BTC Price Drops as It Targets Crucial Support at $22K

 Bitcoin Faces Stiff Resistance as It Targets Crucial Support at $22K – August 18, 2022

Bitcoin (BTC) has slumped below the 21-day line SMA as it targets crucial support at $22K. The cryptocurrency is likely to decline and be compelled to a range-bound move between the moving average lines. For the past 48 hours, BTC/USD is hovering above the $23,170 support but the bears are having the upper hand.

Bitcoin Price Statistics Data:•Bitcoin price now – $22,760.62•Bitcoin market cap – $435,802,726,989•Bitcoin circulating supply – 19,125,218.00 BTC•Bitcoin total supply – $478,574,992,223•Bitcoin Coinmarketcap ranking – # 1

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

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Bitcoin has resumed a downtrend as it broke below the 21-day line SMA. The crypto has continued the selling pressure as it approaches the 50-day line SMA. The current decline will be between the moving average lines. However, if the bears break below the 50-day line SMA, Bitcoin will decline and revisit the previous low at $20,724. However, if the 50-day line SMA support holds, Bitcoin will be in a range-bound move between the 21-day line SMA and the 50-day line SMA for a few more days. Then the crypto will trend when the moving average lines are breached. Meanwhile, the BTC price is at level 46 of the Relative Strength Index for Period 14. It indicates that the crypto is in the downtrend zone and may further decline.

Canaan, A Chinese Mining Giant Doubles Profits Despite The Blanket Crypto Ban

Canaan, a Chinese crypto miner maker has accumulated a total of 346.84 BTC by the end of June. Canaan appears to have no issues with the local ban on crypto, as the company’s overall performance has continued to grow in 2022. The company’s CEO, Nangeng Zhang, said Canaan has found the second quarter challenging as Bitcoin plunged below $20,000 in June.

He said: “The COVID-19 containment lockdown in key cities in China also brought severe disruptions to our daily operations and demand for our AI chips.” The CEO said, adding: “We are fully aware of the downward pressure from the Bitcoin price since the last fourth quarter and expect it to bring prolonged headwinds to our performance in the coming quarters. Nevertheless, we believe in the unique value of Bitcoin and its long-term prospects.”

Meanwhile, Bitcoin trades between the moving average lines as it targets crucial support at $22K. Meanwhile, on August 17 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the BTC price will fall to level 1.272 Fibonacci retracement level or $22,891.83. From the price action, the market has declined to the low of $22,720 at the time of writing.

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