BTC Consolidates As Selling Pressure Stalls above $19k

Bitcoin Is In A Range-bound Move As Selling Pressure Stalls Above $19k – October 19, 2022

Since October 10 price slump, BTC/USD has been trading marginally as selling pressure stalls above $19K. The largest cryptocurrency price level has stabilized above the $19,000 support. Today, sellers are attempting to push the coin to the previous low of $18,210.

Bitcoin Price Statistics Data:•Bitcoin price now – $19,127.93•Bitcoin market cap – $366,971,728,791•Bitcoin circulating supply – 19,184,181.00 BTC•Bitcoin total supply – $401,811,505,276•Bitcoin Coinmarketcap ranking – # 1

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

Sellers have continued to provide stiff resistance above the 50-day line SMA after the September 13 price slump. Recently, buyers broke above the 21-day line SMA but failed to breach the 50-day line SMA on October 17. Consequently, the BTC price declined below the moving average lines. Today, Bitcoin has declined to the low of $19,055 as bulls buy the dips.

The bears are intending to sink the BTC price to the previous low. On the downside, a break below $19,000 support will sink Bitcoin to the lows of $18,758 and $18,210 price levels. In June, the BTC price declined to $17,605 low as bulls bought the dips. Buyers are expected to defend the current support levels to avoid a further decline of Bitcoin. In the meantime, Bitcoin is hovering above the $19,000 support.

Bitcoin Energy Use Increases By 41% As Regulators Push for Tighter Regulation on Crypto Mining

The EU rejected a proposal in March that would have enforced a total ban on crypto mining. However, despite rejection, more regulations will soon be implemented to alleviate the environmental impacts of crypto mining. Similarly, in the United States, regulatory movements are a step behind their EU counterpart. Also, in September, the White House Science Office published a document that deliberated on the climate and energy implications of crypto-assets. Nonetheless, no conclusion has been reached after mixed reactions. Bitcoin energy consumption was increased as the network’s hash rate increased by 8.34% in Q3 of 2022.

Meanwhile, Bitcoin is rising after the recent decline to $18,913 as selling pressure stalls above $19K. BTC price is in a bullish momentum as it is above the 25% range of the daily Stochastic.

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