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BTC/USD Makes Upward Correction as Bitcoin Faces Rejection at $39K

BTC Price Rebounds Above $36K as Bitcoin Faces Rejection at $39K – Feb 23, 2022

On Feb 22, BTC/USD dropped to $36,402, with bulls buying the dips, but Bitcoin faces rejection at $39,000. Bitcoin has dropped to the historic price level of February 3. On Feb 4, the BTC price rebounded above current support as Bitcoin reached the previous high of $45,000. Today, buyers started pushing Bitcoin to the previous high. The largest cryptocurrency has reached a high of $39,084 at the time of writing.

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

BTC/USD – Daily Chart

Bitcoin (BTC) price is currently rising as it approaches the high of $39,000. Buyers are trying to push Bitcoin above the $39,000 high. There is a possibility that the market will rally to the previous high of $45,000 if initial resistance is overcome. In the previous price action, buyers break this resistance at $39,000 to hit the high of $45,000. However, if buyers fail to break above the $39,000 resistance level or bears make this level a resistance level, Bitcoin is bound to fall. The market will first fall to the low of $36,000 and then hit the low of $33,000. Today, the BTC price is struggling to break above the $39,000 high.

“We need Bitcoin as legal tender”: Mexican senator proposes law on cryptocurrencies

A Mexican Senator, Indira Kempis, representing the state of Nuevo León in Mexico, is working on a cryptocurrency bill based on El Salvador’s Bitcoin Law. She is confident that Bitcoin should be legal tender in Mexico because its adoption can positively drive global financial inclusion. She insisted and said: “It is clear to me that financial exclusion is one of the public problems that few of us have addressed with viable alternatives, and that this type of technology is allowing us to generate an alternative so that millions of people can be included in the system. financial”.

She was categorical in her statement when she said that the adoption of Bitcoin will be a historic event for countries to address the issue of inequality and achieve financial inclusion. According to her: “We need Bitcoin to be legal tender in Mexico, because if it is not so and make this decision as El Salvador did, it is very difficult to act”. Because of this, the senator is preparing a cryptocurrency bill based on El Salvador’s Bitcoin law, which she will pass to the Mexican Congress this year.

BTC/USD – 4-hour chart

Meanwhile, BTC/USD rebounds above the $36,000 support as Bitcoin faces rejection at $39,000. The $39,000 price level is the level to watch out for. Breaking this level will determine whether Bitcoin will resume bullish momentum or not. Meanwhile, Bitcoin will be bound for a range-limited move if it fails to break through the recent high.

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See More information:
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About the author

Archu

I am CBC, I am a Crypto expert and a part-time blogger. I usually write about how and where to buy crypto coins in legit ways.

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