BTC Falls as It Might Recur at $23.5K

Bitcoin Returns to Range Bound Zone as It Might Recur at $23.5K – February 24, 2023

Bitcoin (BTC) is currently falling as it might recur at $23.5K. If the largest cryptocurrency asset retraces and maintains above the 21-day line SMA, it will try to move upward. However, selling pressure might return if the BTC price retraces past the 21-day line.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,850.31
•Bitcoin market cap – $460,340,776,119
•Bitcoin circulating supply – 19,300,450 BTC
•Bitcoin total supply – $500,873,319,620
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price remains in the bullish trend zone despite the retracement to the low of $23,912. The previous low of $23,520, which has been held since February 16, may be visited once more by the cryptocurrency. After three failed attempts, buyers were unable to keep up the bullish momentum, which led to the current decline. The cryptocurrency asset has returned to the previous range-bound area between $23,500 and $24,200 where it is presently trading. For the past month, traders have kept an eye on these levels because they have not been broken. On the downside, Bitcoin will drop to the $20,000 psychological price level if the bears break through the current support at $23,500. The price of Bitcoin is currently above the moving average lines, suggesting that it may rise even further. For period 14, it is at level 56 of the Relative Strength Index.

VISA Is Overtaken by Bitcoin’s Market Capitalization for the Third Time

Last year, the collapse of FTX reduced the market value of Bitcoin by $100 billion in just four days, but BTC has since fully recovered and added another $65 billion. The market capitalization of Bitcoin (BTC) has once more surpassed that of the world’s largest payment processor, VISA, thanks to a 48% price increase since the year’s beginning. Bitcoin’s market cap of $470.16 billion, as of the current price of $24,365, is now just slightly higher than VISA’s market cap of $469.87 billion, according to CoinMarketCap. According to Companies Market Cap, BTC has “flipped” the market capitalization of VISA three times.

The first time happened in late December 2020, which also happened to be the first time BTC reached $25,000. This was accomplished during a period of price growth, during which BTC rose from $10,200 in September 2020 to $63,170 in April 2021, a span of seven months. From June to October 2022, VISA reclaimed the top spot. BTC briefly surpassed VISA on October 1st before the payments company retook the lead. This advantage was increased when the collapse of the cryptocurrency exchange FTX reduced the value of the BTC by more than $100 billion in just four days, from November 6–10, 2022.

In the interim, the largest cryptocurrency has fallen and moved into the range-bound zone as it might recur at $23.5K. BTC price is anticipated to retest the current support at $23,500 before beginning the sideways trend. The bulls have been defending the current support since February 16. Today, the BTC price is consolidating above the $23,800 support as the bearish momentum slows.

Bitcoin Alternatives

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