BTC Price Holds Above $23K for Possible Rise

Bitcoin stabilizes above current support for a possible rally – February 5, 2023

Bitcoin (BTC) price is currently trading as it is holding above $23K for a possible rise. As buyers gather for a possible continuation of the rally, the BTC price has stabilized above existing support for the past three days. However, the Doji candles can delay the rise.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,407.99
• Bitcoin Market Cap: $451,361,249,113
•Bitcoin circulating supply – 19,282,025 BTC
•Total Bitcoin Supply – $491,600,381,739
• Bitcoin Coinmarketcap Ranking – #1

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

On January 2, the largest cryptocurrency crossed the $23,000 support and began to consolidate once again above. Prior to now, buyers pushed Bitcoin to a high of $24,240 but were unable to sustain bullish momentum above the resistance level. If the buyers manage to break through the current resistance level, the next resistance level will be the high at $25.212. However, if Bitcoin loses its current support level, the cryptocurrency could fall as well. In other words, if the price of Bitcoin falls below the 21-day SMA line, it will return to its previous low above the 50-day SMA line. Bitcoin will first go below the $21,000 support level to its previous low on the downside. The cryptocurrency asset is currently at the 68 level of the 14-period Relative Strength Index.

Bitcoin mining revenue increases by 50% in one month to $23 million

Bitcoin is well positioned for a long recovery, but revenue from the mining industry is up 50% in US dollars. The year-long fight for the survival of connected mining ecosystems has begun to pay off as Bitcoin demonstrates a bit of a bull run. The Bitcoin mining community saw a 50% increase in revenue from mining prizes and transaction fees in the first month of 2023. Bitcoin mining revenue fell to $13.6 million on December 28, 2022, for the first time since October 2020. This, combined with rising energy prices during geopolitical tensions put enormous financial pressure on mining companies and cause some to close. Bitcoin mining revenue increased from $15.3 million on January 1 to approximately $23 million in 30 days.

Meanwhile, Bitcoin is stabilizing above the $23,000 support for a potential rally. If it sustains above the current support or above the 21-day SMA line, the cryptocurrency asset will rally. The cryptocurrency currently fluctuates between the $23,000 and $24,000 price levels, where it was previously range-bound. Bitcoin has slipped between the moving average lines in the shorter timeframe, indicating a possible range-bound move for a few days.

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