BTC Price Slumps and Struggles below $17K

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Bitcoin Is at Risk of Further Decline as BTC Price Slumps and Struggles below $17K – December 20, 2022

BTC/USD ends its bearish run when it slumps and struggles below $17K. Previously, when the BTC price fell above the $16,000 support, the bulls would buy the dips. Buyers have consistently defended the $16,000 crucial support level to prevent the largest cryptocurrency from further deterioration.

Bitcoin Price Statistics Data:•Bitcoin price now – $16,877.10•Bitcoin market cap – $323,766,206,999•Bitcoin circulating supply – 19,239,031 BTC•Bitcoin total supply – $354,377,893,305•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price has recovered above the $16,000 support level, but it is now facing initial resistance at the $17,000 high. As a result, Bitcoin will be forced to trade in a narrow range between $16,000 and $17,000. The current support will be constantly tested for a possible breakdown. Similarly, the initial resistance level of $17,000 will be tested in preparation for a possible breakout. If the price bars remain below the moving average lines, traders’ attention will be drawn to the bottom of the chart. If the bears breach the existing support, selling pressure will resume. Bitcoin is expected to fall and retest its previous low of $15,588. Meanwhile, Bitcoin will trade in a narrow range below the moving average lines.

Nigeria Is Poised to Pass Legislation Recognizing Bitcoin and Cryptocurrencies

The proposed legislation comes as Nigeria’s eNaira has only achieved a 0.5% adoption rate a little more than a year after its October 2021 launch. A law recognizing the use of Bitcoin and other cryptocurrencies as a way to keep up with “global practices” will reportedly soon be passed by the Nigerian government. Following an interview with the chairman of the House of Representatives Committee on Capital Markets, Babangida Ibrahim, Punch Newspapers, a Nigerian publication, broke the news on December 18. The law will specify the Central Bank of Nigeria’s (CBN) and Securities Exchange Commission (SEC) (Nigeria) regulatory roles on matters relating to digital currencies in addition to giving legal recognition to Bitcoin and other cryptocurrencies, according to the report.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin trades below the moving average lines but slumps and struggles below $17K. Furthermore, the BTC price is currently being rejected at the $17,000 resistance level. If the largest cryptocurrency fails to overcome the initial resistance level, its value will fall.

However, Bitcoin has risen above the critical $16,000 support level. Traders are waiting to see if the Bitcoin price will fall below the critical support level. Nonetheless, with the implementation of Dash 2 Trade, traders will be able to put an end to the panic buying and selling of Bitcoin. With useful crypto trading recommendations, auto trading, and analytics features, Dash 2 Trade enables you to maximize your trading and speculative profitability. A D2T token presale is currently taking place, but time is running out. Since the product development is ahead of schedule, the presale dashboard launch will happen soon. The presale has raised close to $11 million so far.

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