Bitcoin Bull Buys the Dips but Faces Rejection at 22K– June 21, 2022
On June 18, Bitcoin lost the $20,000 psychological price level as it faces rejection at 22K. On June 19, the bulls bought the dips as Bitcoin recovered above the $20,000 price level. BTC /USD is trading at $20,744 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,494.54
•Bitcoin market cap – $390,442,905,416
•Bitcoin circulating supply – 19,073,718.00 BTC
•Bitcoin total supply – $429,767,899,122
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $30,000, $25,000, $20,000
After the sudden decline of Bitcoin on June 18, the bulls bought the dips. Later, the BTC price was making a series of higher highs and higher lows as it reached the high of $21,640. The uptrend is hindered at the $22,000 resistance zone. Bitcoin will regain bullish momentum and attract more buyers if BTC price rises above the $22,000 and $23,000 price levels. This will propel Bitcoin to rally above the 21-day line SMA. The bullish momentum will extend to the 50-day line SMA. A break above the 50-day line SMA will signal the resumption of upside momentum. Conversely, if Bitcoin turns from the $22,000 resistance zone, the bears will attempt to break below the $20,000 psychological price level.
Colombia’s New President Is a Fan of Bitcoin
Gustavo Petro is the new president-elect of Columbia. He won the 2022 Colombian presidential election. He is to replace Iván Duque Márquez as the president of Colombia on August 7 for four years. Petro has previously made statements in favor of cryptocurrencies. “Virtual currency is pure information and therefore energy,” said Gustavo Petro in 2021, concerning mining crypto in Colombia. In December 2017, the president-elect took to the social media and spoke about the “strength” of Bitcoin (BTC). Petro hinted at the time that cryptocurrencies like BTC could remove power from government and traditional banks and give it back to the people. The president-elect’s remarks in 2021 are part of President Nayib Bukele’s idea of building volcano-powered crypto miners in El Salvador. He suggested that the country use the natural resources of its western coastline to mine crypto.
BTC/USD – Weekly Chart
Meanwhile, the BTC price is fluctuating between $20,000 and $22,000 price levels as it faces rejection at 22K. The crypto is facing resistance at the recent high. Bitcoin has fallen to the low of $20,476.50. BTC price will fall if the bears break below the $20,000 support. On the other hand, if Bitcoin rebounds above its current support, BTC’s price will rally to a $23,000 high.
