Bitcoin is in a minor retracement but may hold above $23,000 – July 31, 2022
As the largest cryptocurrency fails to clear the recent high, the coin will decline but could hold above $23,000. Three candlesticks show long wicks above the $24,000 high. This indicates strong selling pressure at higher price levels. BTC/USD is likely to continue to decline on the downside.
Bitcoin price statistics:
• Current bitcoin price: $23,156.56
• Bitcoin market cap: $444,799,940,425
• Circulating Supply of Bitcoin – 19,109,343.00 BTC
• Total bitcoin supply: $488,807,948,495
• Coinmarketcap Bitcoin Ranking – #1
Resistance levels: $50,000, $55,000, $60,000
Assistance levels: $25,000, $20,000, $15,000
Since July 30, the price of BTC has been falling from the high of $24,736 while the crypto has bottomed out at $23,237 at the time of writing. During the uptrend on July 20, the price of BTC reached the high of $24,276, but fell to the low of $20,724. The current decline can reach the lowest above the moving average lines or below the moving average lines. On the downside, if the price breaks back above the moving averages, the BTC price may rebound. A bounce above the moving average lines will propel Bitcoin above the $24,000 resistance zone. Bitcoin will now have a free pass to the $28,000 high. The bullish momentum will extend to the $30,000 high.
Huobi will provide cryptocurrency exchange services in Australia
On June 22, the Huobi exchange had previously obtained a license to offer cryptocurrency exchange services to Zeeland and the United Arab Emirates. Huobi registered as a digital currency exchange provider with the Australian Transaction Reporting and Analysis Center (AUSTRAC) on August 1. This implies that Huobi can now offer cryptocurrency fiat trading services in the country. Furthermore, the exchange has received provisional approval to start offering its services by the Dubai Virtual Assets Regulatory Authority (VARA).
Meanwhile, Bitcoin resumed its downtrend but could hold above $23,000. However, the price movement was slow due to the appearance of small, indecisive candlesticks. The price of BTC is at the 55 level of the 14-period Relative Strength Index. This indicates that the market is in the uptrend zone.
Read more:
• How to buy cryptocurrency
• How to buy bitcoins
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