BTC Price Risks Further Decline as It Faces Rejection at $17K

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Bitcoin Trades Marginally as It Faces Rejection at $17K – November 17, 2022

Bitcoin’s (BTC) price has been moving sideways since its price drop on November 9 as it faces rejection at $17K. Since November 9, the upward correction has been restrained above the $16,000 support and below the $17,200 high. At the time of writing, the largest cryptocurrency is currently selling for $16,815.

Bitcoin Price Statistics Data:•Bitcoin price now – $16,815.92•Bitcoin market cap – $323,024,030,922•Bitcoin circulating supply – 19,210,375.00 BTC•Bitcoin total supply – $353,114,428,308•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price have been met with significant opposition at the recent highs. As Bitcoin traded in the bearish trend zone, sellers have prevailed. Bitcoin is no longer able to break through the $18,150 and $17,200 highs. Those price levels have been turned into resistance areas by the bears. Three times, buyers who tried to keep the price over the peak of $17,200 were sent away.

Bitcoin is currently climbing to test the $17,200 high. However, if it reverses from the most recent highs, the price of BTC runs the risk of falling below the existing support. The price indicator predicts that BTC/USD may drop even more, reaching a low of $14,100. Bitcoin is still trading in an oversold area of the market and is below the daily Stochastic’s level 20. It indicates that the market has hit its limit of bearishness.

El Salvadorian President Nayib Bukele Announces Daily Purchase of BTC Starting From Nov.17

El Salvador is the first country in the world to accept Bitcoin as legal cash in September 2021 and is restarting its BTC purchases after pausing for several months due to the market’s bearishness. El Salvador now has 2,381 BTC with a total investment of $103 million; however, given the current state of the market, the value of its BTC investment has dropped to $39.4 million.El Salvador’s president, Nayib Bukele, declared on November 16 that the country of Central America will begin buying Bitcoin daily on November 17. The news was made about three months after the country’s final BTC acquisition in July 2022. El Salvador presently possesses 2,381 BTC at an average purchase price of $43,357, according to public records. As a result, the country’s BTC purchase cost close to $103.23 million, while the price of the same BTC is today $39.4 million.

BTC/USD – Daily Chart

Additionally, today’s BTC price was rejected as it faces rejection at $17K. It is somewhat retracing downward now. On the plus side, the resistance at $17,200 and $18,150 will be broken if the BTC price rallies above the $16,000 support level. The upward trend for Bitcoin could resume to the prior highs.

Meanwhile, one of the factors making now the best time to buy a D2T coin is the fact that CZ of Binance has previously revealed a plan for the rebirth of the cryptocurrency industry. Dash 2 Trade’s pre-sale funds are almost at $6.5 million.


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