join our Telegram channel to stay up to date on breaking news coverage
Bitcoin rolls back from earlier days‘ gains around 2.8%. The token had a bullish streak until February 21, with the price seeing an increase in value of up to $25,000. The sudden pullback was unexpected and has raised questions about Bitcoin‘the next move.
A close look at Bitcoin‘Leading price indicators could provide valuable information about the token.‘future performance of s.
Bitcoin‘Behavior of s in the last 24 hours
Bitcoin Today‘The price of s was $24,122 at the time of this writing. In the last 24 hours, it has plummeted by around 2.8%. The minimum of the last 24 hours is around $23,918. The maximum of the last 24 hours is around $24,798.2. There has been an increase of around 5.5% in its trading volume, which currently stands at $31 billion.
Bitcoin faced a bit of a hurdle in the last few hours. In the early morning of February 22, 2023, its price dropped from $24,310 to $24,080. It rose above $24,000 again, but this rise was short-lived as the price dipped back below $23,500 this time. Price movement is extremely volatile today for Bitcoin. The price chart from late morning to now shows a trend of lower lows. Which usually means that its price can fall further.
Bitcoin‘The price is equal to the previous support level
The cryptocurrency market is volatile and prices always fluctuate beyond technical predictions. Although Bitcoin is the largest cryptocurrency due to its huge market capitalization, it is not safe from the outrages of the cryptocurrency market.
Earlier today, due to Bitcoin‘As the price fell, the global cryptocurrency market saw a drop of more than 2.5%. This drop nullified all previous price increases for the week.
It is interesting to note that Bitcoin is currently almost even with its previous high support line of $24,120. However, there may not be strong demand at this level today to support the price here. Based on expert analysis, investors can wait to buy BTC right now.
What do its SMA and RSI indicate?
According to market analysis, Bitcoin‘The current volatility is around 3.8%, which is considered medium. This means that BTC‘The price of s will not move quickly at this time. This will ensure some stability in the movement.
Market sentiment is slightly bearish. BTC‘The 50-day SMA is currently at around $21,649, which is still higher than its 200-day SMA of around $19,698. Although it is indicating a ‘golden cross‘ As previously predicted, it may not be the ideal time to invest in Bitcoin right now. BTC is currently trading above its 200-day SMA. However, its current price is below the 50-day SMA.
Generally, when the price of an asset is well below its 50-day SMA, it indicates an impending bearish move. However, at this time, BTC‘The price of s is only slightly below its 50-day SMA, so it is not yet definite that its price will fall lower.
This is further emphasized by BTC‘s 100-day SMA, which is around $19,200 and still well below its 50-day SMA. This means that a downward price trend is not yet confirmed.
Bitcoin‘The 14-day Relative Strength Index is around $66, indicating that the BTC market is in a neutral position.
Bitcoin‘Past price trend
Although bitcoin‘The current price drop has dampened the mood of the majority of the market, it is important to note that this token has its strength. Bitcoin has shown tremendous resilience over the past decade. This indicates that, in the long run, you are moving higher.
When Bitcoin was initially launched by Satoshi Nakamoto in 2008, no one expected this new digital asset to take the world by storm. When it was officially launched in 2009, one token was sold for $0.0009. Soon after, it increased in value 10,000 times in 2011, when the price increased to $30 per BTC.
Due to the first halving event that took place in the year 2012, BTC prices increased even more. Next year, Bitcoin‘The market cap of s grew to $1 billion, and with it, the price of a token increased by more than $1000.
In 2016, the second halving took place and its price shot up even more to $20,000. A growth of around 95% since 2012. After the pandemic, when BTC‘When the third halving took place, the price skyrocketed, breaking all records and landing at $40,000.
Bitcoin‘The price of s has followed a similar trajectory in the last 3 halving events. Interestingly, bitcoin‘The fourth halving is scheduled for early 2024. This is sure to take its price to new heights. Basically, this could mean that investing now could yield long-term gains in the year 2024.
Is it a good idea to invest in Bitcoin right now?
Cryptocurrency advisors are divided in opinion at the moment. The market is only slightly bullish, so some are predicting that the price will rally in the next two days and start to recover to its previous level above $24,500.
However, a strong opposition believes that there is not much demand for Bitcoin at the current level. If the price falls below that, it will create demand and people will rush to buy the token. Therefore, there is a chance of a slight dip again before it finally starts to rise.
The cryptocurrency market is volatile and tends to change on a daily basis. Investors are strongly advised to keep an eye on any changes in macroeconomic conditions and the token.‘s previous price cycles. If the disinflation continues, even painfully, the BTC price will gain momentum. However, if inflation peaks again, the feds‘ inflation control measures could trigger a downtrend for the crypto market.
Related Posts
- How to buy bitcoin
- Bitcoin Price Prediction
Fight Out (FGHT) – New Move to Earn project
- CertiK audited and CoinSniper KYC verified
- Early stage presale live now
- Earn free cryptocurrencies and meet your fitness goals
- LBank Laboratories Project
- Associated with Transak, Block Media
- Rewards and participation bonuses
join our Telegram channel to stay up to date on breaking news coverage
