Bitcoin Rallies to the Previous Highs as It Struggles Below the $20.6K High – August 29, 2022
On August 29, buyers pushed BTC price above the $20,000 psychological price level as it struggles below the $20.6K high. The recovery was short-lived as the crypto faced selling pressure at the recent high. On the upside, a price rebound above the current support will catapult Bitcoin above the $22,000 resistance level. The bullish momentum will extend to the high of $24,000 overhead resistance.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,402.57
•Bitcoin market cap – $390,428,193,351
•Bitcoin circulating supply – 19,136,225.00 BTC
•Bitcoin total supply – $428,093,969,286
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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Following its recent decline, Bitcoin’s (BTC) price made an upward correction as it reclaimed the $20,000 price level. However, the selling pressure may resume if buyers fail to breach the initial resistance at $20,600. Bitcoin is trading at $20,192 at the time of writing. The bottom line is that it risks further decline as cryptocurrency trades in the bearish trend zone. In the previous price action, Bitcoin declined to the low of $17,605 as bulls bought the dips on June 18,
The crypto regained bullish momentum as it broke above the moving average lines. Bitcoin rallied to the $24,000 overhead resistance. Today, the BTC price is in the bearish trend zone as it reaches the oversold region. Buyers were attracted as the market resumes upward. BTC price has risen to level 36 of the Relative Strength Index for period 14. It indicates that Bitcoin is trading in the oversold region.
Bitcoin Is One of the Worst Cryptocurrencies, By Justin Bons
Justin Bons is the founder and chief investment officer of crypto-focused fund Cyber Capital. His criticism about Bitcoin was uncovered as Ethereum and Cardano were undergoing significant upgrades. In the case of Bitcoin, it has no technological progress. Justin Bons indicated that Bitcoin is “technically one of the worst cryptocurrencies,” and a “purely speculative asset without utility” in comparison with other cryptocurrencies due to its lack of technological progress.
Justin Bons added that some smart contract networks adopting fee-burning mechanisms can trigger negative inflation rates for the token: “BTCs economic qualities are also incredibly weak […] BTC is competing with cryptocurrencies that can achieve negative inflation […] due to fee burning, high capacity & high utility […] such as ETH post-merge & alternatives such as AVAX, NEAR & EGLD.”
Meanwhile, Bitcoin is making an upward correction as it struggles below the $20.6K high. The crypto is likely to resume upward if price breaks above the $20,600 high. On the downside, the selling pressure will resume if price breaks below the $19,540 support. In the meantime, Bitcoin is fluctuating between $19,540 and $20,600 price levels.
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