Bitcoin Continues a Sideways Movement as BTC Price Returns to the $17.2K Barrier – December 8, 2022
The largest cryptocurrency asset is holding above the $16,700 support as BTC price returns to the $17.2K barrier. In the last price action, the largest cryptocurrency rallied to the high of $17,436 before it was repulsed. Bitcoin will recover positive momentum after levels of $17,297 and $18,150 are overcome.
Bitcoin Price Statistics Data:
•Bitcoin price now – $17,209.10
•Bitcoin market cap – $330,920,132,047
•Bitcoin circulating supply – 19,228,456 BTC
•Bitcoin total supply – $361,426,910,638
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin’s (BTC) price has reestablished upward momentum and has maintained above the 21-day SMA. The cryptocurrency has risen to its previous high of $17,297 after recovering over the $16,800 support. The current rally will be the third since November 30. Buyers have been working nonstop to restart the upward trend. Bitcoin is currently caught between the moving average lines. On the upside, the price of BTC will increase over the 50-day line SMA if buyers manage to get beyond the barrier at $17,297 and $18,150. If the positive momentum remains above the moving average lines, the value of the cryptocurrency will increase. The cryptocurrency asset is predicted to recapture the prior highs of $20,000 and $21,500.
US Senator Ted Cruz, Who Is Bullish on Bitcoin, Wants Texas to Be a Crypto Oasis
Senator Ted Cruz of the United States wants to turn the state of Texas into a haven for Bitcoin and other cryptocurrencies. The lawmaker expressed his understanding of how the cryptocurrency business may be vital for the US energy supply and technological advancement during a speech at the Texas Blockchain Summit 2022 in late November.
Cruz claimed that Bitcoin mining may be utilized to commercialize the energy produced by oil and gas production, highlighting that mining activity might be used as an alternative to traditional methods of energy storage and supply. The senator emphasized that Texas is an appealing location for the American cryptocurrency industry since it has abundant and relatively inexpensive electricity and supports free enterprise. Cruz also revealed why he considers himself an avid fan of Bitcoin: “I like Bitcoin because the government can’t control it.”
Nonetheless, Bitcoin bounces above the 21-day line SMA as BTC price returns to the $17.2K barrier. At the $17,400 resistance level, the upward corrective is currently encountering another rejection. Buyers are having a hard time penetrating the most recent high. If Bitcoin finds it tough to break these crucial levels on the upside, the move could remain range-bound.
Bitcoin, however, has recovered above the $16,700 support level and has begun retesting the $17,297 resistance zone. Traders and investors will make predictions on whether the decline is over. Implementing Dash 2 Trade becomes necessary as a result. Dash 2 Trade seeks to assist all traders in becoming more skilled speculators. This is because developing strong methods for opening profitable trades requires the usage of good risk control settings. A D2T presale is now taking place, but time is running short. Since the product development is ahead of schedule, the presale dashboard debut will happen soon. Nearly $9.5 million has been raised through the presale so far.
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