BTC/USD Is Range-bound between $45.5k and $52k as Bitcoin pauses above $45.5k -December 19, 2021
Following the December 4 price slump, BTC/USD is now confined in a range as Bitcoin pauses above $45.5K. For the past two weeks, BTC/USD has been fluctuating between levels $45,500 and $52,000. The price action is characterized by small body candlesticks called Doji and Spinning tops. Bitcoin is trading at $46,624 at press time.
After the December 4 price slump, Bitcoin price fell to the low of $41,634 as bulls bought the dips. BTC price corrected upward to the high of $52,000. For the two weeks, buyers and sellers have been in price tussle between $45,500 and $52,000 price levels. Neither the bulls nor the bears have broken below or above the range-bound levels. For instance, if the bears have broken below the $45,500 support and the bearish momentum is sustained, the market would have declined to $41,634 low. Similarly, if the bulls have broken above the $52,000 resistance, BTC price would have risen to the $60,000 psychological price levels. Today, the price movement has been marginal above the $45,500 support. Bitcoin is consolidating above the lower price range. The king coin is at level 36 of the Relative Strength Index for period 14. It indicates that Bitcoin is in the downtrend zone and capable of falling on the downside.
Russia To Take Final Decision on Blanket Crypto Ban and Exchanges in 2022
According to reports, the Central Bank of Russia is seeking a ban on cryptocurrencies. The apex bank indicated that there are risks to financial stability and the large volume of transactions. In the same vein, Russian president Vladimir Putin stated that cryptocurrencies “bear high risks” at an investment forum in Moscow. The central bank is currently preparing an advisory report on the issue. There are plans about the complete prohibition of cryptocurrencies, such as acquisition or ownership. There are moves toward where there must be appropriate crypto exchanges, where everything is legalized, transparent, and understandable to regulatory bodies.
Meanwhile, Bitcoin is confined to a range between $45,500 and $52,000 as Bitcoin pauses above $45.5K. The price action is dominated by small body indecisive candlesticks called Doji. These candlesticks indicate that buyers and sellers are undecided about the direction of the market. Today, the price movement has been stagnant.
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