Bitcoin Fails to Sustain Above the Overhead Resistance as Bulls Attempt to Defend $22K Support – July 31, 2022
For the past week, BTC/USD price has been characterized by small body indecisive candlesticks called Doji as bulls attempt to defend $22K support. These candlesticks indicate the indecision between buyers and sellers. These candles usually lead to a price rebound and breakdown.
Bitcoin Price Statistics Data:
•Bitcoin price now – $22,818.84
•Bitcoin market cap –$436,283,175,629
•Bitcoin circulating supply – 19,110,837.00 BTC
•Bitcoin total supply – $479,411,063,377
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Buyers have made two failed attempts at the $24,276 and $24,736 resistance levels. In the first failed attempt Bitcoin slumped and broke below the moving average lines. BTC price reached the low of $20,724 price level as bulls bought the dips. In the second failed attempt, Bitcoin has been trading marginally as it reaches the low of $22,843. Bitcoin may encounter a price rebound if it finds support above the moving average lines. A rebound will break the $24,000 overhead resistance. A breakdown will signal the resumption of the downtrend.
BTC “Wholecorners” Surge by 40,000 Since the June Crash
Smaller Bitcoin (BTC) investors have found an opportunity during the crypto slump to spontaneously build up their favorite cryptocurrency. The number of “wholecoiners” has increased by 40,000 after the June price slump. The cryptocurrency’s price fell in May and June and has coincided with the increase in wallet addresses holding more than one Bitcoin.
According to report, the number of BTC “wholecoiners” has been steadily increasing since January 31, when the BTC price was around $38,000. A 27% fall in May and another 40% fall in BTC price in June, resulted in 25,389 new wallets holding at least one whole Bitcoin. According to a report, “Wallet addresses with more than 10 BTC rose by only 600 since May, addresses with more than 100 BTC have declined by 125, and wallets with more than 1,000 BTC have fallen by 113”.
BTC/USD – 4 Hour Chart
Meanwhile, Bitcoin declines as bulls attempt to defend $22K support. BTC price has fallen below the 20% range of the daily stochastic. The market has reached the oversold region. Buyers are likely to emerge to push the price down.
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