BTC Price Trying To Recover Above $20.5k

Bitcoin Rebounds Above $20.5k, Breaks First Resistance – Oct 17, 2022

Bitcoin has recovered above $20.5K and is in the downtrend zone. The buyer intends to keep the price above his 50-day line SMA. In the bullish zone, the price tends to rise to the previous highs. BTC is currently trading at $19,600.32 at the time of writing.

Bitcoin price statistics:
• Current Bitcoin Price – $19,600.32
.Bitcoin market cap – $375,981,501,952
Circulating Bitcoin – 19,182,412.00 BTC
Total Bitcoin Supply – $411,606,816,754
Bitcoin Coinmarketcap Ranking – #1

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

Since October 17th, BTC price has been moving above the 21-day line SMA in a positive move. By the way, these bull moves have been going on since his September 12th. Buyers held the price above the moving averages on Sept. 12 but failed to sustain the bullish momentum. The bulls moved relentlessly as he made an attempt to break out of the moving averages on Oct. 4 and he on the 14th. The bullish move has bounced back three times as Bitcoin tried to pick up some upward momentum.

The current uptrend has reached overbought territory, crossing the 80% range of the daily Stochastic. Sellers may emerge in overbought territory, pushing prices down. Conversely, if Bitcoin fails to break out of his 50-day SMA, it will be forced to move within a range between the moving averages.

Blockchain.com plans to close accounts of Russian citizens amid EU sanctions

According to reports, Blockchain.com has informed Russian citizens of its intention to close accounts within two weeks. The EU’s eighth package of sanctions against Russia prohibits Blockchain.com from providing custody and reward services to Russian citizens. As such, Blockchain.com is allowing a Russian user to withdraw her funds by October 27, 2022. Failure to do so will result in the blocking of accounts of Russian citizens. Bloomberg shows that Russia has the largest local Bitcoin market, accounting for her 19% of the exchange’s total BTC trading volume on a monthly basis in 2020.

Meanwhile, Bitcoin broke the 21-day SMA line and recovered above $20.5K. BTC price is fluctuating between the moving averages. The largest cryptocurrency climbed to level 14 of the Relative Strength Index for period 51. Cryptocurrencies have reached an equilibrium price level as demand and supply are in balance.