Bitcoin Returns to the November 5th Price Level as It Challenges the $21.5K Resistance Level– January 18, 2022
The largest cryptocurrency is trading below the recent high as it challenges the $21.5K resistance level. BTC/USD has retested the historical price level of $21,480 set on November 5th. The bullish run has slowed as the digital asset approaches the $ 21,480 resistance level. As Bitcoin regains positive momentum, further increases are possible.
Bitcoin Price Statistics Data:
•Bitcoin price now – $21,280.48
•Bitcoin market cap – $409,964,799,905
•Bitcoin circulating supply – 19,265,443 BTC
•Bitcoin total supply – $446,875,828,290
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Following the current market recovery, Bitcoin has reclaimed the $21,000 support level and is now attacking the $21,500 resistance level. Since the rally began on January 14, buyers are having trouble breaking through the $21,500 resistance. Buyers are attempting to hold prices above the $21,500 high as they want to restart a new upswing.BTC’s price will aim for the previous high of $22,781 or $25,212 on the upside. A further upward movement is unlikely given how overbought the market is right now. But an overbought condition might not last in a market that is strongly trending. If sellers show up in the overbought area at the $21,500 high, Bitcoin will fall. The Relative Strength Index for period 14 has Bitcoin at level 88. Currently, the price of one Bitcoin is $21,346.00 as of this writing.
Cryptocurrency Mining Stocks Hit Fresh Highs for the Year as Bitcoin Rebounds
After a disastrous year in which public crypto miners racked up liabilities totaling $4 billion, the industry was relieved by the recent spike in cryptocurrency mining stocks. The rise in the price of Bitcoin to a several-month high has also benefited mining stocks. Numerous equities involved in cryptocurrency mining saw their greatest monthly results in a year. The rise in mining stock prices also brought relief to the struggling miners who had to sell a substantial portion of their coins to increase liquidity in 2022. One of the major BTC mining companies, Bitfarms, saw a 140% increase in the first two weeks of January 2023, and Marathon Digital Holdings saw a 120% increase. In the same time frame, the stock value of Hive Blockchain Technologies has doubled, while the MVIS Global Digital Assets Mining Index has increased by 64% in the first month of the new year.
Bitcoin is currently moving sideways beneath the recent high as it challenges the $21.5K resistance level. For the previous four days, the BTC price has been attempting to begin an uptrend but has held near the most recent high. Under the resistance level, the crypto’s price is stabilizing and may eventually rebound or break out. Given that Bitcoin is currently trading in an overbought area, the possibilities of further growth are minimal.
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