Bitcoin Stagnates As Whales Continue To Dump

Since hitting an all-time high of $69,000 in November 2021, the price of Bitcoin has been declining. The current decline resulted in a low of $17,622 in June. A long lower wick was produced by the subsequent bounce. The bounce confirmed the $19,200 horizontal area’s worth of support. The region had previously served as resistance during the all-time high of 2017 and then again in January 2021. It is now anticipated to offer support. Bitcoin Stuck Below $20k Since crashing through that crucial threshold last Tuesday, the largest cryptocurrency has been unable to surpass $20,000. Bitcoin has stayed above $18,000, the lowest it reached during the trough of a selloff in mid-June, even if it is still trading at less than one-third of its all-time high, which was above $69,000 in November 2021. Bulls tried to drive the currency back up the chart and towards $22,000, but a strong sell-off brought it down to $19,000 instead. The important support level for the coin was $17,000, and if bears continued to press their attacks, BTC may be able to move higher in the ensuing trading sessions. The market capitalization of all cryptocurrencies is currently $914 billion, up 0.3% over the previous day. BTC’s price on the four-hour chart was $19,000. Prior to making an attempt to recover on the chart a few weeks ago, the BTC/USD pair traded at the same level. Resistance for BTC first appeared at $22,000 and later at $20,000. The $22,...