Buyers and Sellers Reach Indecision as Bitcoin Hovers Above $19K

BTC Price Is in a Range Bound Move as Bitcoin Hovers Above $19K – August 31, 2022

Since the August 28 price slump, BTC/USD has been compelled to a range-bound move as Bitcoin hovers above $19K. For the past week, Bitcoin has been confined between $19,540 and $20,500 price levels. This has been confirmed by the presence of small body indecisive candlesticks called Doji and Spinning tops.

Bitcoin Price Statistics Data:•Bitcoin price now – $19,809.70•Bitcoin market cap –$379,337,529,591•Bitcoin circulating supply – 19,140,687.00 BTC•Bitcoin total supply – $416,181,531,001•Bitcoin Coinmarketcap ranking – # 1

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

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 BTC/USD has been consolidating in a tight range between levels $19,540 and $20,500. The cryptocurrency will encounter a price rebound or breakout when the range-bound levels are breached. On the downside, if sellers breached the $19,540 support, Bitcoin will decline to the previous low at $18,912 or $18,638 price level.

The bearish momentum will further extend to the low of $17,605 low. On the upside, if buyers keep the price above the initial resistance at $20,500 and $21,000, Bitcoin will regain bullish momentum. The crypto will rally above the moving average lines. The bullish momentum will extend to the $24,000 overhead resistance levels.

Belief in Cryptos Remains Strong Regardless of a Bear Market: Bitstamp Survey

Given the bear market, countries like the U.S. shows more trust in cryptocurrency. In other words, the global trust in cryptocurrencies like Bitcoin remains resolute. According to the survey by Bitstamp exchange, the survey is conducted by an independent research firm and involves 28,000 retail and institutional investors in 23 countries. The survey suggested that the percentage of global retail investors who find crypto trustworthy has slightly dropped from 61% in Q1 to 65% in Q2 2022. Similarly, in the case of institutional investors, 67% of respondents were deemed crypto trustworthy in Q2 versus 70% in Q1. “Considering that in Q1 we were entering a crypto winter, these numbers are inspiring and speak in favor of the industry’s resilience,” Bitstamp analysts noted.

Meanwhile, the BTC price is trading marginally in a range as Bitcoin hovers above $19K. The price indicators have shown that Bitcoin has reached the oversold region of the market. The implication is that buyers will emerge in the oversold region to push prices upward.

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