Bitcoin Fails to Overcome Overhead Resistance as It May Revisit $207K Lows – July 24, 2022
Bitcoin (BTC) price is facing rejection at the overhead resistance of $24,000 as it could revisit the $207,000 low. The largest cryptocurrency has fallen below the 50-day SMA. This means that the altcoin will fluctuate between the moving averages. At the time of writing, BTC/USD is trading at $21,841.
Bitcoin Price Statistics: • Bitcoin Price Now – $21,841.92 • Bitcoin Market Cap – $417,330,774,541 • Bitcoin Circulating Supply – 19,102,531.00 Bitcoin • Total Bitcoin Supply – $417,336,021,439 • Bitcoin Coinmarketcap Rank – #1
Resistance: $50,000, $55,000, $60,000 Support: $25,000, $20,000, $15,000
The price of Bitcoin (BTC) has been trading in a bullish trend zone since July 19. Today, BTC price has fallen below the 50-day SMA. The cryptocurrency has fallen to the range limit area. It is likely to fluctuate between the 50-day SMA and the 21-day SMA. A breakout below or above the moving average will determine the direction of the market.
On the downside, if BTC price breaks below the 21-day EMA, Bitcoin will drop below the moving average. It will resume a downward correction. Additionally, Bitcoin will drop and retest the psychological price level of $20,000. Conversely, if Bitcoin finds support above the 21-day EMA, the uptrend will resume. On the upside, if buyers hold the price above the 50-day SMA, Bitcoin will rise and retest the overhead resistance at $24,000. A break above the $24,000 resistance will propel the cryptocurrency to highs of $28,000. Bullish momentum will extend to the $30,000 high.
Serbian Prince Inevitably Adopts Bitcoin
Serbian price quells rumors of bitcoin adoption in the Middle East and sheds light on bitcoin in Serbia. The Serbian prince is known as Prince Filip Karadjoljevic, but he is known in English as Philip Karagorgjevic. He dispelled nervousness that Arab countries will “soon” adopt Bitcoin (BTC) as legal tender. The prince explained that Bitcoin adoption is inevitable in all countries. According to Philip, the adoption of Bitcoin is virtually inevitable in all countries, not just Arab countries: “It will happen. But I don’t know which country or who will do it where or anything like that thing, but it will happen.
Every country will eventually adopt Bitcoin. He also said that Bitcoin is very suitable for Muslim countries because “it can earn perfect Shariah currency”. “It’s only a matter of time before Muslim countries that follow Shariah must adopt it. Some people grabbed it and made it a sale item, saying of course, if the prince knew that some Arab or Muslim countries would soon adopt Bitcoin, then it would happen. “
Meanwhile, Bitcoin continues to fall as it may revisit the lows of $207,000. It is approaching the 21-day SMA. If BTC price breaks below the 21-day EMA, the selling pressure will persist. On the other hand, if Bitcoin remains above the 21-day EMA, the market will resume a sideways trend. The cryptocurrency is now at level 49 on the 14th issue of the Relative Strength Index. This shows that there is a balance between supply and demand.
Read more: • How to Buy Cryptocurrency • How to Buy Bitcoin
Battle Infinity – New Crypto Presale
Pre-sale until October 2022 – 16500 BNB Hard Cap First Fantasy Sports Metaverse Game Play to Earn Utility – IBAT Token Powered by Unreal Engine CoinSniper Proven Roadmap and White Paper on battleinfinity.io