BTC Price Challenges $21.5K Resistance Level

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Bitcoin Returns To Nov 5 Price Level While Challenging $21.5K Resistance Level: Jan 18, 2022

The largest cryptocurrency is trading below the recent high as it challenges the $21.5K resistance level. BTC/USD has retested the historical price level of $21,480 set on November 5. The bull run has slowed as the digital asset approaches the $21,480 resistance level. As Bitcoin regains positive momentum, they may go higher.

Bitcoin Price Stats Data:
•Bitcoin price now – $21,280.48
• Bitcoin Market Cap: $409,964,799,905
•Bitcoin circulating supply – 19,265,443 BTC
•Total Bitcoin supply – $446,875,828,290
• Bitcoin Coinmarketcap Ranking – #1

resistance levels: $50,000, $55,000, $60,000
Support levels: $25,000, $20,000, $15,000

Following the current market rally, Bitcoin has recaptured the $21,000 support level and is now attacking the $21,500 resistance level. Since the rally began on Jan. 14, buyers are having trouble breaking the $21,500 resistance. Buyers are trying to hold prices above the $21,500 high as they want to restart a new rally. BTC price will target the previous high of $22,781 or $25,212 higher. A further move to the upside is unlikely given how overbought the market is at the moment. But an overbought condition might not last in a strongly trending market. If the sellers appear in the overbought area at the $21,500 high, Bitcoin will fall. The Relative Strength Index for period 14 has Bitcoin at the 88 level. Currently, the price of one Bitcoin is $21,346.00 as of this writing.

Crypto Mining Stocks Hit New Highs For The Year As Bitcoin Rallies

After a disastrous year in which public crypto miners racked up liabilities totaling $4 billion, the industry was relieved by the recent surge in cryptocurrency mining stocks. The rise in the price of Bitcoin to a multi-month high has also benefited mining stocks. Numerous stocks involved in cryptocurrency mining saw their best monthly results in a year. The rise in mining share prices also brought relief to struggling miners who had to sell a substantial portion of their coins to increase liquidity in 2022. One of the major BTC mining companies, Bitfarms, saw a 140% rise. % in the first two weeks of January 2023, and Marathon Digital Holdings saw a 120% increase. In the same time period, the value of Hive Blockchain Technologies shares has doubled, while the MVIS Global Digital Asset Mining Index has risen 64% in the first month of the new year.

BTC/USD – 4 hour chart

Bitcoin is currently moving sideways below the recent high as it challenges the $21.5K resistance level. For the past four days, the BTC price has been trying to start an uptrend, but has been holding close to the most recent high. Below the resistance level, the price of the crypto stabilizes and may eventually rally or break out. With Bitcoin currently trading in an overbought area, the chances of further growth are slim.

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