’ presence in the market. Besides, the MACD still has a bullish outlook, hinting at the bulls’ ability to sustain the uptrend in the near term.
Bitcoin price intraday levels
Spot rate: $32,500
Trend: Bearish
Volatility: Low
Support: $31,000
Resistance: $35,000
- ETH Whales Add Polygon (MATIC) Amid Prices Surge Of 60% In Last 7 Days
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
