Bitcoin Is Unable To Sustain Above $24K as BTC Price Holds Above $22.8K – July 20, 2022
Bitcoin trades in the bullish trend zone as BTC Price holds above $22.8K. However, BTC/USD risks decline as it faced resistance at the $24,000 high. BTC/USD is trading at $22,918 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $22,918.70
•Bitcoin market cap – $437,719,199,432
•Bitcoin circulating supply – 19,098,993.00 BTC
•Bitcoin total supply – $481,059,113,617
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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Since July 14, Bitcoin (BTC) has been making positive moves as it broke above the moving average lines. BTC’s price also broke above the $23,377 resistance but was resisted at the $24,276 high. Unfortunately, the bulls could not sustain the bullish momentum above the $24,000 high. The bears are attempting to pull the BTC price below the 50-day line SMA.
On the upside, if buyers sustain the bullish momentum above the $24,000 support, Bitcoin will rally to the $30,000 psychological price level. In the meantime, Bitcoin is falling to the downside. The cryptocurrency will be compelled to a range-bound move between the moving average lines if price falls below the 50-day line SMA. However, Bitcoin will further decline above the $20,000 support if the bears break below the moving average lines.
Experts’ Reaction to Tesla’s Decision to Sell 75% Of His Bitcoin Holdings
Telsa CEO Elon Musk, the electric vehicle manufacturer has revealed that it had sold 75% of its Bitcoin holdings in Q2, adding $936 million in fiat to its balance sheet. He indicated that the sale “should not be taken as a verdict on Bitcoin,” explaining that the move was due to liquidity concerns given the continued Covid lockdowns in China.
Also, Crypto industry experts believe that it is usual for companies to improve cash flow during economic slowdowns. Markus Thielen, chief investment officer at Singapore-based digital asset manager IDEG maintained that Tesla sold off its Bitcoin which is “seen as a distraction from their core business.” “I would not be surprised if Tesla keeps nibbling in Bitcoin when Bitcoin stabilizes, otherwise they would have sold 100%.”
BTC/USD – Daily Chart
Meanwhile, Bitcoin retraces from $24,000 high as BTC Price holds above $22.8K. On the downside, if Bitcoin retraces and finds support above the 50-day line SMA, it will resume a fresh uptrend. However, the selling pressure will resume below the 50-day line SMA. The crypto is below the 80% range of the daily stochastic. It implies that Bitcoin is in a bearish momentum.