BTC price crashes as it hits $21,800

join our Telegram channel to stay up to date on breaking news coverage

Bitcoin Approaches Support Level As It Hits $21.8K – Feb 10, 2023

Bitcoin (BTC) price is falling and reaches $21,800. The BTC/USD exchange rate is crashing, hitting a low of $21,700. The current slide has reached bearish fatigue. As buyers are expected to rally above the $21,700 support, the Bitcoin asset has fallen into the oversold area. As it is trapped between the moving average lines, Bitcoin could be forced to move in a range.

Bitcoin Price Stats Data:
•Bitcoin price now – $21,883.15
• Bitcoin Market Cap: $422,086,674,420
•Bitcoin circulating supply – 19,286,543 BTC
•Total Bitcoin Supply – $487,521,831,213
• Bitcoin Coinmarketcap Ranking – #1

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

Bitcoin (BTC) price has dipped below the 21-day simple moving average (SMA) after being rejected at $24,240. The drop has caused the price of BTC to fall to as low as $21,700. As Bitcoin oscillates between the moving average lines, the current recession is expected to stall. The BTC price has fallen between the moving average lines, indicating that it could move within the range. The BTC price will continue to fluctuate between $21,700 and $24,000 if the current support holds. If the bears manage to break the existing support, Bitcoin will approach a support level of $21,378. The sellers will try to push Bitcoin below the support of $21,378. The region between $21,378 and the $20,000 psychological price level is where buyers are most likely to hold onto their investments.

Bitcoin price has surpassed $20,000 with 620,000 new BTC wallets

Although the rise of small BTC addresses was severely constrained in 2022 and fell to new lows after FTX, a significant rise in January suggests business optimism is high. Especially among small BTC investors, the rise of the Bitcoin (BTC) price above $20,000 in the second week of January caused FOMO (fear of missing out) in the market. After January 13, there was a huge increase in BTC addresses with 0.1 BTC or less. 620,000 new BTC addresses appeared after the BTC price increase on Jan. 13, according to data provided by cryptanalysis firm Santiment, bringing the total to 39.8 million. The increase in Bitcoin addresses with small sums suggests that investor optimism will rise again in 2023. After FTX crashed in November 2022, the growth of such small addresses was extremely limited and slowed down significantly, but in 2023 increased the rate of creation of new addresses.

BTC/USD – 4 hour chart

Meanwhile, Bitcoin is consolidating above the current support level by reaching $21.8K. The Bitcoin asset is expected to move in a range because it is trapped between the moving average lines. Furthermore, the recent decline has reached the oversold zone. Buyers may be attracted, causing prices to rise.

Bitcoin Alternatives

Furthermore, Bitcoin has fallen as buyers have been unable to sustain a positive trend above the $24,000 support level. However, as long as major cryptocurrencies hold their support levels, altcoins and MEMAG tokens may stop the decline. Do you want to improve the quality of your games? You can access premium in-game content, get monthly prizes and do much more if you own MEMAG tokens. Hurry! Use the pre-sale and buy your MEMAG right away. Almost $4 million of total sales have already been raised.

Meta Masters Guild – Play and earn cryptocurrency