Bitcoin bulls buy the dip but face rejection at 22K – June 21, 2022
On June 18, Bitcoin faced rejection at 22K, thus losing the psychological price level of $20,000. On June 19, bulls bought the dip as Bitcoin prices recovered above $20,000. At the time of writing, BTC/USD is trading at $20,744.
Bitcoin Price Statistics: • Bitcoin Price Now – $20,494.54 • Bitcoin Market Cap – $390,442,905,416 • Bitcoin Circulating Supply – 19,073,718.00 Bitcoin • Total Bitcoin Supply – $429,767,899,122 • Bitcoin Coinmarketcap Rank – #1
Resistance: $50,000, $55,000, $60,000 Support: $30,000, $25,000, $20,000
Bulls bought the dip after Bitcoin’s sudden drop on June 18. Later, BTC price made a series of higher highs and higher lows, reaching a high of $21,640. The uptrend was blocked at the $22,000 resistance. Bitcoin will regain bullish momentum and attract more buyers if the BTC price rises above the $22,000 and $23,000 price levels. This will propel Bitcoin back above the 21-day EMA. Bullish momentum will extend to the 50-day SMA. A break above the 50-day SMA would indicate a resumption of upside momentum. Conversely, if Bitcoin turns from the $22,000 resistance, the bears will try to break below the psychological $20,000 level.
Colombia’s new president is a fan of Bitcoin
Gustavo Petro is Colombia’s newly elected president. He won the 2022 Colombian presidential election. He will succeed Iván Duque Márquez as Colombia’s president on August 7 for a four-year term. Petro has previously made statements in support of cryptocurrencies. “Virtual currency is pure information, and therefore energy,” Gustavo Petro said of mining cryptocurrencies in Colombia in 2021. In December 2017, the president-elect spoke on social media about the “strength” of Bitcoin (BTC). Petro suggested at the time that cryptocurrencies like BTC could remove power from governments and traditional banks and give it back to the people. The 2021 speech by the president-elect is part of President Nayib Bukele’s idea to build a volcano-powered crypto miner in El Salvador. He suggested that the country exploit the natural resources of its western coastline for cryptocurrency mining.
Meanwhile, BTC price fluctuated between $20,000 and $22,000 as it faced a 22K rejection. The cryptocurrency faced resistance at recent highs. Bitcoin has fallen to a low of $20,476.50. If the bears break below the $20,000 support, BTC price will drop. On the other hand, if Bitcoin rebounds above its current support, the price of BTC will rally to a high of $23,000.
Read more: • How to Buy Cryptocurrency • How to Buy Bitcoin
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