Bitcoin Risks Further Decline as It Slumps and Breaks below $20.7K – August 26, 2022
Bitcoin (BTC) has been trading in a tight range as it slumps and breaks below $20.7K. The price movement has remained stagnant above the $21,000 support. The price action is now characterized by small body indecisive candlestick called Doji and Spinning tops.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,664.45
•Bitcoin market cap – $395,371,298,529
•Bitcoin circulating supply – 19,132,993.00 BTC
•Bitcoin total supply – $433,912,999,708
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Your capital is at risk.
Bitcoin’s (BTC) price is in a downtrend as price breaks below the moving average lines. The upward move has been hindered by the 50-day line SMA. For the past week, the cryptocurrency has been holding above the current support but failed to break above the 50-day line SMA. Buyers have been able to halt the recent decline but fail to regain bullish momentum as demand dries up at higher price levels. On the downside, if the bears break below the $20.790 support, BTC price will further decline to the $18,965 price level. Conversely, if the $20,790 support holds and Bitcoin rebounds, Bitcoin will rally above the moving average lines. The bullish momentum will extend to the $24,000 overhead resistance. In the meantime, BTC/USD has resumed selling pressure as sellers threaten to short.
72% of Russians Are Yet to Invest in Bitcoin: Survey
Tangem is a Switzerland-based cryptocurrency wallet provider. In July the wallet provider conducted an online poll to learn more about cryptocurrency investors in Russia. The survey indicated a lack of crypto awareness in Russia. A great majority of Russians have never bought crypto, according to a new survey. The reports indicated about 6% of respondents were found to have a good knowledge of crypto. About 72% of the 2,100 respondents claimed that they have never bought cryptocurrencies like Bitcoin (BTC) which leaves Russian crypto investors in a significant minority. In the second group of investors, only 5% of respondents said they stopped crypto purchases. The other 23% indicated that they continued to buy crypto monthly.
Meanwhile, Bitcoin has resumed selling pressure as it slumps and breaks below $20.7K. The downtrend will resume if the bears breach the $20,790 support. Meanwhile, on a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level on March 28. The retracement suggests that the BTC price will fall to level 1.618 Fibonacci retracement level or $11,822.39
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