Bitcoin Resumes Uptrend as It Revisits $22K Resistance Zone – July 16, 2022
Bitcoin’s (BTC) price is trading at $21,451 as it revisits the $22K resistance zone. Certainly, a break above the $22,000 resistance zone will propel Bitcoin to rally above the 50-day line SMA or the resistance at $23,010. BTC/USD will rise to $30,000 psychological if buyers are successful.
Bitcoin Price Statistics Data:
•Bitcoin price now – $21,312.31
•Bitcoin market cap – $406,980,344,200
•Bitcoin circulating supply – 19,095,718.00 BTC
•Bitcoin total supply – $447,609,391,639
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
On July 13, BTC price dropped to the low of $18,912 as bulls bought the dips. The cryptocurrency rose and overcome the initial resistance at $20,200. BTC price reached the high of $21,173 and was resisted. After a minor retracement, the bullish momentum resumed to the high of $21,357. Buyers are attempting to keep BTC price above the $22,000 resistance zone. In previous price action, Bitcoin was repelled at the $22,425 high and it declined to the low of $18,912. On the upside, if the bulls breach the $22,000 resistance zone, the market will rally to the next resistance at $23,010. A break above the $23,010 resistance will propel Bitcoin to rally above the 50-day line SMA. In other words, Bitcoin will resume upside momentum as it targets the $30,000 high. However, the bullish scenario will be invalidated if BTC price face another rejection at the $22,000 high or the 50-day line SMA.
South African’s Reserve Bank Classifies Cryptocurrencies as Financial Assets
South Africa’s Reserve Bank is planning to regulate cryptocurrencies as financial assets in the next 18 months. Major South African exchanges have welcomed the central bank’s plan to regulate the cryptos as financial assets and not as currency. Crypto exchanges believe that the move is to drive adoption in the country. Deputy governor Kuben Chetty confirmed that the new regulations would take effect over the next year. South Africa has become a leader in cryptocurrency adoption, with over 6 million South Africans investing in some cryptocurrency. SARB has finally taken a stance toward the ecosystem, therefore, exchanges, traders and investors can begin to take stock of the ramifications.
BTC/USD – Daily Chart
Nonetheless, since July 15, BTC price has been trading between the moving average lines as it revisits $22K resistance zone. The largest cryptocurrency will be out of downward correction if buyers keep the price above the 50-day line SMA. Also, buyers should sustain the bullish momentum above the moving average lines.
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