Bitcoin Bulls and Bears Reach Indecision As BTC Price Hovers Above $19k Support – July 2, 2022
BTC/USD is fluctuating in a narrow range as BTC price hovers above $19k support. For the past week, the BTC price has been fluctuating between $18,800 and $19,900 price levels. Since July 1, the price action has been characterized by small body indecisive candlesticks called Doji. Bitcoin will regain bullish momentum if it rebounds above the $19,000 support
Bitcoin Price Statistics Data:
•Bitcoin price now – $19,103.01
•Bitcoin market cap – $364,588,131,803
•Bitcoin circulating supply – 19,084,612.00 BTC
•Bitcoin total supply – $401,257,762,649
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Today, Bitcoin’s (BTC)price is trading at $19,111 at the time of writing. Since June 30 price slump, Bitcoin has been trading between $18,800 and $19,900 price levels. Neither buyers nor sellers have broken the range-bound levels. The crypto will trend when the range-bound levels are breached. On the downside, if Bitcoin retraces and breaks below $18,800 support, the market will decline to $17,605 low. On the upside, if the bulls break the $19,900 resistance, Bitcoin will rally to a $23,010 high.In the meantime, the price action has been characterized by small body indecisive candlesticks called Doji. The Doji candlesticks indicate that buyers and sellers have reached a period of indecision.
80,000 Bitcoin Investors Lose Their Millionaire Status After Crypto Market Downturn
According to a report, over 80,000 Bitcoin investors have lost their millionaire status because of the crypto market downturn In other words, the number of Bitcoin millionaires has declined by more than 75% since November last year. On November 12, data from BitInfoCharts indicate that the BTC price was around $69,000, and a total of 108,886 BTC addresses reported a balance greater than $1 million. Today, the BTC price is struggling to hold above the $20,000 support. In addition, about 26,284 addresses are reported to contain holdings valued at $1 million.
This indicates that the number of paper millionaires has declined by more than 75% throughout the last nine months. The report has it that: “Despite the decline in the net worth of former BTC millionaires, the bear market has seen more than 13,000 new “wholecoiners” — a wallet that contains one or more BTC — added to the market, bringing the total number of wholecoiners to just over 860,000. This significant spike in the number of whole coiners would suggest that retail investors are accumulating large amounts of BTC while prices tank.”
Meanwhile, Bitcoin is declining marginally as BTC price hovers above $19k support. The cryptocurrency risks further decline if the bears break below the $18,800 support. On May 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BTC will fall to level 1.618 Fibonacci extension or level $16,647.76.
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