BTC/USD Reaches Oversold Region as Bitcoin Holds Above $44K

BTC Price Risks Further Decline Below $45.4K as Bitcoin Holds Above $44K – March 31, 2022

BTC/USD has fallen to $44,162.39 low as Bitcoin holds above $44K. The downtrend has resumed after the bulls were repelled thrice at the resistance zone. The selling pressure has eased as Bitcoin reaches the oversold region of the market. Bitcoin is trading at $44,779.71 as of press time.

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

BTC/USD – Daily Chart

For the past 48 hours, Bitcoin has been on a downward move. Today, the BTC price has fallen to the low of $44.234. The bears have retested the breakout level of $45,400 as price falls below it. On the upside, if the BTC price holds above the breakout level, the market will resume a fresh uptrend. However, the selling pressure will resume if the bears break below the breakout level of $45,400 support. BTC/USD will further decline above the moving averages or $40,000 psychological price level. In the meantime, the BTC price has fallen below the 20% range of the daily stochastic. The implication is that the market has fallen to the oversold region. The selling pressure is likely to subside. Similarly, BTC price is at level 56 of the Relative Strength Index for period 14. It indicates that Bitcoin is still in the bullish trend zone.

Russian Ministry of Finance Gives Fresh Support for Bitcoin Mining

Alexey Yakovlev is the Ministry’s director of the financial policy department. He has encouraged the development of industrial-level cryptocurrency mining in the country. The Russian lawmakers are yet to agree on whether they should ban individuals from mining crypto as the crypto mining companies are being supported. Yakovlev has indicated that there is no need to ban retail or household Bitcoin mining as Russia continues to work on new regulations for the cryptocurrency industry. In the meantime, Russian officials have reached a compromise on the regulatory framework for crypto mining companies, supporting their work and requiring them to pay taxes. Yakovlev said: “We believe it’s necessary to focus on the development of industrial mining, but it probably does not make sense to ban household mining.”

Bitcoin (BTC) Price Prediction: BTC/USD Reaches Oversold Region as Bitcoin Holds Above $44K — BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has declined above $44,200 support as Bitcoin holds above $44K. The largest cryptocurrency is resuming upward as the market reaches the oversold region. Bitcoin is likely to resume its uptrend if the BTC price holds above $45,400 support.