Bitcoin Risks Further Decline as It Struggles Below 21K – July 5, 2022
On July 5, Bitcoin’s (BTC) price rallied above the psychological price level as it struggles below $21K. The bulls broke the resistance at $19,900 as Bitcoin rallied to the high of $20.800. The bullish momentum has been repelled at the recent high as Bitcoin rallied to an overbought region. Today, BTC/USD is trading at $20,331 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,288.88
•Bitcoin market cap – $387,235,135,129
•Bitcoin circulating supply -19,086,112.00 BTC
•Bitcoin total supply – $426,042,068,675
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
On July 5, Bitcoin recovered again above the $20,000 psychological price level. The largest cryptocurrency recovered because there were no sellers at lower levels to push the crypto downward. BTC’s price is now hovering above the $20,000 support. Buyers will attempt to push Bitcoin to the resistance zones of $22,000 and $23,377. BTC/USD will rally to a $28,360 high. In the meantime, Bitcoin is trading above the $20,000 support as it struggles to break above the 21-day line SMA. Bitcoin will fall and revisit the previous low at $17,605 if Bitcoin faces rejection at the 21-day line SMA.
Central African Republic (Car) Launches Sango Crypto Hub – As It Struggles Below $21K
In April 2022, the Central African Republic adopted Bitcoin as a legal tender. The Sango project is an initiative that aims to attract businesses and global crypto talent/enthusiasts, and ramp up local BTC adoption. Also, to foster the development of the local digital asset sector. President Faustin-Archange Touadera is the president of the Central African Republic. He indicated that the Sango crypto hub project will foster financial inclusion by removing the barriers to entry in the banking sector. He said the banking sector has been underutilized which has several barriers to entry.
He added: “The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”“This technology will give an identity to the continent by reducing cost. This vision is perfect, and we do not have the time to wait. […] For us, a formal economy is no longer an option,” he added.
BTC/USD – Daily Chart
Meanwhile, Bitcoin is declining as it struggles below $21K. Today the crypto rose to the high of $20,736 but pulled back to the low of $20,169. It is now consolidating above the $20,169 support for a possible rebound or breakdown.
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