BTC Price Recovers as It Challenges the $22K High

Bitcoin Bulls Buy the Dips as It Challenges the $22K High – July 15, 2022

Today, BTC/USD has reclaimed the $20,000 psychological price level as it challenges the $22K high. Bitcoin is rising to the upside where it may face rejection at the $22,000 resistance zone. In the previous uptrend, the upward move was interrupted at the high of $22,000. Bitcoin is trading at $20,917.00 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,917.59
•Bitcoin market cap – $399,406,549,519
•Bitcoin circulating supply -19,094,293.00 BTC
•Bitcoin total supply – $439,247,806,396
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin is in a downward correction as price breaks above the 21-day line SMA. As bulls break the 21-day line SMA indicates strength of the bulls. It suggests there is buying at lower levels of price. On the upside, buyers  bought at lower levels of price as Bitcoin rebounded and broke above the 21-day line SMA. The bullish momentum will extend to the 50-day line SMA. In other words, Bitcoin will rally to the $24,000 high. A break above the 50-day line SMA will signal the resumption of the uptrend. The largest cryptocurrency will rally to the $30,000 psychological price level.

Bitfinex Donates 36 BTC To Small Businesses in El Salvador

Bitfinex is a cryptocurrency exchange that has donated 36 Bitcoin (BTC) and $600,000 worth of Tether (USDT) to small businesses in El Salvador. The donations are part of the company’s pledge to support economic development in neighborhoods that have struggled with gang-related violence. El Salvador adopted Bitcoin as a legal tender in September 2021. The Latin American country has placed BTC near the center of its economic growth strategy.

The donations are being funded through recipients’ Bitcoin wallets, including the state-sponsored Chivo wallet that will support environmentally-friendly business initiatives that employ local workers. The funds are channeled to socially-deprived communities of Ilopango, Soyapango, and Apopa, where gang violence and extortion of small business owners are the most common. Also, Bitfinex’s parent company, iFinex Inc. is working with El Salvador’s government to create a new regulatory framework for digital assets and securities. Meanwhile, El Salvador’s treasury reserves of the digital asset have increased through several dip-buying purchases. The Salvadoran government now holds 2,301 BTC on its books, worth a cumulative $46 million.

Meanwhile, the BTC price is trading marginally above the $20,000 support as it challenges the $22K high. The largest cryptocurrency risks decline if it fails to overcome the resistance at $22,000. A break above the resistance will propel it to retest the next resistance at $23,010 price level.

Read more:
• How to buy cryptocurrency
• How to buy Bitcoin                

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