Bitcoin Trades in the Overbought Region as BTC Price Struggles above $20K – September 30, 2022
The cryptocurrency has been trading marginally but struggles above $20K. Buyers have pushed the cryptocurrency above the moving average lines. In other words, Bitcoin is above the $20,000 psychological price level. The current bullish move is facing rejection at the recent high.
Bitcoin Price Statistics Data:
•Bitcoin price now – $20,214.32
•Bitcoin market cap – $387,498,655,666
•Bitcoin circulating supply – 19,169,512.00 BTC
•Bitcoin total supply – $424,439,877,309
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
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Buyers have successfully kept the BTC price above the moving average lines. In other words, the BTC price has risen above the $20,000 high, unfortunately, the largest cryptocurrency is trading in the overbought region of the market. Sellers have emerged as Bitcoin resumed selling pressure. Sellers will attempt to push the crypto back to the $18,200 support. In retrospect, on September 12, buyers broke above the moving average lines or the $22,480 high but failed to proceed. The bullish momentum could not be sustained above the $22,480 high as Bitcoin reached the overbought region. The same price action repeated itself as sellers pushed Bitcoin to $18,210 low on September 21. Today, the BTC price has resumed selling pressure as it revisits the previous low.
Multinational Fast Food Chain McDonald Accepts Bitcoin and Tether in Swiss Town
McDonald’s, the global fast food chain is the first to participate in a crypto-friendly experiment in the town of Lugano. It accepts Bitcoin as a payment method in the 63,000-populated city of Lugano in Switzerland. The city is now a hotspot for crypto adoption in Western Europe. The BTC price symbol is on the credit cash machine as of March 2022. Besides, the city of Lugano also accepts Tether and the LVGA token as legal tenders.
Meanwhile, Bitcoin is falling after reaching the $20,000 high as it struggles above $20K. The cryptocurrency reached the overbought region as sellers emerged. However, in a strong trending market, the overbought condition may not hold. BTC price will continue to rise on the upside. The crypto is in the overbought region above the 80% range of the daily Stochastic.
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