BTC Price Trades Marginally but May Hold Above $23K

Bitcoin Is in a Minor Retracement but May Hold Above $23K – July 31, 2022

As the largest cryptocurrency fails to break the recent high, the coin will decline but may hold above $23K. Three candlesticks are displaying long wicks above the $24,000 high. This is an indication of strong selling pressure at higher price levels. BTC/USD is likely to further decline to the downside.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,156.56
•Bitcoin market cap – $444,799,940,425
•Bitcoin circulating supply – 19,109,343.00 BTC
•Bitcoin total supply – $488,807,948,495
•Bitcoin Coinmarketcap ranking – # 1

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

Since July 30, the BTC price has been falling from the high of $24,736 as the crypto reached the low of $23,237 at the time of writing. On July 20 uptrend, BTC price reached the high of $24,276 but it declined to the low of $20,724. The current decline may reach the low above the moving average lines or below the moving average lines. On the downside, if price retraces above the moving averages, the BTC price may rebound. A rebound above the moving averages lines will catapult Bitcoin above the $24,000 resistance zone. Bitcoin will now have a free passage to the $28,000 high. The bullish momentum will extend to the high of $30,000.

Huobi to Provide Cryptocurrency Exchange Services in Australia

On June 22, the Huobi exchange had earlier been granted a license to offer cryptocurrency exchange services to Zealand and the United Arab Emirates. Huobi registered as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC) on Aug. 1. This implies that Huobi can now offer fiat to cryptocurrency trading services in the country. Also, the exchange has been granted provisional approval to begin offering its services by Dubai’s Virtual Assets Regulatory Authority (VARA).

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has resumed its downward move but may hold above $23K. However, the price movement has been slow because of the appearance of small body indecisive candlesticks. BTC price is at level 55 of the Relative Strength Index for period 14. It indicates that the market is in the bullish trend zone.