Bitcoin Continues a Sideways Move as It Consolidates Above $16K – November 24, 2022
Bitcoin’s (BTC) upward move has been restrained as it consolidates above $16K. Since November 11, BTC/USD has been in a sideways move as it challenged the recent high. Today, the largest cryptocurrency is declining as it faces rejection at $16,800. Bitcoin is declining as it continues its sideways move.
Bitcoin Price Statistics Data:
•Bitcoin price now – $16,438.82
•Bitcoin market cap – $315,969,185,663
•Bitcoin circulating supply – 19,216,412.00 BTC
•Bitcoin total supply – $345,174,321,036
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin’s (BTC) price is in a sideways move as it continues to fluctuate between $15,588 and $17,200. It is exactly two weeks, the BTC price recovered above the $15,588 support. The price indicator has shown a further downward movement of the cryptocurrency. Relatively, the BTC price has been stable above the $16,000 support. The biggest cryptocurrency will resume selling pressure once the existing support is breached. It will first fall to the next support level at $14,100. Bitcoin will drop, even more, reaching a low of $12,200. To restart moving upward, buyers have consistently defended the current support. The price of BTC is declining today and has reached a high of $16,480. Bitcoin is still in the oversold region at level 31 of the Relative Strength Index for period 14.
A “Bitcoin City” Will Be Built With a $1 Billion Investment – Consolidates Above $16K
El Salvador finally took a significant step toward the implementation of its grandiose “Bitcoin bonds” concept during the recent decline in the cryptocurrency market. A law was submitted by the Minister of the Economy, Maria Luisa Hayem Brevé, reaffirming the government’s intention to generate $1 billion and use it to build a “Bitcoin city.” The administration of Nayib Bukele first issued “volcano bonds” or “Bitcoin bonds” in 2021. A “Bitcoin city” was to be built at the foot of the Colchagua volcano according to the initial plan, which called for issuing about $1 billion worth of those bonds. According to legend, the city would be the ideal location for cryptocurrency mining thanks to the volcano’s hydrothermal energy. The majority of the monies raised would still be put into Bitcoin directly.
Meanwhile, Bitcoin (BTC) has now retreated after failing to break over the $17,000 resistance level as it consolidates above 16K. The price of Bitcoin is falling after failing to surpass the most recent peak. If sellers can keep the price below the $16,000 level, the cryptocurrency will retest the key support at $15,588.
Additionally, attention is focused on the $15,588 crucial support. A break and closure below this level could indicate the resumption of a downtrend, thus it is crucial to keep an eye on it. That is the reason Dash 2 Trade must be implemented. A cryptocurrency analytics software called Dash 2 Trade was created by traders for traders. A cutting-edge platform like Dash 2 Trade would have detected the FTX calamity. This new technology group contains tools for analysis, auto-trading, metrics, signals, and analytics. Currently still going on, the D2T presale has raised roughly $7 million.
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