Bitcoin Price Prediction for Today July 12: BTC Price Drops below $20K as Buyers Step In

Bitcoin Regains Bullish Momentum as Buyers Step In – July 12, 2022

Bitcoin’s (BTC) price has fallen below the moving average lines as buyers step in. The largest cryptocurrency has fallen below the $20,000 psychological price level. BTC/USD risks further decline if the coin fails to rebound above the current support. Bitcoin is trading at $19,488 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $19,488.08
•Bitcoin market cap – $372,282,327,069
•Bitcoin circulating supply -19,092,493.00 BTC
•Bitcoin total supply – $409,476,062,396
•Bitcoin Coinmarketcap ranking – # 1

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

Following the recent rally, BTC price broke above the 21-day line SMA to reach the high of $22, 425. The bulls were unable to keep the price above the 50-day line SMA. A break above the 50-day line SMA will propel Bitcoin to rally to the $30,000 psychological price level. On July 8, the rejection at the recent high caused Bitcoin to decline to the $20,000 support.

On July 19, the BTC price declined to $19,216 low as bulls bought the dips. On the upside, buyers are attempting to push the crypto above the $20,000 support. Bitcoin will resume a fresh uptrend to revisit the previous highs of $21,675 and $23,010 if it resumes bullish momentum. Nonetheless, if selling pressure persists, Bitcoin will decline and revisit the previous lows of $18,638 and $17,605 price levels.

The United Kingdom’s Largest International Bitcoin Conference Holds in Scotland

The proposed Bitcoin conference will hold for two days on October 21 and 22 and will be attended by over 800 attendees. The United Kingdom’s largest Bitcoin conference is organized by the Bitcoin Collective, and in partnership with Bitcoin and crypto exchange OKX. Jordan Walker is the CEO of the Bitcoin Collective. He indicated that “the conference is solely Bitcoin-related, as this is our focus as we aim to inform and educate the collective. However, it’s not about buying or investing in Bitcoin, that’s a whole different discussion. Our focus is on education, so make sure to bring a notebook and pen!”. In addition, speakers that will grace the occasion include Jeff Booth, author of “The Price of Tomorrow”, Greg Foss, Validus Power Corp strategist, Natalie Brunell, host of Coin Stories, and others.

BTC/USD – Daily Chart

Meanwhile, Bitcoin is recovering after declining to the low of $19,216 as buyers step in. The largest cryptocurrency is likely to recover as it has been recovering above the current support since June 18. In previous price action, Bitcoin recovered but failed to sustain above the $22,000 high.

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