Bitcoin Risks Further Decline as It Faces Stiff Resistance at $23K – June 17, 2022
Bitcoin (BTC) is now trading marginally above the $20,000 psychological price level as it faces stiff resistance at $23K. BTC/USD is confined in a range between $20,050 and $23,000 price levels. On June 15 and 17, the bears almost break below the current support. Today, Bitcoin is trading at $20,550.66 as of press time.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,560.80
•Bitcoin market cap – $392,228,731,191
•Bitcoin circulating supply – 19,069,956.00 BTC
•Bitcoin total supply – $431,844,326,722
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000
After the June 13 price slump, the bulls reacted twice to push Bitcoin upward. On June 15, buyers pushed Bitcoin to the high of $22,810 but were resisted at the 21-day line SMA. Bitcoin dropped to the low of $20,250 on June 17. Today, BTC price rises to the high of $21,281 but the upward move has been restricted by the 21-day line SMA. The largest cryptocurrency has declined and it is trading marginally above the $20,000 support. Bitcoin will regain bullish momentum if buyers break above the 21-day line SMA and the bullish momentum is sustained.
Crypto Companies Make Sweeping Layoffs As Prices Take a Massive Downturn
The blockchain industry is experiencing severe economic conditions leading to massive layoffs. On Twitter and LinkedIn, words of encouragement and sympathy are being sent consoling individuals released from their responsibilities. Some companies intend to offer job interviews to those in distress. Binance is likely to offer two thousand jobs to those affected.
The company’s CEO and president Changpeng Zhao, or CZ, provided additional support to the freshly made available talent pool. According to him: “While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those that fail honestly will start new projects and bring critical learnings from this experience. This is how an industry grows [s].”
Meanwhile, BTC price resumes upward as it faces stiff resistance at $23K. Nonetheless, the upward move has been restricted by the 21-day line SMA. Bitcoin will encounter a price rebound if continues to consolidate in a tight range.
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