BTC price is range bound as it pauses above the $23K support

Bitcoin remains in a horizontal trend as it stops above the $23K support – Feb 3, 2023

The value of the Bitcoin (BTC) cryptocurrency asset remains flat as it stops above the $23K support. The cryptocurrency still needs to overcome a considerable challenge before its upward momentum can resume. The $24,000 resistance level represents the hurdle. Buyers have worked hard to keep the price at the most recent high.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,402.47
• Bitcoin Market Cap: $451,216,216,261
•Bitcoin circulating supply – 19,280,893 BTC
•Total Bitcoin Supply – $491,422,352,635
• Bitcoin Coinmarketcap Ranking – #1

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

The largest cryptocurrency asset has been trading in a range above the $23,000 support since January 21. Buyers want to keep Bitcoin price above the previous high of $24,000. BTC price rallied to a high of $24,258 in its most recent attempt on Feb. 2, but was rejected. Buyers held the price twice above the $24,000 support until it faced selling pressure at the most recent high. The decline was due to the inability of the buyers to sustain the bullish momentum above the $24,000 high. Right now, Bitcoin is trading in a tight range between $22,500 and $24,000. When buyers get bullish momentum above the $24,000 high, Bitcoin will rally to its previous high of $25,212. The market will fall to the previous low above $21,000 support if Bitcoin loses $22,500 support, which is opposite of what will happen.

Bitcoin Boosts Nasdaq Performance in January as NCI Index Rises 38%

The Nasdaq Crypto Index saw its third-highest monthly gain in January thanks to the bullish rise of Bitcoin and other altcoins. Up 38%, Bitcoin’s January bullish surge helped the Nasdaq Crypto Index post its third-highest monthly gain. Despite widespread market bearish expectations, the cryptocurrency market started the year strongly bullish. As inflation eased, Bitcoin and several other altcoins hit new multi-month highs. Since it began in February 2021, the Nasdaq Crypto Index (NCI) posted its third-biggest monthly gain.

The Nasdaq stock exchange and Brazilian asset manager Hashdex collaborated to launch the crypto asset index. The index includes eight cryptocurrencies, including Stellar (XLM), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), and Bitcoin (BTC). The index weighting is dominated by BTC (69.8%), followed by ETH (27.08%). The weight of alternative cryptocurrencies is less than 1%. As a result, the index also reflects the subsequent rise of BTC and ETH, which have risen more than 35% over the past month. The percentage of shares invested in a specific digital asset is called the index weight.

Bitcoin is currently trading in a sideways trend as it stops above the $23K support. The cryptocurrency asset has declined in the shortest period of time, dipping below the 21-day SMA line but breaking above the 50-day SMA line. The implication is that as Bitcoin tries to resume an uptrend, it will be forced to range-bound for a few days.

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