Bitcoin Faces Stiff Rejection from Overhead Resistance as It Retraces Above $23.6K Support – August 16, 2022
Bitcoin (BTC) price declines as it retraces above $23.6K support. On August 15, buyers pushed the largest cryptocurrency to the high of $25,214 but could not sustain the bullish momentum above it. The crypto has resumed a downward move to the downside. The retracement may subside if it finds support above the moving average lines.
Bitcoin Price Statistics Data:
•Bitcoin price now – $23,823.95
•Bitcoin market cap – $456,178,010,490
•Bitcoin circulating supply – 19,123,237.00 BTC
•Bitcoin total supply – $500,885,908,464
•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 rejection at the $25,214 high, Bitcoin has commenced selling pressure. On the upside, BTC price will regain bullish momentum if the crypto retraces and find support above the moving average lines. Nevertheless, if bears break below the 21-day line SMA, the selling pressure will extend to the low of $20,724 or above the 50-day line SMA. Generally, the downtrend will resume if the price breaks below the moving average lines. Meanwhile, BTC’s price is at level 54 of the Relative Strength Index for period 14. It indicates that Bitcoin is in the bullish trend zone and may further rise.
An Optimistic Outlook for Crypto Markets As Scaramouch Highlights Key Factors
Anthony Scaramucci is the Founder and managing partner of Skybridge Capital. He is optimistic about the future of cryptos. His optimism is based on the merge, improving macro indicators such as waning inflation, key business partnerships, and pumping crypto prices as reasons for his opinion. He advises investors to “see through the current environment” and “stay patient and stay long term.”
According to reports, crypto recovery has been slow but steady in the last month. Scaramucci said that the BTC price will have an unprecedented upswing over the next six years.“If we are right, if BTC goes to $300,000 a coin, it will not matter if you bought it at $20,000, or $60,000; the future is upon us; it’s happening sooner than I thought. If you’re out of the market for the ten best days, you’ve reduced your return from a 7.5% return to a 2% return; I don’t want us to start jerking the portfolio based on emotion.”
Meanwhile, on the lower time frame, the BTC price retested the $24,000 overhead resistance on four occasions. On August 15 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BTC price will fall but reverse at level 1.272 Fibonacci retracement level or $23,627.
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