Bitcoin Struggles below $17K as Sellers Threaten To Short – November 23, 2022
Despite being in a downturn, BTC/USD trades in a constrained range between $15,588 and $17,200 as BTC price struggles below $17K. Bitcoin has been trading within range-bound levels since November 10. For the past three weeks, the range-bound levels have remained unaltered. For instance, Bitcoin would start another session of a decline if sellers break the $15,588 support.
Bitcoin Price Statistics Data:
•Bitcoin price now – $16,758.18
•Bitcoin market cap – $322,277,433,739
•Bitcoin circulating supply – 19,215,437.00 BTC
•Bitcoin total supply – $351,180,907,135
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin has continued to fluctuate in a range as it retested the $15,588 support on November 21. The critical support level will be retested once more at this time. When the current support is broken, the largest cryptocurrency will keep falling. If buyers are outperformed by selling, Bitcoin will first fall to a low of $14,116. It will then fall to a low of $12.200. The BTC price is correcting upward in the interim to retest the $17,200 resistance. On the upside, the crypto will go past the $20,000 high if the BTC price breaks through the resistance of $17,200 and $18,000. At level 28 of the Relative Strength Index period 14, Bitcoin has entered the oversold area. The market has allegedly reached its limit of bearishness.
Harvard Research: Central Banks Can Use Bitcoin To Avoid Sanctions
According to a Harvard study, the best alternative hedging asset for Central banks is Bitcoin, according to Harvard doctoral candidate Matthew Ferranti. Matthew Ferranti, a Ph.D. candidate in the university’s economics department, examined the possibility of Bitcoin as a substitute hedging asset for central banks to fend off prospective penalties in a working paper titled “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves.”Ferranti claimed that, even under normal circumstances, it makes sense for central banks to hold a small amount of Bitcoin.
The study did note that it makes sense to retain more BTC alongside gold reserves when there is a chance of penalties, though. The researcher also noted in the article that nations that faced the possibility of US sanctions had increased the percentage of their Gold reserves far more than nations that faced a lower risk of sanctions. The researcher stated that Bitcoin reserves are the best fallback if these central banks are unable to accumulate enough Gold to mitigate the risks of sanctions.
Bitcoin trades in a limited range and remains constrained as BTC price struggles below $17K. The $17,000 resistance zone has held down the upward movement. Where the initial resistance levels are broken, the largest cryptocurrency can restore bullish momentum. BTC price is currently being rejected at its most recent high. The sellers’ effort to break through the $15,588 low will put the existing support to the test.
However, if Bitcoin reverses from the most recent high and retests the $15,588 support a third time, it will face a difficult situation. The downturn will resume if the $15,588 support level is broken. Dash 2 Trade was created to help you progress your cryptocurrency trading for this reason. The FTX catastrophe would have been identified by a cutting-edge platform like Dash 2 Trade. This collection of technologies, which includes analytics, metrics, signals, auto-trading, and analysis tools, is novel. The D2T presale is now ongoing and has raised about $7 million.
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