Bitcoin Revisits Its Previous Low as It Faces Stiff Resistance at $22.4K – July 10, 2022
BTC/USD declines to the previous low as it faces stiff resistance at $22.4K. Since July 7, Bitcoin (BTC) has been trading between the moving average lines. In the meantime, the BTC price is retracing to the downside. The cryptocurrency will resume a downward move if price breaks below the 21-day line SMA. Bitcoin will be compelled to a range-bound move if the 21-day line SMA holds.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,527.15
•Bitcoin market cap – $392,403,507,027
•Bitcoin circulating supply -19,090,743.00 BTC
•Bitcoin total supply – $431,500,512,376
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Since July 7, Bitcoin’s (BTC) price has been trading between the 21-day line SMA and the 50-day line SMA. The bulls broke above the 21-day line SMA but fail to break above the 50-day line SMA. In the previous uptrend, buyers pushed BTC prices to the high of $22,425 but were repelled. The bullish momentum could not be sustained because of the presence of sellers at higher price levels. The bears have been selling at reach rally.
On the downside, if BTC price retraces and breaks below the 21-day line SMA, Bitcoin will decline above the $20,000 psychological price level. On the other hand, if the BTC price holds above the 21-day line SMA, it will resume a fresh uptrend to retest the $21,675 and $23,010 resistance levels. On the upside, if the bulls break above the 50-day line SMA, it will signal the resumption of the uptrend. Meanwhile, Bitcoin is at level 29 of the Relative Strength Index for period 14. It indicates that the crypto has fallen to the oversold region of the market.
Compass Mining Firm Retrenches 15% of Staff amidst Cryptocurrency Downturn
The ongoing cryptocurrency market downturn has compelled Compass Mining to retrench 15% of its workforce while senior employees and executives take major pay cuts. It is the first mining firm to announce job cuts amid the ongoing downturn across cryptocurrency markets. Compass Mining has a workforce of 78 individuals making up the current team.The firm began operations in January 2021 as a mining hosting service. The company has sold over half a billion dollars of mining equipment and currently operates more than 30,000 mining machines for its customers.
Meanwhile, Bitcoin has continued to decline as it faces stiff resistance at $22.4K. The crypto will revisit the previous low of $17,605 if it loses the $20,000 support. It will resume upward if the bulls bought the dips. In the meantime, price movement has been insignificant because of the presence of small body indecisive candlesticks.
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