BTC Price Remains Stable and Consistent above $16K

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Bitcoin Consolidates as BTC Price Remains Stable and Consistent above $16K – December 26, 2022

The Bitcoin price has remained consistent and stable above the $16K support level. The price rebounded on December 20 and propelled Bitcoin to a high of $17,066 before collapsing. As a result, the largest cryptocurrency fell and began to consolidate below the $17,000 mark. BTC/USD is trading sideways, with the price action characterized by a small body indecisive candlestick known as a Doji.

Bitcoin Price Statistics Data:•Bitcoin price now – $16,854.17•Bitcoin market cap – $324,337,535,146•Bitcoin circulating supply – 19,243,975 BTC•Bitcoin total supply – $353,955,468,884•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin has been forced to trade in a small range below the moving average lines since the price recovery on December 20. The price of the cryptocurrency is settling above the $16,000 level of support but under the $17,000 ceiling. The implication is that a breakout is more likely when there is consolidation close to a resistance level. Bulls pounced on December 22 after sellers drove the price as low as $16,588. The BTC price reached a high of $16,966 the following day, but the $17,000 barrier turned them away.

After the most recent price war, BTC price action has been characterized by Doji candlesticks, which have a small body. These candlesticks show that there is a divide between buyers and sellers regarding the market’s direction. As a result, above the $16,000 support, the BTC price will continue to fluctuate. At the 50-day simple moving average, the BTC price is currently being rejected (SMA). The price will drop to a low of $15,588 if it breaks through the $16,000 support level. Similar to how a price rally will enable Bitcoin to reach a high of $18,000.

BTC.com, a Bitcoin Mining Pool, Reports a $3 Million Cyberattack

The seventh-largest Bitcoin mining pool, BTC.com, claimed that the recent $3 million cyberattack had no impact on its client fund services. BTC.com, a significant cryptocurrency mining pool, was the victim of a cyberattack that caused a sizable loss of company and customer funds. Attackers stole about $2.3 million in company assets in addition to about $700,000 in client assets on December 3. The official announcement was made on December 26 by BIT Mining Limited, the parent company of the mining pool. The cyberattack was reported by BIT Mining and BTC.com to Chinese law enforcement officials in Shenzhen.

The local authorities then started an investigation into the incident, gathering information and enlisting the aid of pertinent Chinese agencies. According to the announcement, the efforts have already assisted BTC.com in recovering some of the assets. One of the biggest cryptocurrency mining pools in the world, BTC.com, offers multicurrency mining services for different digital assets, including Bitcoin and Litecoin. In addition to offering mining services, BTC.com runs a blockchain browser. A publicly traded company with an NYSE listing, its parent company is BIT Mining.

BTC/USD – 4 Hour Chart

Bitcoin has been trading in a tight for the past few days BTC Price remains stable and consistent above $16K. This suggests that traders are unsure of the next directional move, which is why they might be waiting. This tight-range trading may not last for very long because traders prefer volatile markets.

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