Bitcoin demand dries up at a higher price level as it stops above the $20,724 support – July 26, 2022
On June 26, BTC/USD failed to hold above $24,276 as it stops above the $20,724 support. Bitcoin rallies as buyers push the cryptocurrency higher. The recent drop pushes the price of BTC below the moving average lines. Bitcoin is trading at $21,152 at the time of writing.
Bitcoin price statistics:
• Current bitcoin price: $21,152.20
• Bitcoin market cap: $403,992,842,656
• Bitcoin Circulating Supply – 19,104,456.00 BTC
• Total bitcoin supply – $443,729,725,349
• Coinmarketcap Bitcoin Ranking – #1
Resistance levels: $50,000, $55,000, $60,000
Assistance levels: $25,000, $20,000, $15,000
The price of Bitcoin (BTC) fell to the psychological price level of $20,724 on July 26. On July 19, the buyers were unable to hold the price above the resistance level of $24,276. The bears are strongly defending the overhead resistance level that led to the current decline. The largest cryptocurrency is still trading below the moving average lines. The bears will have the advantage of pushing the coin lower into the downtrend zone.
Bitcoin will recover if the price breaks above the 21-day SMA line and later above the 50-day SMA line. This will allow Bitcoin to rise and retest the overhead resistance of $24,000. Bitcoin will resume its bullish momentum and rally to the $28,000 high. The bullish momentum will extend to the $30,000 high price level. However, if the bears maintain the selling pressure and break below the $20,724 support, the downtrend will resume. Bitcoin will decline and revisit previous lows below the $20,000 support.
“Extreme Demand” For BTC At $20,000 Creates A New Group Of Short-Term Holders
According to Glassnode, the market has yet to recover after sales close. In the Week OnChain newsletter, Glassnode reported that the $40,000-$30,000-$20,000 psychological price levels created new groups of short-term holders (STH). The new STHs purchased during the drawdown were not sold as Bitcoin fell to the lowest price level of $20,000. Glassnode noted that newer STHs are price-insensitive buyers with more confidence in Bitcoin.
Their conversion from an STH to a long-term holder (LTH) allowed them to not sell for at least 155 days, would help confirm this: “It would be constructive to see these coins held by STH at the 40,000 level at $50,000 will begin to mature to LTH status over the next few weeks, helping to strengthen this argument.” According to the report, this is the same length of time LTHs experienced during the 2018 bear market. that losses are blocked by LTHS, which, if the previous argument is valid, means that new buyers have less price sensitivity than the cohort that sold. This implies that they will become the newest group in LTH .
Meanwhile, Bitcoin is likely to decline further as it stops above the $20,724 support. The 14-period Relative Strength Index indicated that the cryptocurrency is in the downtrend zone and is capable of continuing lower.
Read more:
• How to buy cryptocurrency
• How to buy bitcoins
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