BTC Price Bounces Above $21.7K

Bitcoin stabilizes above current support as BTC price bounces above $21.7K – Feb 12, 2023

BTC/USD fluctuates above the current support as BTC price bounces above $21,700. The crypto asset has fallen further since its initial loss on Feb. 9 to a low of $21,454, but bulls continued to buy dips. The basic message is that the Bitcoin price has fallen into a downtrend zone and could continue to decline.

Bitcoin Price Stats Data:
•Bitcoin price now – $21,800.32
• Bitcoin Market Cap: $420,501,653,065
•Circulating supply of Bitcoin – 19,288,312 BTC
•Total Bitcoin supply – $457,805,531,870
• Bitcoin Coinmarketcap Ranking – #1

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

Since the price crash on February 10, Bitcoin has stabilized above the support level of $21,700 and the last decline has stopped. As the cryptocurrency fell to a low of $21,454, sellers tried to restart the selling pressure for the previous three days, but were unsuccessful. The current BTC price top witnessed a reversal to the upside, but resistance was found near the $22,000 high. If the largest cryptocurrency recovers above the current support, it will go back above $23,000. The uptrend will continue to the high of $24,000. However, if the buyers cannot keep the price above $22,000, the selling pressure may return. If the current support level is breached, Bitcoin will drop to a low of $20,800 or $20,400. Bitcoin is currently trading at the 47 level of the Relative Strength Index for period 14.

“Limited” use of Bitcoin in El Salvador, reduces possible risks

The IMF claims that the “limited” use of Bitcoin in El Salvador reduces the probability of risks. The international financial watchdog has warned El Salvador about increasing government exposure to Bitcoin due to the “speculative nature” of the cryptocurrency markets. Following an IMF staff visit to El Salvador last week, the IMF emphasized in a statement on February 10 that the risks associated with Bitcoin “had not materialized” yet due to its “limited” use to date. The Salvadoran government’s Bitcoin transactions and the “financial status” of the government-owned Bitcoin wallet, the Chivo wallet, require “more transparency,” according to the IMF.

Meanwhile, Bitcoin is limited to a tight range as the price of BTC bounces above $21,700. The price of BTC varies between $21,400 and $22,000. In other words, it is trading inside or outside the range of the moving averages. BTC price is above the 50-day SMA line but below the 21-day SMA line. If the price falls below the 50-day SMA line, the Bitcoin asset will start to decline again. In cases where the moving average lines are still intact, Bitcoin may be range bound.

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However, the selling pressure has subsided as long as Bitcoin holds above the $21,700 support. Although they have resumed their bullish run, the major cryptocurrencies have held their support level. As the decline slows, cryptocurrencies and MEMAG tokens could rise again. Do you want to raise the bar of your gaming experience? If you have MEMAG tokens, you can access premium in-game content, receive monthly rewards, and do much more. Hurry! Take advantage of the presale and buy your MEMAG right now. Total sales have already increased by about $4 million.

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