BTC price bounces below $23K

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Bitcoin Resumes Trading in a Tight Range as BTC Price Rebounds Below $23K – Jan 23, 2022

BTC/USD is swinging below the $23,000 resistance level as BTC price bounces below $23,000. In the last 48 hours, the bullish momentum has slowed. Since Bitcoin is heavily overbought, there is a chance that the price could reverse. Bitcoin may see a dip to a low above the $21,000 support.

Bitcoin Price Stats Data:
•Bitcoin price now – $22,732.00
• Bitcoin Market Capitalization: $438,151,879,821
•Bitcoin circulating supply – 19,269,912 BTC
•Total Bitcoin supply – $477,394,241,943
• Bitcoin Coinmarketcap Ranking – #1

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

Following the recent price rally, Bitcoin (BTC) is currently bouncing below the $23,000 resistance level. After breaking above the $23,000 resistance level, the bullish momentum has slowed. On the upside, the buyers are expected to pick up speed and start rallying towards the high of $25.212. Since the market has reached its bullish exhaustion, further bullish movement is unlikely. BTC price will return to the previous low above the $21,000 support to start an uptrend. The Bitcoin price has recently recorded a series of higher highs and lower lows. However, the price of BTC is above the 84 daily stochastic level, indicating that the market has reached the overbought region.

El Salvador approves historic crypto law that opens the door to Bitcoin-backed bonds

In addition, the “Issuance of Digital Assets” legislation will establish a legal framework and regulatory body for all digital assets. El Salvador recently passed landmark legislation establishing the legal basis for a Bitcoin-backed bond, dubbed the “Volcano Bond,” to be used to pay off the country’s debt and finance the development of its envisioned “Bitcoin City.” With 62 votes in favor and 16 against, the bill was approved on January 11. It will become law once President Bukele ratifies it. On January 11, El Salvador’s National Bitcoin Office tweeted about the approval of the bill and said it would start issuing the bonds soon.

BTC/USD – 4 hour chart

Bitcoin is currently stable above the $22,700 support as BTC price bounces below $23,000. Buyers were put off when they tried to push Bitcoin to a high of $23,353. Since January 21, the cryptocurrency asset has traded in a tight range between a support level of $22,700 and a high of $23,000. On the downside, selling pressure will build again to the $21,000 low if Bitcoin pulls back below the $22,700 support.

During this time, the price of Bitcoin continued to rise, reaching a high of $23,353. Similarly, other cryptocurrencies have continued to recover. Traders can take advantage of the MEMEG currency because it provides high rates of return on investment. The fastest growing Play-to-Earn guild this year is the Meta Masters Guild (MEMAG). It is likely to outperform all other Web3 mobile gaming guilds. It is possible to create intriguing and entertaining video games using NFTs. Community members are rewarded for their investments and speculations there. The MEMAG presale is ongoing and close to $1.5 million has been raised so far

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