BTC Price Holds Steady Above $23K Support Level

Bitcoin Consolidation Continues As It Stays Above $23K Support Level – Jan 28, 2023

BTC/USD is back in a flat trend after falling on Jan 20 as it holds above the $23K support level. In other words, Bitcoin is consolidating above the $23,000 support. The value of the largest cryptocurrency asset has been holding steady above the $23,000 level. Doji candlesticks, which have a small body and lack conviction, dominate the price movement. These candlesticks show that buyers and sellers are not sure of the direction of the market.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,170.53
• Bitcoin Market Capitalization: $446,531,805,837
•Bitcoin circulating supply – 19,275,687 BTC
•Total Bitcoin Supply – $486,318,114,898
• Bitcoin Coinmarketcap Ranking – #1

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

Buyers have repeatedly tried to keep the price above $23,000 over the past week. These efforts have been ineffective because Bitcoin is constantly pushed back. Since January 20, the wicks of three large chandeliers point north. The wicks of the long candle showed selling pressure at higher prices. The largest cryptocurrency was repelled when the BTC price surged to the levels of $23,353, $23,812, and $23,486. Due to the overbought state of the cryptocurrency, buyers were unable to support the higher price levels. On the upside, the BTC price will continue to rise if the buyers maintain the bullish momentum above the $23,000 support. Similarly, if the bears break below the $22,300 support, the selling pressure will increase and reach the support. of $21,000. Bitcoin will once again trade below $21,000.

Arizona State Senator Pushes Legislation to Make Bitcoin Legal Tender

The state senator also tried to pass a similar bill that would have made Bitcoin legal tender starting in 2022, but was unsuccessful. US state Senator Wendy Rogers has introduced cryptocurrency bills, one of which seeks to make Bitcoin legal tender in Arizona. In a recent tweet, Rogers announced the launch of a series of cryptocurrency notes, citing data from investment firm Goldman Sachs indicating that Bitcoin is the best-performing asset globally. One of the proposed bills would make BTC legal tender in the US state. If signed into law, BTC will have the same status as the US dollar and will be recognized as legal tender for taxes state, fees and other obligations.

Bitcoin is moving higher as it remains above the $23K support level. The cryptocurrency asset is currently trying to increase its price once more, but the Doji candlesticks are stifling this move. However, if Bitcoin’s consolidation continues, there is a chance that the price could rally again.

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