BTC Price Loses Crucial Support as It Declines to $18.8K

Bitcoin Fails to Rebound as It Declines to $18.8K – September 6, 2022

Bitcoin (BTC) is still confined in a range between $19,540 and $20,589 as it declines to $18.8K. There has been no significant price movement because of the appearance of small body indecisive candlesticks called Doji.

Bitcoin Price Statistics Data:•Bitcoin price now – $18,820.1•Bitcoin market cap –$360,333,350,947•Bitcoin circulating supply – 19,143,456.00 BTC•Bitcoin total supply – $395,278,493,136•Bitcoin Coinmarketcap ranking – # 1

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

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Since the August 28 price slump, the biggest cryptocurrency has continued its sideways move. Buyers have stalled the downtrend and have consistently defended the $19,540 support. Today, Bitcoin rises to the high of $20,183 but pulls back to the low of $19,663. The price movement has been stagnant within the confined range. However, the BTC price is declining as bears attempt to break below the current support. Bitcoin will decline to the previous low at $18,912 or $18,638 price level if the current support is breached. The market will further extend to the low of $17,605 low.

Bank of Russia To Legitimize Cross-Border Payments in Crypto

Given geopolitical changes, the Bank of Russia has agreed to allow cross-border payments in crypto. Deputy finance minister, Alexei Moiseev and the Bank of Russia are expected to legitimize cross-border payments in crypto soon. The Deputy Finance Minister, Moiseev enumerated the importance of enabling local crypto services in Russia. He indicated that many Russians rely on foreign platforms to open a crypto wallet. The Bank of Russia maintained that it is still opposed to legalizing crypto payments within the country despite giving the green light to cross-border payments.

“It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment on the territory of our country,” the central bank noted. In 2021, the thought of crypto payments for national trades in Russia emerged. However, Russian President Vladimir Putin said it was “still premature” to use crypto for trades of energy resources like oil and gas. Today, the situation has changed because of Western economic sanctions following Russia’s invasion of Ukraine.

Meanwhile, Bitcoin has lost its current support at $19,540 as it declines to $18.8K. There is an indication of further decline if the bulls fail to buy the dips. The Relative Strength Index for period 14 has fallen to level 30. It indicates that Bitcoin has reached the oversold region of the market.

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