Bitcoin May Decline as BTC Price Is Stuck at the $17.2K High – November 30, 2022
BTC/USD has risen over the $16,000 level of support but it is stuck at the $17.2k high. As buying pressure decreases, the price rebound has achieved bullish fatigue. The largest altcoin is attempting to overcome the $17,200 resistance. As the market entered the overbought zone, buyers were unable to maintain the bullish momentum.
Bitcoin Price Statistics Data:
•Bitcoin price now – $17,143.76
•Bitcoin market cap – $329,548,681,700
•Bitcoin circulating supply – 19,221,668.00 BTC
•Bitcoin total supply – $359,941,086,412
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin (BTC) price managed to recover above the $16,000 level, surviving yet another downward trend. Before the most recent price increase, buyers have been steadfastly protecting the $16,000 support. When the bears hit the present support on two occasions, the bulls purchased the dips. Yesterday, the price of Bitcoin rose to a high of $17,275 after crossing over the SMA for the 21-day line. The 50-day line SMA was insurmountable for the bullish trend.
Additionally, at the $17,272 high, BTC price movement has stopped. The largest altcoin is now witnessing an overbought market. If the resistance at the $17,200 and $18,000 price levels are overcome, Bitcoin will rise to the $20,000 or $21,500 price levels. Today, the price of Bitcoin has retraced to the $17,000 support. If buyers are unsuccessful in breaking through the resistance at $17,200, Bitcoin will continue to trade in a range between $15,500 and $17,200 price levels.
Community Responses to the European Central Bank’s Criticism of Bitcoin
The Bitcoin community on Twitter used the comments section of a blog post by the European Central Bank criticizing Bitcoin to defend the digital currency. Regulators in the European Union have joined other international politicians in calling for more precise guidelines and restrictions on cryptocurrencies in the wake of the recent FTX crash and liquidity crisis. On November 30, the European Central Bank (ECB) published a blog post titled “Bitcoin’s last stand,” summarizing the financial history of Bitcoin amidst recent price swings.
However, it merely highlighted its flaws rather than painting a whole picture that would have included the highs and lows of the cryptocurrency’s history up to that point. The article, which was written by ECB director general Ulrich Bindseil and adviser Jürgen Schaaf, claims that digital money is “on the way to irrelevance.” The crypto community fact-checked the assertions in the paper and highlighted the credentials of its authors in the hundreds of reactions to the ECB’s tweet alone.
Meanwhile, the BTC price is backtracking from the recent high as it is stuck at the $17.2k high . The present upsurge was halted when Bitcoin swerved toward an overbought area of the market. It is projected that the price of Bitcoin will decline from its most recent high as sellers begin to show up in the overheated area. For Bitcoin, the daily Stochastic has reached bullish exhaustion above level 80.
Nevertheless, Bitcoin is still trading in the bearish trend zone despite the price recovery. Additionally, the largest cryptocurrency faces the possibility of another fall. This is the reason why we invest in the Dash 2 Trade (D2T) presale which enables you to maximize your trading experience. D2T token presale is live and it has realized close to $8 million. Dash 2 Trade (D2T) is a unified analytics platform for market-beating intelligence and features to take your trading experience to the next level. Additional team members have been on boarded, and its presale dashboard beta launch is coming soon.
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