BTC price surges to hit $23.4K after recent downturn

Bitcoin recovers above existing support as BTC price rises to $23,400 – Feb 8, 2023

The Bitcoin price is picking up ground as the BTC price rises to reach $23,400. BTC/USD fell to a low of $22,620 on Feb. 6 as investors bought the dips. Had the bears broken below the 21-day SMA line, the downtrend could have continued. At the time of writing, the price of one Bitcoin is $23,218.00.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,218.82
• Bitcoin Market Cap: $447,716,375,906
•Bitcoin circulating supply – 19,284,550 BTC
•Total Bitcoin Supply – $487,521,831,213
• Bitcoin Coinmarketcap Ranking – #1

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

Following the price crash on February 6, buyers were able to hold above the $22,800 support and end the losing streak. Buyers are anticipated to hold the two important support levels of $22,800 and $22,400. Since January 21 and 30, the bulls have been protecting the current support levels. The largest cryptocurrency would fall below its latest bottom at $21,200 if the bears broke out below crucial support levels. But as long as Bitcoin holds its position above key support levels, the cryptocurrency is likely to continue moving higher.

Yesterday, the BTC price rallied to a high of $23,350 before stopping. The latest high is currently offering resistance to the BTC price. Buyers will push Bitcoin above the $24,000 support to the upside if it recovers. Furthermore, a bounce to $25,212 is anticipated if the bullish momentum sustains above the $24,000 support. The Relative Strength Index for the 14 period shows that Bitcoin is above the 63 level and in the uptrend zone.

Microstrategy incurs a $1.3 billion paper loss despite its refusal to stop trading Bitcoin

The firm reported a $34 million loss on its first Bitcoin sale last quarter, but said it did so to generate a tax loss. Despite posting a paper loss on its Bitcoin (BTC) assets of more than $1 billion in 2022, software analytics firm MicroStrategy says it has no intention of stopping trading the virtual currency. On Feb. 2, MicroStrategy disclosed its fourth-quarter and year-end financial results for 2022, revealing that reported impairment charges on its BTC holdings, net of sale gains, were close to $1.3 billion for all fiscal year 2022. Despite the apparent losses, MicroStrategy CFO Andrew Kang stated on a company earnings call on February 2 that the company “may consider additional transactions that may take advantage of volatility.” of Bitcoin prices or other market dislocations.” which are consistent with our long-term Bitcoin strategy.”

Bitcoin rises to its most recent high as BTC price rises to hit $23,400. The BTC price has fallen between the moving average lines on a shorter time scale. If the cryptocurrency asset gets caught between the moving average lines, it will be forced to move in a range. If the price falls below the moving average lines, the selling pressure will increase again.

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