Bitcoin Fails to Overcome the Overhead Resistance as It May Revisit the $20.7K Low – July 24, 2022
Bitcoin’s (BTC) price faces rejection at the $24,000 overhead resistance as it may revisit the $20.7K low. The largest cryptocurrency has broken below the 50-day line SMA. This implies that the altcoin will be fluctuating between the moving average lines. BTC/USD is trading at $21,841 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $21,841.92
•Bitcoin market cap – $417,330,774,541
•Bitcoin circulating supply – 19,102,531.00 BTC
•Bitcoin total supply – $417,336,021,439
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Since July 19, Bitcoin’s (BTC) price has been trading in the bullish trend zone. Today, the BTC price has broken below the 50-day line SMA. The crypto has fallen to the range-bound zone. It is likely to be fluctuating between the 50-day line SMA and the 21-day line SMA. A break below or above the moving average lines will determine the direction of the market.
On the downside, if the BTC price breaks below the 21-day line SMA, Bitcoin will fall below the moving average lines. It will resume downward correction. Also, Bitcoin will fall and retest the $20,000 psychological price level. Conversely, if Bitcoin finds support above the 21-day line SMA, the uptrend will resume. On the upside, if buyers keep the price above the 50-day line SMA, Bitcoin will rise and retest the $24,000 overhead resistance. A break above the $24,000 resistance will propel the crypto to the high of $28,000. The bullish momentum will extend to the high of $30,000 price level.
Bitcoin Adoption Is Inevitable by Prince of Serbia
The price of Serbia has calmed rumors of Bitcoin adoption in the Middle East and shed light on Bitcoin in Serbia. The Prince of Serbia is known as Prince Filip Karađorđević but he is called Philip Karageorgevitch in English. He doused tension that an Arab country would “soon” adopt Bitcoin (BTC) as legal tender. The prince explained that Bitcoin adoption is inevitable for all countries. According to Philip that Bitcoin adoption is, in fact, unavoidable for all countries and not just Arab states: “It’s going to happen. But I don’t know which country or who is going to do it where or anything like that, but it’s bound to happen.
Every country will eventually adopt Bitcoin.” He also indicated that Bitcoin is an excellent fit for Muslim countries because “it makes perfect Sharia money.” “It’s only a matter of time before a Muslim country that follows Sharia law would have to adopt it. Some people grab that and make it as a selling item, saying that of course, if a prince knows it, that some Arab or Muslim country is going to adopt Bitcoin soon, then it’s going to happen.”
BTC/USD – Daily Chart
Meanwhile, Bitcoin has continued its downward move as it may revisit the $20.7K low. It is approaching the 21-day line SMA. The selling pressure will persist if the BTC price breaks below the 21-day line SMA. On the other hand, the market will resume a sideways trend if Bitcoin holds above the 21-day line SMA. The crypto is now at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand.
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