Bitcoin Is in a Narrow Range as BTC Price Stabilizes Above $21K – January 20, 2022
BTC/USD has been trading in a narrow range between $20,600 and $21,500 as BTC Price stabilizes above $21K. Buyers have been working hard over the previous week to keep the price over $21,500. The bottom line is that sellers are still defending the $21,500 barrier level. Additionally, the overbought area of the market is where Bitcoin is restricted. However, Bitcoin can rise if the price returns over the $21,000 support line.
Bitcoin Price Statistics Data:
•Bitcoin price now – $21,095.63
•Bitcoin market cap – $406,448,733,357
•Bitcoin circulating supply – 19,267,218 BTC
•Bitcoin total supply – $443,002,378,470
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin (BTC) has recovered upward momentum as it moves above the $21,000 support level. While attempting to break through the resistance at $21,500, the BTC price has been rebuffed. The buyers are determined to start another rise. Yesterday, Bitcoin climbed as high as $21,639 before falling. The resistance level was being defended against by sellers.If the resistance at $21,500 is overcome, the upward rise will resume in its second phase. The second phase of Bitcoin is expected to see price peaks between $22,781 and $25,212. In contrast, if buyers are unable to keep the price above the resistance level, the price of BTC will fall and revert to some of its earlier gains. Bitcoin will be sunk by sellers to its all-time low of $18,480. If the breakthrough level is broken, the Bitcoin asset will decline much more. However, Bitcoin will continue to decline until it reaches the range-bound region between $16,000 and $18,000. One Bitcoin is worth $21,095.63 as of the time of this writing.
Bitcoin’s ‘Ridiculous’ 14-Day Winning Streak Comes to an End
The price drop over the previous day ended the multi-day winning streak for bitcoin, which was on track to surpass a record that had stood for almost ten years. After forming its first red candle on January 18, the cryptocurrency’s two-week winning streak has finally come to an end. The longest such stretch in history, 15 days of positive price movement in November 2013, was about to be matched or even surpassed by BTC the day before. Although the record was not broken, Bitcoin did set a new record for the longest winning streak since 2013 during a “ridiculous” run-up, according to some Twitter pundits.
Furthermore, Bitcoin is retesting the resistance level as BTC Price stabilizes above $21K. Following the rejection on January 18, the price of BTC has started a new climb. The rise, however, is stalled above the $21,000 support. However, given that Bitcoin is firmly overbought, a new upswing is unlikely.
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