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The climax of bankruptcy, fraud, and collapses in the cryptocurrency industry since 2022 has left the entire market vulnerable. As a result, all the major cryptocurrencies have suffered and lost a portion of their market capitalization.
Bitcoin has been no different to these turbulences. The fourth quarter of 2022 had been especially low for the world‘s first cryptocurrency. However, it managed to reverse the downward trend from the beginning of 2023 and moved steadily upwards.
During the last week, Bitcoin‘The price movement of s has been particularly stellar, as it closed at $25,000 before settling at around $24,500. This spike was brief as it suddenly fell below $24,000 during the early hours of Wednesday.
Today, Bitcoin is trading at around $23,800.
Leave‘Dive into some recent technical data and developments to get some insights into what Bitcoin is up to now.
Bitcoin‘s Performance in the last 24 hours
24 hours ago, Bitcoin was trading at around $24,000. It is now down to $23,800. This explains a negative variation of around 1.8% in its price.
Bitcoin‘The high of the last 24 hours was around $24,200. While the 24-hour low was recorded at around $23,600. The average trading price of the token has been closer to $23,950.
Close attention to its 24-hour price chart reveals extreme short-term fluctuations. However, it has not crossed the $24,200 mark since yesterday afternoon. At the low end, it hasn’t exceeded $23,700.
Its price chart shows a series of lower lows and higher lows spread over the last 24 hours. Its market capitalization currently stands at around 460.480 million dollars. This makes it the largest coin on the crypto market. The total value of its transactions in the last 24 hours is over $3.3 billion and the transaction count is around 291.6K.
The Bitcoin price is down 0.35% against Ethereum in the last 30 days. While its price in US dollars has experienced a rise of 5%.
Bitcoin‘s Performance in the last hour
We have seen BTC‘Performance of the last 24 hours. So now leave‘Let’s see what their prices look like today, in the last hour.
Prices move quickly within the range of $23,840 to $23,870. It recorded its last one-hour high at around $23,876 a short time ago. BTC‘The chart was seen to pull back after its rise, but for a while now the chart shows a slow pace towards an upward trajectory.
Will it continue to recover and move above $28,900? Before I answer this, let’s take a look at BTC.‘s important market indicators.
A study of Bitcoin‘market tools
Bitcoin‘Market volatility has been stable at around 3.7% for the last three days. This volatility score is considered medium, which means that there will still be some fluctuations in its price. However, this could work both ways.
BTC is currently experiencing a bearish movement. Its supply inflation has been below the 2% mark and could be called quite low.
According to our technical experts, it appears that support for BTC is building up around the $23,600 mark. However, if it breaks above this level, we could expect a potential drop to the $23,200 level.
On the other hand, if it closes above $23,900, it could form a bit of a bullish new rally around the $24,200 level.
News that could affect Bitcoin
An asset market is never independent. Your actions are cumulatively affected by various external factors. These factors offer valuable insight into how a cryptocurrency will behave in the new future.
This is why investors in this industry should try to see the big picture. Let’s look at some of the current issues that could become the next catalyst for Bitcoin.‘s price movement.
The FOMC meeting minutes saw some swings in the cryptocurrency market as investors braced for what might come next. According to the minutes, the US economy is doing better. There are two indicators for this. First, the job market in the US looks strong and the unemployment rate has fallen to its lowest level in over 50 years.
Second, the US retail industry saw an increase. This shows greater purchasing power with the public. It was also stated that the interest rate may rise and may continue to do so for a longer period than previously expected.
Generally, when interest rates rise, stock prices fall. Therefore, this development could potentially signify upcoming turbulence in the cryptocurrency market.
In addition to this, the SEC can look into the regulation of the crypto market. There are speculations of strict scrutiny of the tokens, which may cause investors to back out of their holdings.
The US Federal Reserve and other banking companies have agreed that the recent declines and volatility of the cryptocurrency market may seriously jeopardize the US economy. This also suggests that future discretionary actions may be taken within the space cryptographic.
final words
It’s safe to say that the state of Bitcoin is causing concern right now. Although the day-to-day chart shows some struggle, things are still below par. If its price continues to hover around $23,800, then it could go up a bit. However, if the price falls, that could spell the end of the February bullish rally for BTC.
Bitcoin‘Both the RSI and MACD indicators point to SELL, again suggesting a continued decline in performance.
BTC and most cryptocurrencies are facing a bearish move. At times like this, investors are advised to be patient. It would be a good time to let Bitcoin rally for now.
In the meantime, there are alternative options to consider. Many tokens are currently in their pre-sale stages and show great potential for the year 2023.
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