BTC Price Declines As It Returns To $23K Support

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.

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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