BTC falls as could be repeated at $23.5K

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Bitcoin Returns To Range Limit Zone As It Could Repeat At $23.5K – Feb 24, 2023

Bitcoin (BTC) is currently falling as it could repeat at $23.5K. If the largest cryptocurrency asset pulls back and sustains above the 21-day SMA line, it will try to move higher. However, the selling pressure could return if the BTC price pulls back beyond the 21-day line.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,850.31
• Bitcoin Market Cap: $460,340,776,119
•Circulating supply of Bitcoin – 19,300,450 BTC
•Total Bitcoin supply – $500,873,319,620
• Bitcoin Coinmarketcap Ranking – #1

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

Bitcoin (BTC) price remains in the uptrend zone despite the pullback to the low of $23,912. The previous low of $23,520, which has been held since February 16, may once again be visited by the cryptocurrency. After three failed attempts, the buyers were unable to sustain the bullish momentum, which led to the current decline. The cryptocurrency asset has returned to the previous range area between $23,500 and $24,200 where it is currently trading. Over the past month, traders have been keeping an eye on these levels because they have not been broken. On the downside, Bitcoin will drop to the psychological $20,000 price level if the bears breach the current support at $23,500. The Bitcoin price is currently above the moving average lines, which suggests that it may go higher. For period 14, it is at level 56 of the Relative Strength Index.

VISA is outperformed by Bitcoin’s market capitalization for the third time

Last year, the FTX crash dropped Bitcoin’s market value by $100 billion in just four days, but BTC has since fully recovered, adding another $65 billion. Bitcoin’s (BTC) market capitalization has once again surpassed that of the world’s largest payment processor, VISA, thanks to a 48% price increase since the start of the year. Bitcoin’s market capitalization of $470.16 billion, at the current price of $24,365, is now only slightly higher than VISA’s market capitalization of $469.87 billion, according to CoinMarketCap. According to Companies Market Cap, BTC has “inverted” the market cap of VISA three times.

The first time happened at the end of December 2020, which also happened to be the first time BTC hit $25,000. This was achieved during a period of price growth, during which BTC rose from $10,200 in September 2020 to $63,170 in April 2021, a span of seven months. From June to October 2022, VISA regained the top spot. BTC briefly outperformed VISA on Oct. 1 before the payment company retook the lead. This advantage was increased when the collapse of the FTX cryptocurrency exchange reduced the value of BTC by more than $100 billion in just four days, from November 6 to 10, 2022.

BTC/USD – 4 hour chart

Meanwhile, the largest cryptocurrency has fallen and moved into the range-limit zone as it could repeat at $23.5K. BTC price is anticipated to retest the current support at $23,500 before starting the sideways trend. The bulls have been defending the current support since February 16. Today, BTC price is consolidating above the $23,800 support as bearish momentum slows.

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