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Bitcoin Fails to Sustain Recent Rally as BTC Price Falls Above $20.3K – September 13, 2022
Bitcoin dropped below the moving average lines as the BTC price dropped below the $20.3K low. The bullish trend declined as buyers failed to push Bitcoin towards the $24,000 overhead resistance level. With bears breaking below the moving average lines, the biggest cryptocurrency could fall further.
Bitcoin Price Statistics Information:
• Bitcoin price now – $20,354.14
• Bitcoin market value – 389,245,617,595 dollars
• Bitcoin transfer supply – 19,150,306.00 BTC
• Total supply of Bitcoin – $426,837,256,502
• Bitcoin Coinmarketcap Rank – #1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: 25,000, 20,000, $15,000
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On September 13, the price of Bitcoin (BTC) rose to $22,794, but was held back. Buyers pushed Bitcoin above the moving average lines but the crypto failed to rally above the overhead resistance at $25,205. In the year On August 15, BTC price rose to the $25,205 resistance level but failed to breach the recent high. On the downside, the price of BTC has fallen below the moving average lines, which indicates a further decline.
It fell to a low of $19,883 as bulls bought dips. The price of BTC is rising but it is resistant at the 21-day line SMA. This indicates that the bears are selling at every rally. The current rejection indicates that Bitcoin will revisit the strong support at $18,675. This is strongly defended by buyers. However, if BTC/USD holds support at $18,675, it will be forced to move to a range-bound range between $18,675 and $23,000.
Russia plans to allow cross-border crypto payments by December 19.
Russian Prime Minister Mikhail Mishustin has indicated that the government should agree on the regulation of crypto in Russia on December 19, 2022. Mishustin tasked regulators with finalizing regulations for cryptocurrency mining and cross-border transactions in digital currencies. According to fintech experts in the Russian State Duma, Russia will become the first country in the world to allow cross-border crypto payments while banning local crypto payments. An official said that the upcoming draft crypto regulations should be aligned with the Russian Ministry of Finance, the Central Bank, the Anti-Money Laundering Authority, the Federal Tax Service and the Federal Security Service.
Meanwhile, Bitcoin continued its downward correction as the BTC price dropped above the $20.3K low. Buyers are trying to push the crypto above the 21-day line SMA. If the price breaks above the 21-day line SMA, the upward movement will continue. However, if Bitcoin turns from the 21-day line SMA, the crypto will drop below the $20,000 support. The price of BTC will decrease and revisit the previous low at $18,675.
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