BTC Price Holds Above $22K Despite Bounce

Bitcoin Experiences Pullback As BTC Price Holds Above $22K Despite Bounce – Feb 15, 2023

BTC/USD is regaining ground above the $21,500 support as the price remains above $22,000 despite the bounce. Bitcoin price has been swinging between $21,500 and $22,000 for the past week. BTC price made an effort to break above the $22,000 resistance yesterday after rallying. To keep the bullish momentum above the most recent high, buyers continue to struggle at the previous high.

Bitcoin Price Stats Data:
•Bitcoin price now – $22,110.45
• Bitcoin Market Cap: $426,616,454,602
•Bitcoin circulating supply – 19,291,137 BTC
•Total Bitcoin 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 trapped in the space between the moving average lines. In other words, the BTC price is above the 50-day SMA and below the 21-day SMA. When the price of Bitcoin crosses the 21-day SMA line, it will start trending. The cryptocurrency is picking up steam after rallying to hit a high of $22,339. However, if the buyers hold the price above 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 $24,000 resistance has stopped Bitcoin’s upward momentum towards the $25,212 peak. The bullish momentum above the $24,000 support has already been thwarted by price action. BTC price needs to recover in the current environment to continue rallying past the $24,000 high. At the time of writing, the cryptocurrency is selling for $22,110.

Ordinals have helped Bitcoin reach a new high of 44 million non-zero addresses: Glassnode

The network has never before been used for non-monetary goals in the history of Bitcoin, according to Glassnode. According to cryptocurrency analytics firm Glassnode, the introduction of Bitcoin’s non-fungible 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 published on Feb. 13 that a percentage of network activity is being used for purposes other than peer-to-peer Bitcoin (BTC) financial transfers: ” This is a new and unique time mark in the history of Bitcoin, where a development is producing network activity without a conventional transfer of currency volume for monetary purposes.”

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

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