BTC Price Rebounds But Risks Ease Below $23K

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Bitcoin Struggles But Risks Ease Below $23K – Feb 27, 2023

Bitcoin (BTC) price is picking up momentum as it moves above the 21-day SMA, but risks fall below $23,000. If the current support were to break, the Bitcoin price would have fallen to the $22,000 and $21,350 levels. On the upside, the uptrend can resume if the bullish momentum sustains above the moving average lines.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,484.72
• Bitcoin Market Cap: $453,324,225,758
•Bitcoin circulating supply – 19,302,981 BTC
•Total Bitcoin Supply – $493,089,890,818
• Bitcoin Coinmarketcap Ranking – #1

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

Bitcoin (BTC) price has risen above the 21-day SMA, regaining bullish momentum. The crypto asset will first find resistance at $24,000 as it spikes higher. It can retest the resistance above $25,000 if it breaks above the first resistance. The overhead resistance was tested four times during the previous price action, but failed each time. The recent high is currently offering resistance to the move higher. If the cryptocurrency is rejected at the recent high, it will drop below the $22,800 mark. However, Bitcoin will return to the psychological $20,000 price level if the $22,800 support level is broken.

Ukraine Receives $70 Million in Cryptocurrency Donations Since Start of Russian Conflict

Since the invasion of Russia a year ago, $28.9 million in Ether, $22.8 million in Bitcoin and $11.6 million in Tether have been donated to Ukraine. Since the start of the Russo-Ukrainian conflict, Ukraine has received more than $70 million in cryptocurrency, which has been used to purchase military equipment and humanitarian aid. According to a February 24 report from blockchain data platform Chainalysis, most of the funds came in the form of tickers of Ether (ETH) down $1,636 and Bitcoin (BTC) tickers down ($23,500). ETH donors contributed $28.9 million, while BTC and Tether (USDT) donors with quotes below $1.00 contributed $22.8 million and $11.6 million, respectively.

BTC/USD – 4 hour chart

Bitcoin (BTC) cost rose after consolidating above current support, but risks subside below $23K. The price of the crypto crosses above the 21-day SMA line on the lower time frame. Moving average lines are currently being traded for Bitcoin. On the upside, Bitcoin will regain bullish momentum if BTC price breaks the 50-day SMA or the $24,000 resistance.

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