BTC Price Declines As Sellers Challenge The $19k Support

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Bitcoin Is Unable To Sustain Above $20k as Sellers Challenge the $19k Support – October 14, 2022

Bitcoin has continued to hold above the current support as sellers challenge the $19K support. On October 14, BTC price rallied to the high of $19,944 but was repelled. The bearish momentum is likely to create another selling pressure.

Bitcoin Price Statistics Data:•Bitcoin price now – $19,162.20•Bitcoin market cap – $367,813,228,640•Bitcoin circulating supply – 19,179,618.00 BTC•Bitcoin total supply – $402,723,234,709•Bitcoin Coinmarketcap ranking – # 1

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

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On October 14, Bitcoin’s (BTC) price declined sharply after buyers attempt to keep the price above the moving average lines. Bitcoin has declined above the $19,000 support and has revisited the previous low at $18,210. On October 13, sellers sunk the price to the low of $18,161 as bulls bought the dips. Today, the bears have recouped above $19,000 support as they attempt to break the current support and resume selling pressure. However, sellers’ attempt to sink Bitcoin is unlikely because of the appearance of a long candlestick tail on October 13. The long tail implies that there is strong buying pressure at the $18,210 and $18,161 price levels. Meanwhile, Bitcoin is capable of a decline as it is at level 45 of the Relative Strength Index for period 14.

I Have Bitcoin Exposure amid Market Downturn By Paul Tudor

Paul Tudor is a veteran hedge fund manager and he has a “very minor allocation” of Bitcoin. He said: “I’ve still got a very minor allocation, I’ve always had a small allocation to [Bitcoin],” said Jones. “In a time when there’s too much money — which is why we have inflation and too much fiscal spending — something like crypto, specifically Bitcoin and Ethereum, where there’s a finite amount of that, that will have value at some point.” Also, in June 2021, he added about 5% allocation to BTC, Gold, cash, and commodities because of inflation and the United States Federal Reserve policy.

BTC/USD – 4 Hour Chart

Nonetheless, Bitcoin has continued to hover above the current support as sellers challenge the $19K support. On the upside, if the BTC price rebounds above the current support, it will rally above the moving average lines. The bullish momentum will break above the $20,000 resistance.

               

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