Bitcoin Price Prediction: Brace to Sell Below $38,500

• Investors should stay away from cryptocurrencies, including Bitcoin and Ethereum – basketball legend Charles Barkley Said.  
• BTC/USD was closed at $38,207.0 after placing a high of $39,774.0 and a low of $37,700.0.
• Forex trading  market participants may look for placing a sell trade below the $38,150 level.

The BTC/USD was closed at $38,207.0 after placing a high of $39,774.0 and a low of $37,700.0. BTC/USD continued its bearish streak for 4th consecutive session on Tuesday and dropped below the $38,000 level amid the recent slump in the market. Bitcoin price prediction remains bearish on Wednesday as the pair has violated the support level of $38,150.  

 

Bitcoin Bearish – Charles Barkley Says, Stay Away from Cryptocurrencies

According to basketball legend Charles Barkley, investors should stay away from cryptocurrencies, including Bitcoin and Ethereum. The NBA legend said that his financial advisors have recommended he not involve with cryptocurrencies. However, he failed to give any specific reason behind such a negative perspective for cryptocurrencies.

The former professional basketball player Charles Barkley revealed that people who run financial operations for him were reluctant towards cryptocurrencies and digital assets. He said that one of the advisors insisted on being fired if he ever recommends dealing with digital assets. These comments from Barkley added further pressure on already declining prices of BTC/USD and extended its loss for the day.

View from the SEC: Cryptocurrencies and National Security

The bitcoin price dropped on Tuesday ahead of the virtual discussion at the Aspen Security Forum with the Chairman of SEC named Gary Gensler. The chat title is set as “The View from the SEC: Cryptocurrencies and National Security.”

Gensler has said previously; he has a strong interest in cryptocurrencies and blockchain technology. But he warned it would not change his strict behavior towards the regulation of digital assets. Gensler further said that he was neutral on the technology as he spent three years teaching it. But he wasn’t neutral about investor protection.

Investors remained cautious about placing strong bets ahead of the discussion between Gensler and Wall Street’s Journal Paul Vigna. That kept the price of BTC/USD under pressure.

A local court has ordered the country’s largest bank to resume account support for a Bitcoin trader in Russia. A court in Russia has ordered a bank named Sber to unblock account service to a client involved in bitcoin trading.  

The bank blocked access to the bank account of an individual. It’s because of the bank’s suspicion over illegal transaction activity and money laundering. However, the client provided detailed information about his bitcoin trades even after this bank refused to resume the service.

Bitcoin Price Prediction – Daily Technical Levels

Support Resistance

37346.6 39420.6

36486.3 40634.3

35272.6 41494.6

Pivot Point: 38560.3

Bitcoin Price Prediction – Daily Technical Analysis: Breakout Below $38,150

Bitcoin price prediction remains bearish as the pair has already violated the double bottom support level of $38,150. The BTC/USD pair is trading as we discussed in Bitcoin Price Prediction, Aug 03.  

On the 4-hour chart, the BTC/USD pair already disrupted the upward channel at the $40,450 level. Now it has disrupted another important level of $38,150. The closing of candles below this level drives the selling trend and can lead BTC’s price towards $36,556.

The oscillator tools like Stochastic RSI is holding at 1.90 in the oversold zone. Since Bitcoin has crossed below a double bottom support level, the same level is likely to extend resistance at the $38,150 level. Therefore, the chances of a selling trend remain dominant in Bitcoin.  

Hence, the  Forex trading  market participants may look for placing a sell trade below the $38,150 level. The initial target remains at $35,550 and $34,650. Alternatively, buy trades can be taken upon breakout of the $38,150 level to target $40,550. All the best!

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