BTC Price Slumps as It Declines to $18.6K Low

Bitcoin Trades in a Range as It Declines to $18.6K Low – September 15, 2022

Bitcoin (BTC) has slumped below $20,000 support as it declines to $18.6K low. Sellers have resumed selling pressure as they attempt to sink Bitcoin to the previous low at the $18,675 price level. Today, the BTC price is trading at $19,829 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $19,829.67
•Bitcoin market cap – $379,744,901,281
•Bitcoin circulating supply – 19,151,868.00 BTC
•Bitcoin total supply – $416,370,680,846
•Bitcoin Coinmarketcap ranking – # 1

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

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On September 13, Bitcoin encountered a price breakdown. The cryptocurrency declined sharply from the high of $22,794 as buyers failed to sustain the bullish momentum in the overbought region of the market. Nonetheless, about 48 hours ago, buyers attempted to stall the decline above the $20,000 support. However, if sellers breach the $20,000 psychological price level, Bitcoin may decline to $18,675 low. Nevertheless, the bulls are expected to defend the current support level with dynamism.

The largest cryptocurrency will be trading between $18,675 and $24,000 price levels if Bitcoin loses its current support. Conversely, on the upside, the BTC price will resume an uptrend as soon it breaks above the 21-day line SMA. The bottom line is that buyers will emerge at the lower levels of price to push Bitcoin upward. Buyers will revisit the resistance at $22,794 to breach it. The market will rally above the $24,000 and $25,205 resistance levels if buyers are successful.

Canada’s New Opposition Leader Is a Bitcoiner

Pierre Poilievre, the new Conservative Party of Canada leader has previously advocated for financial freedom through crypto tokens, smart contracts, and decentralized finance. The pro-crypto politician won the leadership of the Conservative Party of Canada in a landslide victory on Saturday. He secured 68.15% of the electoral points against his nearest opponent Jean Charest who received just 16.07% of the vote. Pierre Poilievre has taken the helm of Canada’s Conservative Party, which looks set to give the current administration a run for its money in the next federal election.

Meanwhile, Bitcoin continues its downward move as it declines to $18.6K low. On the downside, if the bears break below the current support, the BTC price will decline to the previous low at $18,675. Bitcoin is at level 46 of the Relative Strength Index for period 14. It indicates that Bitcoin is in the bearish trend zone and may further decline.

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