BTC Price Consolidates in a Range as It May Rebound or Collapse

Bitcoin Trades between $15.5K and 17K as It May Rebound or Collapse – November 28, 2022

Bitcoin’s (BTC) price has remained stable above the $16,000 support as it may rebound or collapse. The 21-day line SMA has halted the price’s upward movement. The price of BTC is currently fluctuating within a small range. The limits will cause a price rebound or collapse.

Bitcoin Price Statistics Data:•Bitcoin price now – $16,265.20•Bitcoin market cap – $312,602,048,553•Bitcoin circulating supply – 19,219,506.00 BTC•Bitcoin total supply – $341,626,122,147•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price is trading under the moving average lines despite consolidating above the $16,000 support level. Bitcoin has been trading in a narrow range between $15,588 and $17,000 ever since the price crash on November 14. Today, the price of Bitcoin dropped below the $16,000 barrier and then began to retrace above it.

The cost of the cryptocurrency has mostly remained consistent at between $16,000 and $17,200. As the price of BTC consolidates inside a constrained range, a price rebound or breakdown is likely to occur. The positive trend is likely to push Bitcoin above the $17,200 and $18,000 barrier levels if it rallies. Till it reaches the symbolic threshold of $20,000, the upward trend will persist. The existing support at $15,500 will eventually be threatened if sellers break through the $16,000 level. When the price breaks through the $15,500 support, the downturn will resume.

Bukele’s Administration unveiled a bill to begin issuing “Bitcoin bonds.”

The government’s intention to generate $1 billion and use it to build a “Bitcoin city” has been confirmed by a new bill. El Salvador finally took a significant step toward the implementation of its grandiose “Bitcoin bonds” concept during the recent decline in the cryptocurrency market. A law was submitted by the Minister of the Economy, Maria Luisa Hayem Brevé, reaffirming the government’s intention to generate $1 billion and use it to build a “Bitcoin city.” The administration of Nayib Bukele first issued “volcano bonds” or “Bitcoin bonds” in 2021. A “Bitcoin city” was to be built at the foot of the Colchagua volcano according to the initial plan, which called for issuing about $1 billion worth of those bonds. According to legend, the city would be the ideal location for cryptocurrency mining thanks to the volcano’s hydrothermal energy. The majority of the monies raised would still be put into Bitcoin directly.

However, for the previous 24 hours, Bitcoin’s upward trend has been halted near the $16,000 support level as it may rebound or collapse. The price action is determined by candlestick tails that are above the current support. Candlestick analysis reveals that the current support level is under strong buying pressure.

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