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Bitcoin Fails to Recover, Drops to $18.8K – September 6, 2022
Bitcoin (BTC) dropped to $18.8k while still closing in a range between $19,540 and $20,589. Due to the appearance of smaller body-decisive candlesticks called dojis, there was no significant price movement.
Bitcoin Price Statistics Information:
• Bitcoin price now – $18,820.1
• Bitcoin market value – 360,333,350,947 dollars
• Bitcoin transfer supply – 19,143,456.00 BTC
• Total supply of Bitcoin – $395,278,493,136
• Bitcoin Coinmarketcap Rank – #1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: 25,000, 20,000, $15,000
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Since the August 28 price drop, the largest cryptocurrency has continued to move sideways. Buyers stopped the downtrend and kept the $19,540 support intact. Today, Bitcoin rose to $20,183 but will return to a low of $19,663. The price movement has stopped within the specified range. However, the price of BTC is falling as the bears try to break below the current support. If the current support is breached, Bitcoin will drop to its previous lows at the $18,912 or $18,638 price level. The market will go down to a low of $17,605.
Bank of Russia to legalize cross-border payments in Crypto
Considering geopolitical changes, the Bank of Russia has agreed to allow cross-border payments in crypto. Deputy Finance Minister Alexei Moiseev and the Bank of Russia are expected to soon legalize cross-border payments in crypto. Deputy Minister of Finance Moiseev expressed the need to enable local crypto services in Russia. He pointed out that many Russians rely on foreign platforms to open crypto wallets. Despite the Bank of Russia giving the green light to cross-border payments, it is still against legalizing crypto payments in the country.
“It is important to emphasize that we are not talking about the legality of cryptocurrency as a means of payment on the territory of our country,” the central bank explained. In the year In 2021, the idea of crypto payments for national business appeared in Russia. However, Russian President Vladimir Putin has said it is “still premature” to use crypto for transactions in energy resources such as oil and gas. Today, following Russia’s invasion of Ukraine, the Western economic sanctions situation has changed.
Meanwhile, Bitcoin has lost its current support at $19,540 due to its decline to $18.8K. If the bulls fail to buy the dips, there is a sign of further decline. The relative strength indicator for period 14 has fallen to the level of 30. This indicates that Bitcoin has reached the market’s oversold territory.
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