Bitcoin Continues Consolidation Above $23.9k As Btc Price Drops From $24.9k – August 11, 2022
As the price of BTC rose above $24.9K, the Bitcoin bulls made a third attempt and failed to break the profit resistance of $24,000. On August 11, in the third attempt, the price of BTC reached a high of $24,900 and was blocked. BTC/USD is now trading slightly lower. It can be recalled that Bitcoin experienced a similar decline when it reversed the price levels of $24,276 and 24,736. Today, at the time of writing, Bitcoin has fallen to a low of $24,018.
Bitcoin Price Statistics Information:
• Bitcoin price now – $24,018.81
• Bitcoin market value – 458,559,582,332 dollars
• Bitcoin Transfer Offer – 19,119,137.00 BTC
• Total supply of Bitcoin – $503,683,653,673
• Bitcoin Coinmarketcap Rank – #1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: 25,000, 20,000, $15,000
On August 11, buyers were unable to sustain the bullish momentum above the overhead resistance above $24,000. The cryptocurrency reached a high of $24,900 and resisted. Bullying has been cancelled. For now, the BTC price has failed to rise to the $28,000 price level. This is because of the strong resistance at the upper protection zone of $24,000. As a result, the largest crypto will decrease to the lower side. Bitcoin evolved from self-defense. It is expected to return to its previous lows. However, if the bears break below the moving average lines, Bitcoin will drop to a low of $20,724.
Crypto bear market offers M&A prospects: CEO of White Rock
White Rock is a crypto mining company based in Switzerland. The mining company also said it has 24 megawatts worth of plant capacity to install. Andy Long, CEO of White Rock Management, believes that bear markets “present great opportunities” to expand through mergers and acquisitions in the crypto mining sector. According to Andy, “The bear market presented challenges to the miners at the peak of the market.
Andy Long points out that the current bear trend presents key merger and acquisition opportunities for such companies. These will reassure investors that they can survive adverse market conditions: Andy said: “Bear markets offer great opportunities, so we expect to see M&A and consolidation activity involving public and private players in the mining sector – to realize economies of scale and combine more. operations”
Meanwhile, Bitcoin continued to move lower after a recent rejection, with the price of BTC dropping from the $24.9K high. If Bitcoin finds support above the moving average lines, it is bound to make a range-bound move. . It is ranked 58 for Season 14 relative strength. BTC/USD is in a bullish trend zone and could go higher.
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