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As of February 26, the Bitcoin price has increased by 1.06% in the last 24 hours to $23,260.50. With the most recent Bitcoin price movement, the market capitalization of the tokens was $448,963,594,230.25. Bitcoin has seen a 40.34% change so far this year. According to the DACS, Bitcoin is classified as a potential virtual currency.
The Bitcoin price prediction is that the negative action may persist below the support level of $23,200 according to the daily chart.
Will Bitcoin go up after the rebalancing of the 15th of February increase?
Bitcoin price is $23,260.50, and in the last 24 hours, $24.8 billion worth of transactions were made. The price has fallen 2.77% over the past day and the token’s market capitalization remains at $446 billion.
Although it successfully rallied from the $23,100 level, where it had previously broken its support, bitcoin now faces resistance at $23,375. If Bitcoin wants to reach $24,500 and then go towards $2,500, it must effectively break this barrier at $24,100. .
The short-term trajectory of the token will be significantly influenced by the $23,600 and $23,350 levels, as the RSI and MACD indicators now remain in the sell zone. As the price of bitcoin rises above these levels, investors will have the opportunity to buy it, with a possible short rise.
Bitcoin (BTC) support level may reach $22,000
After an intraday drop of 0.73%, the price of one bitcoin is essentially unchanged at $23,046. The first virtual asset is expected to settle into a bearish tag pattern, as we can see on the daily chart, where the dominant trend is negative with increasing volatility. Meanwhile, a breakdown below the lower edge of the channel is expected to go in the same direction as the previous trend. In this scenario, BTC/USD is anticipated to decline and remain below the crucial support levels of $20,000, $19,000, and $18,000.
However, if the price of Bitcoin rises above the 9-day and 21-day moving averages again, it can reach the nearest resistance level of $24,000. The price can reach the resistance levels of $27,000, $28,000 or $29,000 with a sustained positive trend. RSI (14) is a technical indicator that shows a negative movement, indicating that the market may continue to fall.
While options traders remain confident despite downside risks, margin longs defend $24,000
As investors can take advantage of their digital currency positions by borrowing more cryptocurrencies, margin markets help to understand the position of experienced traders in the market. Investors can, for example, borrow bitcoin and take a long position to increase their exposure to bitcoin.
Between February 21 and 23, Bitcoin’s Margin Lending Index increased, showing that experienced traders were backing long positions when the price dipped below $24,000. This supported the cost of the coin for a while, but doubts about rising inflation rates quickly led to a decline in price.
On the other hand, the 25% delta slope indicates that market makers overcharge for bullish or bearish stocks, but options markets can help determine investors’ risk aversion. When fear arises, the signal changes from negative to positive. So a 10% gain will herald a Bitcoin crash, and a 10% decline heralds euphoria.
The aforementioned chart indicates executive interest in leveraged longs while indicating neutral risk assessments from options traders. Despite the pressure from the authorities, Bitcoin futures are holding up quite well, which points to a good outlook for the cryptocurrency in the near future.
Bitcoin Hits a Weekly Low on Inflation Anxiety
As the PCE Cost Index showed a disinflationary trend setting in January, market players increasingly anticipated that the US Treasury Department would increase its benchmark funds rate by fifty basis points the following month.
The cost index for January increased 5.4% compared to the previous year, which was significantly higher than expert predictions of a 5% increase. The PCE cost index also regularly beat forecasts, rising 0.6% in January versus 0.5% expected.
The central rate for the metric, which does not include energy and food prices, increased to 4.7% in January compared to 4.6% in December. Their numbers were forecast to grow by 4.3%. Risky assets like cryptocurrencies saw a price reduction as a result of this revelation. Bitcoin originally declined by about $200 and then plunged to $23,100. The token is currently testing $23,000, which would correspond to the lowest Bitcoin price this week.
MicroStrategy and Coinbase are among cryptocurrency stocks down 5-8%. As of this writing, S&P 500 futures were down 1.1% and Nasdaq 100 contracts were down 1.72% on Saturday.
The Fed is currently using personal consumption spending as its primary measure of inflation. The probability of inflation rising by 50 basis points, compared to the 25 basis point prediction in January, is rising, leaving traders completely divided on how cryptocurrencies will perform in the short term.
Ending
If the price levels did not rise from the aforementioned resistance level, the Bitcoin price was projected to decline. Had it gained traction, Bitcoin could have challenged $24,267 and moved towards $25,000.
If the cryptocurrency is to develop positive momentum, buyers will need to break above this level, according to token price research. Investors should anticipate a comeback once the cryptocurrency price breaks above its high of 27, which could erase this week’s losses.
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