BTC Price Remains above $22K despite the Bounce

Bitcoin Experiences a Setback as BTC Price Remains Above $22K despite the Bounce – February 15, 2023

BTC/USD is regaining ground above the $21,500 support as price remains above $22K despite the bounce. The price of Bitcoin has been ranging between $21,500 and $22,000 for the past week. BTC’s price made an effort to break over the resistance at $22,000 yesterday after recovering. To keep the bullish momentum above the most recent high, buyers are still having difficulty at the previous high.

Bitcoin Price Statistics Data:•Bitcoin price now – $22,110.45•Bitcoin market cap – $426,616,454,602•Bitcoin circulating supply – 19,291,137 BTC•Bitcoin total supply – $464,538,038,712•Bitcoin Coinmarketcap ranking – # 1

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

BTC/USD is caught in the space between the moving average lines. In other words, the price of BTC is above the 50-day SMA and below the 21-day SMA. When the price of Bitcoin crosses over the 21-day line SMA, it will begin to trend. The cryptocurrency is regaining strength after bouncing back to hitting a high of $22,339. However, if purchasers keep the price over the $23,000 mark, the market will fully recover.Bitcoin will rally above the next hurdle at $24,000 if the $23,000 resistance is broken. The resistance at $24,000 has slowed Bitcoin’s upward momentum toward the $25,212 peak. The bullish momentum above the $24,000 support has already been thwarted by price action. BTC’s price needs to bounce back in the current environment to continue rising beyond the $24,000 high. At the time of writing, the cryptocurrency is selling at $22,110.

Ordinals Have Helped Bitcoin Reach a New High of 44 Million Non-zero Addresses: Glassnode

The network has never been used for non-monetary objectives before in the history of Bitcoin, according to Glassnode. According to cryptocurrency analytics company Glassnode, the introduction of Bitcoin nonfungible tokens (NFTs), also known as Ordinals, has pushed the total number of non-zero Bitcoin addresses to a new all-time high of 44 million. For the first time in Bitcoin’s 14-year existence, Glassnode indicated in a study released on February 13 that a percentage of network activity is being used for purposes other than peer-to-peer financial Bitcoin (BTC) transfers: “This is a brand-new and singular time in the history of Bitcoin, where a development is producing network activity without a conventional transfer of currency volume for monetary purposes.”

The recovery of Bitcoin is currently experiencing a setback as price remains above $22K despite the bounce. The cryptocurrency asset is constrained to keep moving in a narrow range. The price of Bitcoin has been fluctuating in a small range between $21,500 and $22,000 for the past week. If the current support is broken, Bitcoin runs the risk of falling below $20,000.

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