BTC Price Rebounds as It Advances to the High $22.4K

Bitcoin Overcomes Current Obstacle as It Advances to the High $22.4K – March 13, 2023

Bitcoin is currently trading back above the psychological $20,000 level as it advances to the high $22.4K. On March 10, the bearish trend started to weaken as bulls bought the dips. After breaking the resistance above $21,500, the cryptocurrency price surpassed the area that had previously been range-bound. Bitcoin is currently priced between $21,500 to $24,000. The rising momentum of Bitcoin is being slowed as the market gets closer to being overbought.

Bitcoin Price Statistics Data:•Bitcoin price now – $22,410.76•Bitcoin market cap – $432,730,116,163•Bitcoin circulating supply – 19,316,106 BTC•Bitcoin total supply – $470,453,643,163•Bitcoin Coinmarketcap ranking – # 1

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

Following the price slump on March 10, BTC price has recovered as bulls bought the dips. Before being rejected, the digital currency asset first rallied and reached a high of $20,874. The price of Bitcoin recovered to test the important support before retreating. The price has risen to a peak of $22,480. Bitcoin’s price has returned to its previous trading range of $21,500 to $24,000. On the plus side, if the BTC price breaks above the moving average lines or the barrier at $23,000, Bitcoin will soar over the $24,000 high. The forward motion will carry over to the $25,000 overhead obstacle. If purchasers are unable to maintain the price above the moving average lines, the price of Bitcoin will be forced to fall range-bound below them. The Relative Strength Index for period 14 shows Bitcoin at level 50, which is in the bullish trend zone. Considering that demand and supply are equal, the price of Bitcoin has reached its equilibrium level.

An EU Asset Manager’s Five Justifications Demonstrate That the Bitcoin Era Is Not Over – Advances to the High $22.4K

Bitcoin’s limited supply may nevertheless draw more interest even though it was unsuccessful in 2021 and 2022 as an inflation hedge if inflation remained above central banks’ targets. A significant European asset manager claims that despite the current cryptocurrency winter and the enormous market crashes, digital assets like Bitcoin (BTC) are not condemned to failure. The restricted supply of Bitcoin may nevertheless draw greater attention if inflation stays over central banks’ targets. The researchers also offered five arguments as to why cryptocurrencies may survive the recent losses in the industry, including the failures of companies like FTX and Celsius.

The present crisis is expected to result in more reasonable industry expectations and “separate the wheat from the chaff,” according to Amundi officials. They made comparisons between cryptocurrencies and blue-chip tech stocks, which likewise had dramatic price drops before recovering. The analysts also pointed out that the present market slump is still consistent with previous cycles of Bitcoin’s price. Another reason is that well-known businesses in the banking and other sectors have not completely stopped showing interest in cryptocurrencies, with powerhouses like BlackRock planning to buy a stake in Circle in 2022.

Meanwhile, the obstacle at $22,300 is being overcome as it advances to the high $22.4K. If the current obstacle is overcome, the value of the cryptocurrency asset will increase even more, reaching a high of $23,500. A break above the moving average lines will indicate a return to the bullish trend on the upside.

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