Bitcoin Fails To Overcome Overhead Resistance As It May Recover To $20.7,000 Low – July 24, 2022
Bitcoin (BTC) price is facing rejection at the $24,000 overhead resistance as it may revisit the $20.7,000 low. The largest cryptocurrency broke below the 50-day SMA line. This implies that the altcoin will fluctuate between moving average lines. BTC/USD is trading at $21,841 at the time of writing.
Bitcoin price statistics:
• Current bitcoin price: $21,841.92
• Bitcoin market cap: $417,330,774,541
• Bitcoin Circulating Supply – 19,102,531.00 BTC
• Total bitcoin supply – $417,336,021,439
• Coinmarketcap Bitcoin Ranking – #1
Resistance levels: $50,000, $55,000, $60,000
Support Levels: $25,000, $20,000, $15,000
Since July 19, the price of Bitcoin (BTC) has been trading in the uptrend zone. Today, BTC price broke below the 50-day SMA line. The crypto fell into the range-bound zone. It is likely to fluctuate between the 50-day SMA line and the 21-day SMA line. A break below or above the moving average lines will determine the direction of the market.
On the downside, if the BTC price falls below the 21-day SMA line, Bitcoin will fall below the moving average lines. It will resume the downward correction. Additionally, Bitcoin will drop and retest the psychological price level of $20,000. Conversely, if Bitcoin finds support above the 21-day SMA line, the uptrend will resume. On the upside, if the buyers hold the price above the 50-day SMA line, Bitcoin will rise and retest the $24,000 overhead resistance. A break above the $24,000 resistance will propel the crypto to the $28,000 high. The bullish momentum will extend to the high price level of $30,000.
Bitcoin Adoption Is Inevitable by Prince of Serbia
Serbia’s price has calmed rumors of bitcoin adoption in the Middle East and shed light on bitcoin in Serbia. The Prince of Serbia is known as Prince Filip Karađorđević but he is called Philip Karageorgevich in English. It eased tension that an Arab country would “soon” adopt Bitcoin (BTC) as legal tender. The prince explained that Bitcoin adoption is inevitable for all countries. According to Philip, the adoption of Bitcoin is, in fact, inevitable for all countries and not just Arab states: “It will happen. But I don’t know what country or who is going to do it where or something like that, but it has to happen.
Every country will eventually adopt Bitcoin. He also indicated that Bitcoin is a great choice for Muslim countries because “it makes perfect sharia money.” “It’s only a matter of time before a Muslim country that follows Sharia has to adopt it. Some people are taking it and selling it, saying that of course if a prince knows that an Arab or a Muslim country is going to adopt bitcoin soon, then it’s going to happen.
Meanwhile, Bitcoin continued its downtrend as it may revisit the low of $20.7,000. It is approaching the 21-day SMA line. The selling pressure will persist if the price of BTC breaks below the 21-day SMA line. On the other hand, the market will resume a sideways trend if Bitcoin holds above the 21-day SMA line. The crypto is now at level 49 on the 14-period Relative Strength Index. This indicates that there is a balance between supply and demand.
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