BTC Is Unstable As It Fluctuates Below $20k

Bitcoin Is In a Brief Recovery As It Fluctuates Below $20k – June 30, 2022

 BTC/USD declines to the low of $18,638 as it fluctuates below $20K. Bitcoin has recovered above the $20,000 psychological price level but briefly pulled back. Buyers have an uphill task ahead as the bear market continues its bearish run. Today, the largest cryptocurrency is trading at $19,613 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $19,613.96
•Bitcoin market cap – $374,194,099,842
•Bitcoin circulating supply – 19,081,950.00 BT
•Bitcoin total supply – $411,806,764,858
•Bitcoin Coinmarketcap ranking – # 1

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

On June 30, Bitcoin (BTC) price dropped to $18,731 and later to $18,638 before the resumption of a price rebound. The bulls bought the dips as the crypto rallied to the high of $20,959. Despite the recovery, Bitcoin is trading between $18,600 and $20,400 price levels. The brief uptrend terminated at the high of $20,400. The crypto is now falling back to the $20,000 psychological price level. On the downside, if the $20,000 support holds and Bitcoin rebounds, the coin can break the resistance levels of $21,675 and the $23,010.The bullish momentum will extend to the $30,000 psychological price level if the bulls are successful. Otherwise, the bears will break below the current support and push Bitcoin to the low of $17,605 price level.

CFTC Prosecute South African National Over $1.7B Fraud Involving Bitcoin

CFTC is the United States Commodity Futures Trading Commission. In a Thursday announcement, the CFTC has filed a civil enforcement action in federal court for fraud and registration violations against Cornelius Johannes Steynberg. The commission claimed, “The defendants misappropriated, either directly or indirectly, all of the Bitcoin they accepted from the pool participants.” The allegation against the South African national is that he created and operated a global foreign currency commodity pool totaling more than $1.7 billion, where the participants pay using Bitcoin (BTC).

The CFTC alleged that Steynberg used the South Africa-based firm Mirror Trading International Proprietary Limited to ask for BTC from the public using social media and various websites. According to the report, he collected at least 29,421 BTC between May 2018 and March 2021 valued at $1.7 billion. “The defendants misappropriated, either directly or indirectly, all of the Bitcoin they accepted from the pool participants,” said the CFTC. “The CFTC seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations.”

Meanwhile, Bitcoin has fallen below the $20,000 psychological price level as it fluctuates below $20K. The coin fluctuates between $18,600 and $20,400 price levels. The cryptocurrency will resume an uptrend if it breaks the initial resistance at $20,400 and $21,675.

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