Bitcoin May Fall As BTC Price Stuck At $17.2K – Nov 30, 2022

The BTC/USD pair rose above the $16,000 support but it is Stuck at $17.2k. As the buying pressure decreased, the price rebound achieved upward exhaustion. The largest altcoin is trying to overcome the $17,200 resistance. As the market entered the overbought zone, the buyers were unable to sustain the bullish momentum.

Bitcoin price statistics data:
• Bitcoin price now – $17,143.76
• Bitcoin market cap – $329,548,681,700
• Bitcoin circulating supply – 19,221,668.00 BTC
• Total Bitcoin Supply – $359,941,086,412
• Bitcoin Coinmarketcap Ranking – No. 1

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

Bitcoin (BTC) price managed to recover above the $16,000 level, snapping another bearish trend. Prior to the latest price increase, buyers were firmly protecting the support at $16,000. When the bears hit the current support on two occasions, the bulls bought the dips. Yesterday, the bitcoin price rose to a Up from $17,275 After the simple moving average crosses the 21-day line. The 50 day simple moving average has been insurmountable to the upside.

In addition, at the high of $17,272, Bitcoin price action stalled. The largest altcoin is now experiencing an overbought market. If the resistance at $17,200 and $18,000 price levels is overcome, bitcoin price will rise to $20,000 or $21,500. Today, bitcoin price rebounded to the $17,000 support. If buyers fail to break the resistance at $17,200, Bitcoin will continue to trade in a range between $15,500 and $17,200.

Community responses to the ECB’s criticism of Bitcoin

The Bitcoin community on Twitter used the comments section of a blog post by the European Central Bank criticizing Bitcoin to defend the digital currency. EU regulators have joined other international politicians in calling for more precise guidelines and restrictions on cryptocurrencies in the wake of the recent FTX crash and liquidity crisis. On November 30, the European Central Bank (ECB) published a blog post titled “Bitcoin’s Last Stand,” summarizing Bitcoin’s financial history amid recent price volatility.

However, it only highlighted its flaws rather than painting a complete picture that would include the highs and lows in cryptocurrency history up to that point. The article, written by ECB Managing Director Ulrich Bendsel and Chancellor Jürgen Schaff, claims that digital money is “on its way to irrelevance.” The cryptocurrency community has validated the assertions made in the paper and highlighted the credentials of its authors in hundreds of reactions to the ECB tweet alone.

Meanwhile, Bitcoin price is pulling back from the recent rally as it is stuck at $17.2K. The current rally was halted when Bitcoin veered towards the overbought territory of the market. Bitcoin price is expected to drop from its recent high as sellers start appearing in the overheated territory. For Bitcoin, the daily Stochastic has reached a bullish exhaustion level above the 80 level.

However, Bitcoin is still trading in the downtrend zone despite the price recovery. In addition, the largest cryptocurrency is facing the possibility of another fall. This is why we invest in Dash 2 Trade (D2T) Pre-sale that enables you to increase your trading experience. The D2T token pre-sale is available and has brought in nearly $8 million. Dash 2 Trade (D2T) is a unified analytics platform with market-beating intelligence and features to take your trading experience to the next level. Additional team members included, and the pre-release dashboard beta will be launched soon.

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