Sellers Emerge in the Overbought Region as BTC Price Holds above $20.1K – October 6, 2022
Bitcoin bulls have broken above the moving average lines as BTC price holds above $20.1K. In order words, Bitcoin has reclaimed the $20,000 high but buyers are struggling to sustain the bullish momentum. The next target price level is the $25, 212 overhead resistance level.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,315.93
•Bitcoin market cap – $389,468,568,089
•Bitcoin circulating supply – 19,170,662.00 BTC
•Bitcoin total supply – $426,607,868,591
•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
Today, the largest cryptocurrency has moved a step further by breaking above the moving average lines. The big challenge for buyers is to sustain the bullish momentum to the previous high. In the meantime, the BTC price is fluctuating above the moving average lines. A further upward movement of price is doubtful as the market reaches the overbought region. Nonetheless, if the current support above $20,000 holds, Bitcoin will rally to the $23,000 resistance zone. Subsequently, the bullish momentum will extend to the high of $25,212 overhead resistance.
Bitcoin Is a Buying Opportunity – By Robert Kiyosaki
Robert Kiyosaki is the author of a book called “Rich Dad Poor Dad”. The best-selling author of “Rich Dad Poor Dad” has tipped Bitcoin, silver, and Gold “as buying opportunities. His theory is based on the fact that a U.S. dollar may crash and it could occur by January. . On October 2, the author tweeted that the prices of the three commodities which are referred to as “safe haven” assets would continue to decline as the United States dollar is strengthened and the interest rate hikes continued.
Meanwhile, Bitcoin is rising above the $20,000 psychological price level as BTC price holds above $20.1K. Buyers are attempting to push the crypto to the next resistance at $25, 212. The current upward move may face rejection at the $23,000 resistance zone . On the other hand, Bitcoin will be compelled to a range-bound move if price breaks below the 50-day line SMA.
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