Bitcoin Pushes to the Upside but Fails to Jump the $21.7K Hurdle – June 26, 2022
On June 18, BTC/USD declined to $17,605 low as it fails to jump the $21.7K hurdle. Bitcoin has rallied to the high of $22,020 but it is facing rejection at the recent high. Bitcoin bulls have two hurdles to jump. Buyers have to overcome the resistance at $21,675 and $23,010.
Bitcoin Price Statistics Data:
•Bitcoin price now – $21,294.69
•Bitcoin market cap – $406,266,533,337
•Bitcoin circulating supply – 19,077,881.00 BTC
•Bitcoin total supply – $447,242,439,922
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $30,000, $25,000, $20,000
Following the recent upward correction, Bitcoin rallied to the high of $22,020 as it faced rejection at the recent high. First and foremost, if the bulls break the $22,000 resistance zone, Bitcoin will rally to the next resistance at $23,010.The largest cryptocurrency failed to break the initial resistance at the $22,000 high, hence the selling pressure. BTC price will decline and find support above $20,000 support. The downtrend will resume when the bears break below the $20,000 support. That is, BTC price will decline to the low of $17,605.
China Warns on Bitcoin Heading to Zero as BOE Remains Positive
The Chinese government has taken advantage of the recent downturn in the crypto market by warning crypto investors that Bitcoin (BTC) prices are “heading to zero.” According to the Economic Daily report the west is to be blamed for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts.” “Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper: “In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.”
However, Deputy Governor for the BOE, Jon Cunliffe has told Bloomberg that the crypto firms that stayed afloat during the current downturn would be the “dominant players” in the industry when things turn around: “Whatever happens over the next few months to crypto-assets, I expect crypto technology and finance to continue. It has the possibility of huge efficiencies and changes in market structure.”
Meanwhile, Bitcoin is declining as it fails to jump the $21.7K hurdle. The crypto is likely to revisit the current support as demand dries up at higher price levels. Bitcoin risks further decline if the bulls fail to defend the $20,000 psychological price level.
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