BTC Price Declines As It Returns To $23K Support

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Bitcoin is in a possible range bound move as it returns to $23K support – Jan 31, 2023

BTC/USD price experiences selling pressure again on Jan 30 when it returns to the $23K support. Buyers bought into the cryptocurrency asset and it peaked at $23,962 before losing interest. When the bulls bought the dips, the price of Bitcoin fell to a low of $22,500. While the buyers are focused on breaking the $24,000 resistance, the sellers will try to go back to the $22,500 level to restart the downtrend.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,125.64
• Bitcoin Market Cap: $445,841,674,044
•Bitcoin circulating supply – 19,278,331 BTC
•Total Bitcoin Supply – $485,627,519,964
• Bitcoin Coinmarketcap Ranking – #1

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

For the first time, Bitcoin experienced a significant drop, hitting a low of $22,500 and a high of $24,000. Today, as buyers rally above the $22,500 support, the price of Bitcoin is rising. In conclusion, the buyers are still trying to break above $24,000 to reach the next resistance. Also, if the $24,000 resistance is broken, Bitcoin will skyrocket to its previous high of $25,212. On the upside, the chances of reaching the psychological $30,000 price level increase once the BTC price recovers by above the $25,212 high. However, the largest cryptocurrency asset will drop to the psychological $20,000 price level if Bitcoin loses the $22,500 support. Meanwhile, Bitcoin is trading in the overbought area of the market despite the recent price drop. The largest cryptocurrency is currently at level 70 of the period 14 of the Relative Strength Index.

Tesla incurs a $140 million Bitcoin net loss in 2022

The electric vehicle maker made $64 million in gains from Bitcoin trading, but those gains were offset by $204 million of impairment. Tesla, an electric vehicle manufacturer, disclosed in a filing with the US Securities and Exchange Commission on Jan. 31 that it had suffered a gross loss of $204 million from the impairment of its Bitcoin holdings in 2022. Tesla simultaneously reported a $64 million gain from exchanging BTC to fiat at various times during the year, resulting in a net loss from cryptocurrency trading of $140 million.

BTC/USD – 4 hour chart

Bitcoin is now resuming its bullish momentum as it returns to the $23K support. On January 30, the largest cryptocurrency broke above $22,500. To prevent the downtrend from starting again, buyers will need to protect existing support. The Bitcoin price has risen back above $23,000 today, signaling the start of a new uptrend. The cryptocurrency is between the moving average lines on the smaller time frame, suggesting a possible range-bound move.

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However, buyers have been able to hold the price above the $23,000 support level as Bitcoin heads towards the $24,000 high. Other cryptocurrencies are likely to gain as the uptrend intensifies. Now accessible is the MEMAG tabn, which offers a high rate of return on investment. Meta Masters Guild is the fastest growing Play-to-Earn guild this year (MEMAG). It will probably perform better than any other Web3 mobile game guild. Video games that are interesting and fun can be made using NFTs. Community residents are rewarded for their bets and investments. The amount raised through the MEMAG presale is now approaching $2.5 million.

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