BTC Price Attempts to Recover above $20.5k

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Bitcoin Breaches Initial Resistance as It Recovers Above $20.5k – October 17, 2022

Bitcoin is in the downtrend zone as it recovers above $20.5K. Buyers have the intention of keeping the price above the 50-day line SMA. In the bullish trend zone, prices tend to rise to the previous highs. Today, the BTC price is trading at $19,600.32 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $19,600.32
.Bitcoin market cap – $375,981,501,952
•Bitcoin circulating supply – 19,182,412.00 BTC
•Bitcoin total supply – $411,606,816,754
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

 Since October 17, BTC’s price has been making positive moves as it breaks above the 21-day line SMA. Incidentally, these bullish moves have been ongoing since September 12. On September 12, buyers kept the price above the moving average lines but could not sustain the bullish momentum. The bulls were unrelenting as they made another attempt on October 4 and 14 to breach the moving average lines. The bullish moves were repelled thrice as Bitcoin attempted to regain upside momentum.

The current upward moves has reached the overbought region and is above the 80% range of the daily Stochastic. Sellers are likely to emerge in the overbought region to push prices down. Conversely, Bitcoin will be compelled to a range-bound move between the moving average lines if it fails to breach the 50-day line SMA. Intends to Shut Down Russian Nationals’ Accounts amid EU Sanctions

According to the report, has issued a statement to Russian nationals of its intention to close their accounts in two weeks. The EU’s eighth package of sanctions against Russia has barred from providing custodial and reward services to Russian citizens. Because of that has allowed Russian users to withdraw their funds on or before Oct. 27, 2022. Failure to comply will amount to the blockage of accounts of Russian nationals. Bloomberg has indicated that Russia has the largest Local Bitcoin market which accounted for 19% of all total BTC trading volume on the exchange on monthly basis in 2020. In September 2022, Russian trade volume accounted for 8% of the firm’s total volumes.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has broken above the 21-day line SMA as it recovers above $20.5K. BTC price is fluctuating between the moving average lines. The largest cryptocurrency has risen to level 51 of the Relative Strength Index for period 14 The crypto has reached equilibrium price level as there is a balance between supply and demand.

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