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Bitcoin Returns But Challenges 22K Resistance Zone – September 10, 2022
Bitcoin (BTC) will bounce back above the $18,500 support but challenge the 22K resistance zone. If the price breaks above the 50-day SMA and momentum continues, the largest cryptocurrency will revisit resistance above $24,000.
Bitcoin Price Statistics Information:
• Bitcoin price now – $21,548.50
• Bitcoin market value – 412,655,350,207 dollars
• Bitcoin Transfer Offer – 19,147,168.00 BTC
• Total supply of Bitcoin – $452,251,435,151
• 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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Following a dip to a low of $18,675, Bitcoin bulls are buying the dips as the cryptocurrency continues to rally. However, the downtrend could continue if the $18,675 support is breached. Bitcoin may drop to its previous low at $17,605. Today, Bitcoin regained the psychological price level of $20,000. Also, buyers have pushed the crypto above the 21-day line SMA but have yet to break above the 50-day line SMA. On the downside, if the 50-day line SMA remains unbroken, Bitcoin will be forced into a range-bound move between the moving average lines. At the same time, Bitcoin will move and re-visit the $24,000 resistance where the moving average lines will be breached.
Microstrategy Seeks to Reinvest $500M in Stock Sales into Bitcoin: SEC Filing
MicroStrategy is the largest institutional Bitcoin (BTC) buyer. According to the report, buying the dip is important for MicroStrategy as the company’s stock is around 129,699 BTC currently experiencing a total value loss of more than $1 billion. As a result, the company entered into an agreement with two agents – Cowen & Company and BTIG – to sell $500,000,000 worth of common stock.
This was revealed in a Securities and Exchange Commission (SEC) filing. A business analytics software company continues to pursue its goal of earning more BTC by selling company shares. The filing confirmed: “We intend to use the net proceeds from the sale of any portion of the common stock offered under this prospectus for general corporate purposes, including the purchase of bitcoins, unless otherwise provided in the applicable prospectus supplement.”
Meanwhile, the price of BTC rose to $21,556 but challenged the 22K protection zone. The bottom line is that if the 50-day line SMA remains unbroken, Bitcoin will be bound for a few more days of range-bound movement. Crypto is at 55 for period 14 relative strength index. This indicates that Bitcoin will move higher.
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