BTC Price Recovers But Challenges 22K Resistance Zone

Bitcoin Rebounds, But Challenges 22K Resistance Zone – Sep 10, 2022

Bitcoin (BTC) rebounds above the $18,500 support but challenges the 22,000 resistance zone. If the price sustains above the 50-day line SMA and the bullish momentum continues, the largest cryptocurrency will revisit the $24,000 overhead resistance.

Bitcoin price statistics:
• Current Bitcoin Price – $21,548.50
Bitcoin market cap – $412,655,350,207
Bitcoin circulating volume – 19,147,168.00 BTC
Total Bitcoin Supply – $452,251,435,151
Bitcoin Coinmarketcap Ranking – #1

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

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After falling to the $18,675 low, Bitcoin bulls buy the decline as it resumes its uptrend. However, the downtrend is likely to continue if the $18,675 support is broken out. Bitcoin may have fallen to its previous low of $17,605. Today Bitcoin has regained his $20,000 psychological price level. Buyers have pushed the cryptocurrency above his 21-day line SMA, but he has not yet crossed his 50-day line SMA. On the upside, if the 50-day SMA remains unbroken, Bitcoin will be forced to move within a range between the moving averages. In the same vein, Bitcoin moves higher and again visits the overhead resistance at $24,000 where the moving averages are broken.

Microstrategy intends to reinvest $500 million equity sale in Bitcoin: SEC filing

MicroStrategy is the largest institutional purchaser of Bitcoin (BTC) as it intends to increase its Bitcoin holdings by buying dips. According to reports, MicroStrategy’s reserves of around 129,699 BTC are currently suffering a total value loss of more than $1 billion, so buying dips is essential for his MicroStrategy. To this end, the company entered into agreements with his two agents (Cowen and Company and BTIG) to sell, in aggregate, his Class A common stock worth $500 million.

This was revealed by Securities and Exchange Commission (SEC) filings. A business analytics software company continues to pursue its goal of selling its stake in the company to acquire more BTC. The application confirms that: “Unless otherwise stated in the applicable prospectus supplement, we will use the net proceeds from the sale of Class A common stock provided under this prospectus for general corporate purposes, including the acquisition of bitcoin. intend to do something.”

Meanwhile, BTC price has risen to $21,556 but is challenging the 22,000 resistance zone. The bottom line is that if the 50-day line SMA is not broken, Bitcoin will be forced into a range-bound move for a few more days. This shows that Bitcoin will continue to rise.

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