BTC/USD forecast. Bitcoin is Losing Ground
On Friday, bitcoin lost most of the positions won on Thursday, moving away from the 4-day high.
On July 21, an online event ₿ Word will be held, organized by ARK Invest, Square (NYSE:SQ) and Paradigm. This event will be attended by such iconic figures as Ark Invest fund manager Katie Wood and executive director of Twitter (NYSE:TWTR) and Square Jack Dorsey. The purpose of this event is to convey the advantages of bitcoin to business and technology leaders with the help of real use cases. It was noticed that institutions still do not fully realize the importance of assets such as bitcoin.
Chinese miners are selling off equipment and moving to places like Texas and Kazakhstan as a result of China’s ban on mining cryptocurrencies. More than half of bitcoins are mined in China. The local authorities of Sichuan Province, which is the second largest mining center after Xinjiang Province, imposed a ban on mining a week ago.
The Chinese authorities claim that cryptocurrencies violate the economic order and contribute to the illegal transfer of assets and money laundering. Analysts say China is also concerned about potential competition to the digital yuan and that the energy-intensive bitcoin mining business could harm the environment.
El Salvador continues to move along the path of mass adoption of bitcoin
The government of El Salvador will distribute bitcoins worth $ 30 to citizens. This program applies to all citizens of El Salvador who have installed the application and registered the Chivo e-wallet. The President of El Salvador said that bitcoin will come into force as a legal tender on September 7. As a result, El Salvador will officially become the first country to accept bitcoin as a legal tender.
According to technical analysis, a breakdown of the 32300 level will open the way to 30,000. In case of consolidation below 30,000, a decrease to 24,000 is likely. For the development of an upward scenario, it is necessary to consolidate above the resistance of 36300. In this case, the next target will be the upper limit of the 40800 range.