Bitcoin Bears Break the $20K Support as Panic Selling or Buying Is Imminent – June 18, 2022
On June 13, the BTC price crashed to the $20,000 psychological price level as panic selling or buying is imminent. After the breakdown, the bears made several attempts to sink Bitcoin but the bulls bought the dips and pushed Bitcoin to the high of $23,000. The largest cryptocurrency faced rejection at the recent high. Today, the bears have broken the $20,000 support as BTC/USD declined to another low of $17,605 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $18,527.67
•Bitcoin market cap – $353,122,518,913
•Bitcoin circulating supply – 19,071,062.00 BTC
•Bitcoin total supply – $389,245,876,986
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $30,000, $25,000, $20,000
Since June 13, Bitcoin bulls have been struggling to remain above the $20,000 psychological price level. Today, the bulls have been overwhelmed as the bears break below the $20,000 support. Bitcoin slumped to the low of $17,605 as bulls bought the dips. BTC price has corrected upward to the high of $18,521. Further upward move is likely to face resistance at the 21-day line SMA. Besides, there will be panic buying and selling as Bitcoin falls below the $20,000 price level. The current momentum will extend to the low of $17,500 price level.
The BTC Origin and the Designation of Bitcoin
Bitcoin was introduced 13 years ago by creator Satoshi Nakamoto. The first iteration of the Bitcoin logo is represented by a gold coin with a “BC” text embedded in the center. On February 24, 2010, a new Bitcoin logo was discovered, which replaced the “BC” text with “₿” embedded within the gold coin. Satoshi then incorporated changes into the new logo and released the copyright-free images into the public domain. This became the official logo for Bitcoin for a short amount of time. The decentralized nature of the Bitcoin ecosystem allows the general public to contribute to the Bitcoin network.
On November 1, 2010, another Bitcoin logo was introduced by Bitcoin community member bit boy. The new iteration of the Bitcoin logo was based on Satoshi’s design. In the meantime, the designer chose to replace the gold coin with the iconic orange circle and tilted the “₿” logo 14% clockwise. This has overwhelming support from the community. The bitboy’s design stands as the official logo for Bitcoin over the last 12 years. After releasing the finalized version of the Bitcoin logo, bitboy stated: “Now everyone can make use of the graphics freely even for commercial purposes with this license and not bound by any restriction.
Meanwhile, the BTC price is now hovering above the $18,000 support after the second breakdown as panic selling or buying is imminent. Because of the recent price fall, Bitcoin will further decline to the $10,000 psychological price level. Bitcoin is at level 19 of the Relative Strength Index period 14. It indicates that the largest cryptocurrency has fallen deeply into the oversold region of the market.
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