Bitcoin bulls and bears indecisive as BTC price hovers above $19,000 support – July 2, 2022
BTC/USD traded in a tight range as BTC price hovered above the $19,000 support. BTC price has been fluctuating between $18,800 and $19,900 for the past week. Since July 1, price action has been characterized by indecisive candlesticks of small bodies known as dojis.Bitcoin to regain bullish momentum if it rebounds above the $19,000 support
Bitcoin Price Statistics: • Bitcoin Price Now – $19,103.01 • Bitcoin Market Cap – $364,588,131,803 • Bitcoin Circulating Supply – 19,084,612.00 Bitcoin • Total Bitcoin Supply – $401,257,762,649 • Bitcoin Coinmarketcap Rank – #1
Resistance: $50,000, $55,000, $60,000 Support: $25,000, $20,000, $15,000
Today, at the time of writing, Bitcoin (BTC) is trading at $19,111. Bitcoin has been trading between $18,800 and $19,900 since the price crash on June 30. Neither buyers nor sellers broke the range-bound level. When the range limit level is breached, the cryptocurrency will trend. On the downside, if Bitcoin retraces and breaks below the $18,800 support, the market will drop to a low of $17,605. On the upside, if the bulls break the $19,900 resistance, Bitcoin will rally to a high of $23,010. Meanwhile, price action is characterized by indecisive candlesticks of small entities called Doji. Doji candlesticks indicate that buyers and sellers have entered a period of indecision.
80,000 Bitcoin investors lose their millionaire status after crypto market downturn
According to a report, more than 80,000 Bitcoin investors have lost their millionaire status due to the downturn in the cryptocurrency market. In other words, the number of Bitcoin millionaires has dropped by more than 75% since last November. On November 12, data from BitInfoCharts showed that the BTC price was around $69,000, with a total of 108,886 BTC addresses reporting balances over $1 million. Today, BTC price is struggling to hold above the $20,000 support. Additionally, approximately 26,284 addresses reportedly contained assets worth $1 million.
This shows that the number of paper millionaires has dropped by more than 75% over the past nine months. “Despite the drop in the net worth of former BTC millionaires, the bear market has seen more than 13,000 new ‘wholecoiners’ — a wallet containing one or more BTC — added to the market, bringing the total to Wholecoiners are just over 860,000. The massive spike in the number of minters across the board shows that retail investors are accumulating large amounts of Bitcoin while prices are falling.”
Meanwhile, Bitcoin is falling slightly as BTC price hovers above the $19,000 support. If the bears sink below the $18,800 support, the cryptocurrency is at risk of further declines. May 12 downtrend; a retracement candle body tested the 61.8% Fibonacci retracement level. A retracement suggests BTC will drop to the 1.618 Fibonacci extension level or the $16,647.76 level.
Read more: • How to Buy Cryptocurrency • How to Buy Bitcoin
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