#BTC

The bulls continued their purchase today, which seems to have trapped the aggressive bears who may have sold on June 7. However, the BTC/USDT pair is still not out of the woods yet because the relief rally is likely to face resistance at the 20-day exponential moving average ($37,925).

If the price turns down from this resistance, it will suggest that the sentiment remains negative and traders are selling on rallies. The next leg of the downtrend could begin after the bears sink the price below the $31,000 to $28,000 support zone. Such a move may open the doors for a decline to $20,000.

However, the relative strength index (RSI) has formed a bullish divergence, indicating the bearish momentum is weakening. The first sign of strength will be a breakout and close above the 20-day EMA, which could extend the relief rally to the 50-day simple moving average ($45,896).

The move by El Salvador to formally adopt Bitcoin as a legal currency has now been immortalized on the blockchain. Block 686,938 bears the message “asamblea aprueba la ley bitcoin” — meaning "assembly approves Bitcoin law".

This new geothermal well in El Salvador will provide approximately 95MW of 100% clean energy from a volcano.

El Salvador will build a new #Bitcoin  mining hub around it.

What you see coming out of the well is pure water vapor 🇸🇻

Federal government of Mexico representative, Eduardo Murat Hinojosa announced on Twitter he is taking action to push forward Bitcoin and crypto adoption in the country.

Huge news

#BTC

BTC break the resistance area of $37,000 and now trading near $37,750. Bitcoin made a high of $38,491 but unable to hold above the $38,000 area. The triangle in the picture is already broken downwards and not valid now but the long downtrend line is the major resistance which is around $38,100. BTC needs to break the downtrend line and hold above it. If BTC able to hold above $38,100 area we see a retest of the $39,500-$40,000 area. Bulls are aggressive and BTC is bullish in lower time frames. If BTC unable to close above the $38,100 area we may see a retest of $36,500 zone.

Long Term Holders keep stacking:

+20,969 BTC to their holdings today
+145,021 BTC to their holdings in the last week
+397,487 BTC to their holdings in the last month.

The founder of Twitter and Square, Jack Dorsey, announced that he would use Bitcoin's Lightning Network sidechain with one of his businesses. Are we about to see BTC payments on Twitter?

BTC still trying to break the$38,000 resistance. We will see a clear picture after BTC break the $38,000 and hold above it. Alts are seeing some downward moment in BTC pair means people are again going in BTC. So far BTC holding well above $36,000. Waiting for a breakout either side.

BTC give a quick wick below $35,000 and made a low of $34,600. The 1-hour and 4-hour candle not close below $35,000. BTC need to stay above $35,000 a candle close below this is bearish. Waiting for more confirmation, this maybe a stop hunting wick below $35,000.

JUST IN: Central American Bank's President, with 13.5 billion dollars in assets, support the El Salvador #Bitcoin  Law

Just in

Wise words

MicroStrategy completed the $500 million raise to buy Bitcoin. We will see an official announcement from MicroStrategy about how much BTC they aquired using these funds in coming days. Market already reacting to positive news and touched $41,000 today. If BTC able to hold these levels we will see good bounce in alts and BTC in coming weeks.

ETH Update:

Ethereum bounced from the local support but unable to cross the minor resistance area of $2620-$2640. The major resistance zone remains the same that is $2900 and ETH needs to close above this to get some bullish momentum. The local support area, for now, is $2450-$2465 and the next support area is $2200-$2270 area. ETH is trading in the range and we can say accumulation is going on. If BTC cannot break the $42,000 resistance area, ETH will again retest the support zone. The $2640 resistance area break will lead us to again retest the major resistance of $2900.

There is a sudden spike in BTC short positions on Bitfinex. BTC is rejected from $41,000 and traders now opening short positions. We may see another pump to wipe out the short positions. Let's see how BTC react.

BTC unable to hold above the $39,500 area and now going down. BTC is now trading near $39,000. The local support for now is $38,700 and $38,000. BTC should hold the $38,000 to remain bullish and another retest of $40,500-$42,500 resistance zone. This is a small pullback.

ETH broke the local support of $2450. We will see more downward moment in ETH. The next support zone after this is $2200-$2270. For now the two major resistance are $2620-$2640 area and $2900. BTC need to bounce from $38,700 otherwise we will see $38,000 area and more dump in alts.

General Motors CEO said that they will accept BTC payments for vehicle purchase in future if customer demand for that.

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