BTC Price Declines To 20k For A Possible Rally

Bitcoin Faces Selling Pressure at $22k as It Declines To 20k for a Possible Rally – June 28, 2022

Since June 26, BTC/USD has been in a downward move  as it declines to 20K for a possible rally. For the two weeks, Bitcoin bulls have been battling to jump the hurdles at $21,675 and $23,010 high. The largest cryptocurrency is on a downward move after failing to jump the first hurdle.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,290.61
•Bitcoin market cap – $387,230,321,767
•Bitcoin circulating supply – 19,079,975.00 BTC
•Bitcoin total supply – $426,819,951,539
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $30,000, $25,000, $20,000

Bitcoin bulls fail to overcome the $22,000 resistance zone as it declines to 20K for a possible rally. The crypto’s price is making a series of lower highs and lower lows. Today, BTC’s price is making lower lows of $20,337.80 at the time of writing. The coin is expected to make a lower high before making another lower low. Nonetheless, if the bears break the previous lower lows, the downtrend will resume. On the other hand, if the previous low holds, Bitcoin will be compelled to resume its range-bound move between $20,059 and $22,000 price levels. However, if Bitcoin loses the $20,000 psychological support, it will first decline to the previous low at $17,605. Today, buyers are pushing Bitcoin to its previous highs. The crypto will regain bullish momentum if price breaks above the $21,200 high. The selling pressure will resume if it faces rejection at the $21,200 resistance.

Central African Republic (CAR) Adopts Bitcoin and commences the crypto project

Faustin-Archange Touadéra is the president of the Central African Republic. Following the country’s adoption of Bitcoin (BTC) as legal tender in April, the president has announced that government will commence plans centered around developing the country’s blockchain infrastructure. The crypto project includes building a “legal crypto hub, intended to attract businesses and global crypto-enthusiasts. Secondly, creating a virtual “crypto island” — a special economic zone in the metaverse that will seemingly have an equivalent space in the physical world.

According to Sango’s website, the government intends to launch the program on July 3 where the president and his cabinet members including experts will be available to discuss the physical and digital infrastructure needed for the CAR to enter the crypto space, as well as the legal framework for the country. “The ambitious strategy to quickly build a successful economy can only rely on new technologies that have taken the world by storm and taken money to another level, with Bitcoin as a watchword,” said Touadéra.

Meanwhile, Bitcoin is trading marginally between $20,059 and $22,000 price levels as it declines to 20K for a possible rally. The price movement has been insignificant. The bears are intending to break below the $20,000 psychological price level.

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