BTC Is on a Bullish Run to a High of $20.9K

Bitcoin Breaks over Further Barriers on Its Way to a High of $20.9K – January 13, 2022

Bitcoin’s upward trend resumes as it breaks more resistance levels to a high of $20.9K. In retrospect, since November 9, BTC/USD has been restricted to a range between values of $16,000 and $18,000. The largest cryptocurrency at one point was restricted to a tight range between $16,000 and $17,066. Bitcoin has risen past the psychological price milestone of $20,000 today.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,887.18
•Bitcoin market cap – $402,377,527,835
•Bitcoin circulating supply – 19,261,431 BTC
•Bitcoin total supply – $438,693,262,061
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin has regained bullish momentum following the most recent price recovery. First, the initial resistance level of $17,066 was overcome by purchasers who were in the lead. BTC’s price bounced back three times on January 11 after breaking through the $18,391 resistance level. As Bitcoin prepares to retake the $20,000 psychological price threshold, the cryptocurrency has surged beyond that level today. If buyers maintain the current positive trend, Bitcoin will advance to the next resistance at $21,470 on the upside. Despite this, the market for Bitcoin is dangerously overbought. This might prevent the price of BTC from rising to the following resistance level. The overbought state might not last in a market that is strongly trending. At the time of writing, BTC/USD is currently trading at $20,976. Additionally, according to the Relative Strength Index for period 14, Bitcoin is at level 89 and is therefore overbought.

Hong Kong Hopes to Become a Crypto Powerhouse Amid Industry Crisis

Hong Kong is working hard to supervise the cryptocurrency market appropriately so that technologies like Web3 can reach their full potential. Despite the current industry crisis brought on by the FTX collapse, the Hong Kong government is still committed to building out the infrastructure for cryptocurrencies. Paul Chan, the financial secretary for Hong Kong, claims that in 2023, local regulators and the government are willing to work with fintech and cryptocurrency startups.

According to a report from the public broadcaster Radio Television Hong Kong (RTHK) on Jan. 9, Chan remarked that Hong Kong has transformed into a foundation connecting high-quality virtual asset firms while speaking at an event organized by the government-run incubator Cyberport. Many commercial groups, according to Chan, have expressed a desire to expand their operations in Hong Kong or to list on regional exchanges. The official claims that Hong Kong is making every effort to supervise the cryptocurrency market appropriately to unleash the potential of technologies like Web3.

Nevertheless, the biggest cryptocurrency manages to retake the psychological price barrier, reaching a high of $20.9K. The cryptocurrency is predicted to reach the November 5, historical price level of $21,470 on . Bitcoin is also projected to achieve its all-time high of $22,794 on September 13. However, additional gains are unlikely as the market approaches overbought territory.

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