Bitcoin Faces Strong Selling as It Slides to $19.8K Low – August 28, 2022
Bitcoin (BTC) has declined below the $20, 790 support as it slides to $19.8K low. This recent decline has signaled the resumption of the downtrend. The bearish scenario will extend to the lows of $18,638 and $17,605 price levels. However, the bearish scenario will be invalidated if buyers reclaim the $20,000 psychological price level.
Bitcoin Price Statistics Data:
•Bitcoin price now – $19,862.32
•Bitcoin market cap – $379,990,975,014
•Bitcoin circulating supply – 19,135,131.00 BTC
•Bitcoin total supply – $416,971,895,611
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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Bitcoin’s (BTC) price has resumed selling pressure as price broke below the $20,790 support. The largest cryptocurrency is trading at $19,862 at the time of writing. The bottom line is that Bitcoin risks further decline. For instance, on June 18 downtrend, Bitcoin declined to the low of $17,605 as bulls bought the dips. The cryptocurrency regain bullish momentum as it rallied to the high of $24,000. It is expected that the market will experience this previous price levels. However, the downtrend will resume if price breaks these previous levels. In the meantime, BTC price has fallen to level 29 of the Relative Strength Index for period 14. It indicates that Bitcoin is trading in the oversold region. It is doubtful whether Bitcoin will further decline.
Crypto ATM Firm to List Its Stock on Nasdaq in the First Quarter of 2023
Bitcoin Depot is a major cryptocurrency ATM provider in the United States. Bitcoin Depot intends to go public by merging with a special-purpose acquisition company (SPAC). Atlanta-based Bitcoin Depot has reached a definitive agreement to merge with the SPAC GSR II Meteora (GSRM) in an $885 million deal to go public. The crypto ATM provider in North America, Bitcoin Depot, plans to list its stock on Nasdaq in the first quarter of 2023.
When Bitcoin Depot is merged, the publicly listed company will be called Bitcoin Depot Inc. It will trade on the Nasdaq under the new ticker symbol BTM. Gus Garcia, a former SPAC banker at Bank of America, said: “With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas,” he noted.
Meanwhile, the BTC price is fluctuating below the $20,000 psychological price level as it slides to $19.8K low. It has fallen but it is retesting the price levels of June and July. Bitcoin will further decline when these previous support levels are breached.
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