Bitcoin Is Unable To Sustain Above $20k as Sellers Challenge the $19k Support – October 14, 2022
Bitcoin has continued to hold above the current support as sellers challenge the $19K support. On October 14, BTC price rallied to the high of $19,944 but was repelled. The bearish momentum is likely to create another selling pressure.
Bitcoin Price Statistics Data:
•Bitcoin price now – $19,162.20
•Bitcoin market cap – $367,813,228,640
•Bitcoin circulating supply – 19,179,618.00 BTC
•Bitcoin total supply – $402,723,234,709
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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On October 14, Bitcoin’s (BTC) price declined sharply after buyers attempt to keep the price above the moving average lines. Bitcoin has declined above the $19,000 support and has revisited the previous low at $18,210. On October 13, sellers sunk the price to the low of $18,161 as bulls bought the dips. Today, the bears have recouped above $19,000 support as they attempt to break the current support and resume selling pressure. However, sellers’ attempt to sink Bitcoin is unlikely because of the appearance of a long candlestick tail on October 13. The long tail implies that there is strong buying pressure at the $18,210 and $18,161 price levels. Meanwhile, Bitcoin is capable of a decline as it is at level 45 of the Relative Strength Index for period 14.
I Have Bitcoin Exposure amid Market Downturn By Paul Tudor
Paul Tudor is a veteran hedge fund manager and he has a “very minor allocation” of Bitcoin. He said: “I’ve still got a very minor allocation, I’ve always had a small allocation to [Bitcoin],” said Jones. “In a time when there’s too much money — which is why we have inflation and too much fiscal spending — something like crypto, specifically Bitcoin and Ethereum, where there’s a finite amount of that, that will have value at some point.” Also, in June 2021, he added about 5% allocation to BTC, Gold, cash, and commodities because of inflation and the United States Federal Reserve policy.
Nonetheless, Bitcoin has continued to hover above the current support as sellers challenge the $19K support. On the upside, if the BTC price rebounds above the current support, it will rally above the moving average lines. The bullish momentum will break above the $20,000 resistance.
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