Bitcoin Faces another Rejection as It Revisits $20.7K Support – August 21, 2022
Bitcoin’s (BTC) price upward correction is stalled as it revisits $20.7K support. The downtrend will resume if the bears break below the $20,790 support. In the meantime, BTC/USD is trading at $21,413 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $21,413.66
•Bitcoin market cap – $408,600,616,036
•Bitcoin circulating supply – 19,128,406.00 BTC
•Bitcoin total supply – $448,105,368,065
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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Today, buyers push Bitcoin to the high of $21,800 and pull back. The upward correction is facing rejection at the $22,000 resistance zone. On the upside, if buyers push BTC price above the $22,000 high or the 50-day line SMA, it will signal the resumption of the uptrend. On the other hand, if Bitcoin retraces and breaks below the $20,790 support, the downtrend will resume. The largest cryptocurrency will further decline to the lows of $18,912 and $17,605 price levels.
Korea’s Financial Intelligence Unit Hinder Unregistered Exchange Websites
Korea’s Financial Intelligence Unit (FIU) is the fiscal watchdog of South Korea. The FIU is attempting to obstruct 16 unregistered cryptocurrency exchanges operating in South Korea. The cryptocurrency exchanges are yet to register with relevant authorities in the country. These unregistered exchanges including the likes of KuCoin, Poloniex, and Phemex, were listed alongside 13 other exchanges that are set to be restricted by the FIU. These exchanges are reported to engage in business activities targeting domestic consumers by offering Korean-language websites, running promotional events targeting Korean consumers, and providing credit card payment options for cryptocurrency purchases. The FIU has blocked the operations of the unregistered exchanges by reporting the violation of registration duties and informing their counterparts in the respective countries wherein the businesses operate.
Meanwhile, Bitcoin is declining as it revisits $20.7K support. The coin is falling as it approaches the current support. Meanwhile, on a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level on March 28. The retracement suggests that the BTC price will fall to level 1.618 Fibonacci retracement level or $11,822.39.
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