Bitcoin Continues Its Horizontal Trend as It Revisits $23K – January 23, 2023
The largest cryptocurrency is still trading in the bullish trend zone as it revisits $23K. Buyers have attempted to break through the $23,000 obstacle twice without success. BTC/USD was twice rejected, forcing the cryptocurrency to drift sideways below the resistance level. The high of $25,212 is Bitcoin’s next stop on the climb.
Bitcoin Price Statistics Data:
•Bitcoin price now – $22,679.43
•Bitcoin market cap – $437,325,437,116
•Bitcoin circulating supply – 19,271,812 BTC
•Bitcoin total supply – $476,441,890,599
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin (BTC) has returned to a horizontal trend as buyers were unable to keep the momentum above the $23,000 level. The resistance level was broken on January 21 but Bitcoin experienced selling pressure at the $23,353 high. Since January 21, the price of Bitcoin has resumed its range-bound behavior. The Bitcoin asset has been forced to fluctuate in price between $22,300 and $23,000 for the last five days. The BTC price today reached a low of $22,334 as bulls bought the dips. If the present support level for Bitcoin holds, the range-bound trend will continue. The resistance level will be tested once more as the market continues to rise. On the plus side, Bitcoin will resume its ascent to a high of $25,212 if buyers manage to break and maintain the positive momentum above the most recent high. The opposite is also true: if the bears break through the current support, Bitcoin will fall above $21,000 support.
The Bitcoin B Logo Flashes Berlin’s Highest Structure in Germany
On January 21, Berliners were able to view the Bitcoin B projected onto the Berliner Fernsehturm tower. This past weekend, the Bitcoin (BTC) logo illuminated Berlin’s nighttime sky by emblazoning Germany’s tallest building with a massive orange B. On January 21, the Berliner Fernsehturm tower, also known as the TV Tower, was lit with the Bitcoin logo. German Bitcoin users posted images and videos of the illumination on social media and Twitter, where they were afterward reshared by well-known Bitcoin Twitter accounts. German Bitcoiner Tilo, the creator of the B, described how the concept first entered his head: “We just want to call attention to Bitcoin! We’re fans of Guerilla actions like this and will keep on track.”
Additionally, the price of BTC is rising again following a brief reversal above the $22,334 support level as it revisits $23K. Bitcoin retraced below the 21-day line SMA on the 4-hour chart, although it did so above the 50-day line SMA. The consequence is that Bitcoin will be forced to travel range-bound between the moving average lines for a few days. When the moving average lines are crossed, the cryptocurrency asset will trend.
Nevertheless, despite the recent drop below the $23,000 barrier level, the upward trend has resumed. Similar to Bitcoin, other cryptocurrencies have kept growing. The MEMAG token is advantageous to traders since it offers high rates of return on investment. The Play-to-Earn guild with the fastest growth this year is Meta Masters Guild (MEMAG). It is likely to outperform all other Web3 mobile gaming guilds. It is feasible to create intriguing and entertaining video games that utilize NFTs. Members of the community are rewarded for their investments and speculation there. The MEMAG presale is ongoing and close to $1 million has been raised so far.
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