On August 13, buyers were able to stall the decline of Bitcoin but it struggles to sustain above $24.9K high. The stalling of the decline signals the resumption of a new trend to break the $24,000 overhead resistance. Bitcoin bulls are making the fourth attempt to breach the overhead resistance. Can bulls sustain the current Momentum?
Bitcoin Price Statistics Data:
•Bitcoin price now –$24,463.70
•Bitcoin market cap –$468,102,423,870
•Bitcoin circulating supply – 19,120,450.00 BTC
•Bitcoin total supply – $514,135,110,427
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
On August 13, BTC/USD survived the selling pressure as Bitcoin declined and held above the $23,861 support. The selling pressure could have continued if the bears have broken below the 21-day line SMA. Nonetheless, Bitcoin has regained bullish momentum to resume a fresh uptrend. The bottom line is that the bulls will have to break above the previous high of $24,900 and sustain the bullish momentum above the $25,000 support.
This will indicate that the bears have been overpowered as Bitcoin resumes its upward move. The largest cryptocurrency will now rise to the highs of $28,000 and $32,000 price levels. The bullish scenario will be invalidated if Bitcoin turns from the overhead resistance, declines, and break below the 20-day line SMA. Bitcoin will find support above the moving average lines or revisit the previous low at $20,724 price levels.