As BTC price holds above 20k, buyers are on strong defense.

Bitcoin In Tight Range As BTC Price Holds Above 20K – August 31, 2022

BTC/USD is range-bound as BTC price holds above 20K after the price decline on August 28th. Bitcoin is in range-bound movement between the $19,540 and $20,500 price levels. Buyers and sellers are in a price war as they push to control prices. After testing the first resistance at $20,500, the buyers came back twice.

Bitcoin Price Statistics Information:
• Bitcoin price now – $20,045.67
• Bitcoin market value – 383,664,988,994 dollars
• Bitcoin transfer supply – 9,138,837.00 BTC
• Total supply of Bitcoin – $420,959,059,541
• Bitcoin Coinmarketcap Rank – #1

Levels of resistance: $50,000, $55,000, $60,000
Support levels: $25,000, $20,000, $15,000

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Since August 28, the price of Bitcoin (BTC) has remained stable as buyers reclaimed the psychological price level of $20,000. However, BTC’s price movement is limited between the $19,540 and $20,500 price levels. Upward moves were reversed twice at $20,500 resistance. Meanwhile, if buyers push Bitcoin above the 20-day line SMA, Bitcoin will rise further to $21,874. On the upside, Bitcoin will collect $24,000 above the upper resistance, if the moving average lines are breached. A break above the moving average lines indicates the beginning of an upward trend. Conversely, if Bitcoin falls below the moving average lines, Bitcoin will decline to the downside. If the support at $19,540 is breached, it will fall and visit the previous lows at $18,910 and $18,626.

Russian Prime Minister May Accept Iran’s Crypto for Income and Export Payments

According to the Prime Minister of Russia, the adoption of digital assets will facilitate and ensure uninterrupted payment for income and expenditure products. Russian Prime Minister Mikhail indicated the importance of accepting digital assets as a “secure option” for cross-border payments. The minister explained: “We need to promote innovation, including the adoption of digital assets. This is a reliable option for all parties, guaranteeing seamless payment for imported goods and export products.

Bitcoin holds above current support as BTC price holds above 20k. As of August 28, sellers are barred from selling below the $20,000 price level. Meanwhile, BTC price is at the level of 37 relative strength index for session 14. This indicates that Bitcoin is in the downtrend zone and may decrease.

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