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Bitcoin Is in a Sideways Move as It Hovers Above $19.5K Crucial Support – August 31, 2022
Bitcoin has continued to fluctuate in a narrow range between levels $19,540 and $20,500 as it hovers above $19.5K crucial support. The bears have broken below the $20,000 support. The selling pressure will continue if price breaks below the $19,540 support.
Bitcoin Price Statistics Data:
•Bitcoin price now – $19,908.05
•Bitcoin market cap –$381,054,342,428
•Bitcoin circulating supply – 19,139,781.00 BTC
•Bitcoin total supply – $418,108,443,808
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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Since August 20, the BTC price has remained stable in a confined range. Today, the BTC price is falling and approaching the lower price range at level $19,540. Sellers will attempt to sink the Bitcoin to the critical support zones of $18,910 to $18,626. The bearish momentum will extend to the low of $17,605 price level. Buyers will attempt to defend the current support aggressively. BTC/USD will resume the sideways move between $19,540 and $20,500 if the current support holds.
El Salvador Bitcoin Bound Launch Suffers Delay amidst Security Concerns
El Salvador, the Central American nation has since adopted Bitcoin (BTC) as a legal tender in September last year. The Bitcoin bond also known as the Volcanic bond, or Volcanic token was first announced in November 2021 and was expected to be launched in the first quarter of 2022. The launching of the billion-dollar Bitcoin bond will be to issue tokenized bonds and raise $1 billion in return from investors. The fund will then be used to build a Bitcoin City and buy more BTC. According, to President Nayib Buckle’s party, holds a majority. He said: “We are confident that the law will obtain approval from Congress in the coming weeks, assuming that the country has the necessary stability for such legislation to pass.”
Meanwhile, the BTC price is consolidating above the current support as it hovers above $19.5K crucial support. On the upside, if Bitcoin rebounds, the crypto’s price will break the resistance at levels $20,500 and $21,000 price level. In the meantime, the BTC price is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region.
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