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Bitcoin Trades in a Confined Range as It Hovers above $19K – September 30, 2022
BTC/USD is trading in a range as it hovers above $19K. Since September 15, the upward move has been restrained by the moving average lines. Bitcoin is confined in a range between $18,200 and $20,000 price levels. Bitcoin will trend when the range-bound levels are breached.
Bitcoin Price Statistics Data:
•Bitcoin price now – $19,076.66
•Bitcoin market cap – $365,915,813,120
•Bitcoin circulating supply – 19,167,425.00 BTC
•Bitcoin total supply – $401,285,235,871
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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For the past week, BTC/USD is in a range-bound move between $18,200 and $20,000 price levels. Nonetheless, the price movement has been relatively stable above the $19,000 support. Also, Bitcoin has been trading marginally because of the presence of small body indecisive candlesticks called Doji. However, the sideways move will continue as long as the Doji candlesticks dominate the price action. Today, the BTC price is trading at $19,179.20 at the time of writing. The largest cryptocurrency will resume an uptrend when price rebounds and breaks above the 21-day line SMA. A breakout above the 21-day line SMA will propel Bitcoin to rise to the 50-day line SMA. Subsequently, the bullish momentum will extend to the high of $25,205.
Bitcoin ATM Growth Drops Globally as a result of the Prolonged Bear Market
According to the Data on net changes in crypto ATM installations, the total number of Bitcoin ATMs installed over time has dropped by 796 from the global network. The United States recorded a reduction of 825 ATMs. Nevertheless, Europe, Canada, and a few other jurisdictions cushioned the downfall with new installations locally.
Despite the setback, about 14 crypto ATMs are being installed globally per day. On a daily installation, Genesis Coin represents a 40.3% share of ATMs among other manufacturers. Other crypto ATM manufacturers include General Bytes and BitAccess. The reduction in the crypto ATM installations is due to geopolitical tensions among factors, including lack of regulatory clarity and market uncertainties.
The largest cryptocurrency has continued to fluctuate above the $19,000 support. However, the price movement has been insignificant because of the presence of small body indecisive candlesticks called Doji. BTC price is at level 43 of the Relative Strength Index for period 14. It indicates that the coin is in the bearish trend zone and capable of further decline.
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