Bitcoin Resumes Consolidation Above $23.9K as Btc Price Turns Down From $24.9K High – August 11, 2022
Bitcoin bulls have made third attempts and failed to break the $24,000 overhead resistance as BTC price turns down from $24.9K high. In the third attempt on August 11, the BTC price reached the high of $24,900 and was repelled. Now BTC/USD is now trading marginally downward. It would be recalled that Bitcoin suffered a similar decline when it was repelled at the $24,276 and $24,736 price levels. Today, Bitcoin has fallen to the low of $24,018 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $24,018.81
•Bitcoin market cap – $458,559,582,332
•Bitcoin circulating supply – 19,119,137.00 BTC
•Bitcoin total supply – $503,683,653,673
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
On August 11, buyers failed to sustain the bullish momentum above the $24,000 overhead resistance. The cryptocurrency reached the high of $24,900 and was resisted. The bullish scenario has been invalidated. For now, BTC’s price has failed to rally to the $28,000 price level. This is because of the stiff resistance at the $24,000 overhead resistance zone. Consequently, the largest crypto will decline to the downside. Bitcoin has turned from the overhead resistance. It is expected to retrace to its previous lows. However, if the bears break below the moving average lines, Bitcoin will decline to the low of $20,724.
Crypto Bear Market Offers M&A Prospects: White Rock CEO
White Rock is a crypto mining firm that is based in Switzerland. The mining firm also claims to have around 24 MegaWatts worth of plant capacity installation. White Rock Management CEO Andy Long believes bear markets “present excellent opportunities” for expansion via mergers and acquisitions in the crypto mining sector”. According to Andy, “The bear market has presented challenges for the miners who leveraged up at the top of the market, however, the sector has been here before, and well capitalized and efficient miners will do just fine” .
Andy Long has indicated that the current bear trend will provide key merger and acquisition opportunities for such companies. These will convince investors that they can survive extreme market conditions: Andy said: “Bear markets present excellent opportunities, so we expect to see M&A and consolidation activity in the mining sector involving both public and private players — to realize economies of scale and combine complementary operations.”
Meanwhile, Bitcoin has continued its downward move after the recent rejection as BTC price turns down from $24.9K high. Bitcoin will be compelled to a range-bound move if it retraces and finds support above the moving average lines. . It is at level 58 of the Relative Strength for period 14. BTC/USD is in the bullish trend zone and may further rise to the upside.
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