BTC is in a bull run to a high of $20.9K

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Bitcoin Breaks More Barriers On Its Way To A High Of $20.9K – Jan 13, 2022

Bitcoin’s uptrend resumes as it breaks more resistance levels up to a high of $20.9K. In hindsight, since Nov. 9, BTC/USD has been range-bound between $16,000 and $18,000. The largest cryptocurrency at one point was range-bound between $16,000 and $17,066. Bitcoin has passed the $20,000 psychological price milestone today.

Bitcoin Price Stats Data:
•Bitcoin price now – $20,887.18
• Bitcoin Market Cap: $402,377,527,835
•Bitcoin circulating supply – 19,261,431 BTC
•Total Bitcoin Supply – $438,693,262,061
• Bitcoin Coinmarketcap Ranking – #1

R.Resistance levels: $50,000, $55,000, $60,000
support levels: $25,000, $20,000, $15,000

Bitcoin has regained bullish momentum following the most recent price rally. First, the initial resistance level of $17,066 was breached by the buyers in the lead. The BTC price rallied three times on Jan. 11 after breaching the $18,391 resistance level. As Bitcoin prepares to retake the $20,000 psychological price threshold, the cryptocurrency has breached that level today. If the buyers maintain the current positive trend, Bitcoin will advance to the next resistance of $21,470 on the upside. Despite this, the Bitcoin market is dangerously overbought. This could prevent the BTC price from rising to the next resistance level. The overbought state might not last in a market that is trending strongly. At the time of writing, BTC/USD is currently trading at $20,976. Also, based on the Relative Strength Index for period 14, Bitcoin is at the 89 level and therefore overbought.

Hong Kong hopes to become a crypto powerhouse amid industry crisis

Hong Kong is working hard to monitor the cryptocurrency market properly so that technologies like Web3 can reach their full potential. Despite the current industry crisis triggered by the FTX collapse, the Hong Kong government is still committed to building the infrastructure for cryptocurrencies. Paul Chan, Hong Kong’s financial secretary, claims that by 2023, local regulators and the government are willing to work with fintech and cryptocurrency startups.

According to a report by public broadcaster Radio Television Hong Kong (RTHK) on Jan. 9, Chan commented that Hong Kong has been transformed into a foundation that connects high-quality virtual asset companies while speaking at an event hosted by the incubator. Government-run Cyberport. . Many trade groups, according to Chan, have expressed a desire to expand their operations in Hong Kong or list on regional stock exchanges. The official claims that Hong Kong is doing its best to supervise the cryptocurrency market properly to unleash the potential of technologies like Web3.

BTC/USD – 4 hour chart

However, the largest cryptocurrency manages to retake the psychological price barrier, peaking at $20.9K. The cryptocurrency is anticipated to reach the November 5 historical price level of $21,470 on . Bitcoin is also forecast to reach its all-time high of $22,794 on September 13. However, further gains are unlikely as the market approaches overbought territory.

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