Buyers Are in Strong Defense as BTC Price Holds Above 20K

Bitcoin Is in a Narrow Range as BTC Price Holds Above 20K – August 31, 2022

After the price slump on August 28, BTC/USD is confined to a range as BTC price holds above 20K. Bitcoin is in a range-bound move between $19,540 and $20,500 price levels. Buyers and sellers are in a price tussle as they push to take control of prices. Buyers have been repelled twice as they retest the initial resistance at $20,500.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,045.67
•Bitcoin market cap – $383,664,988,994
•Bitcoin circulating supply – 9,138,837.00 BTC
•Bitcoin total supply – $420,959,059,541
•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 28, Bitcoin’s (BTC) price has remained stable as buyers reclaim the $20,000 psychological price level. Nonetheless, BTC price movement has been confined between $19,540 and $20,500 price levels. The upward moves have been repelled twice at the resistance at $20,500. Meanwhile, if buyers push Bitcoin above the 20-day line SMA, Bitcoin will further rise to the high of $21, 874. On the upside, Bitcoin will rally above the $24,000 overhead resistance, if the moving average lines are breached. A break above the moving average lines will signal the resumption of upside momentum. Conversely, if Bitcoin turns down from the moving average lines, Bitcoin will decline to the downside. It will fall and revisit the previous low at $18,910 and $18,626 if the current support at $19,540 is breached.

Russian PM May Adopt Iran’s Crypto’s Payments for Imports and Exports

According to Russia’s prime minister, the adoption of digital assets will facilitate and ensure uninterrupted payments for imports and exports. Russian Prime Minister Mikhail indicated that the adoption of digital assets is necessary as a “safe alternative” for cross-border payments. The minister stated this: “We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and export.”

Bitcoin is holding above the current support as the BTC price holds above 20K. Since August 28, sellers have been restrained from further decline below the $20,000 price level. Meanwhile, BTC price is at level 37 of the Relative Strength Index for period 14. It indicates that Bitcoin is in the downtrend zone and may decline.

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