BTC Price Declines With Strong Rejection at $24K

Bitcoin Takes a Significant Step Forward, but With Strong Rejection at $24K – January 26, 2023

BTC/USD is still trying to overcome the $23,000 resistance but suffers strong rejection at $24K. Bitcoin made a huge step forward on January 25 when it surged to $23,812 but ran into resistance at the $24,000 high. The next stop for Bitcoin is the high of $25,212, but it must first clear one more obstacle. That is the level of resistance at $24,000.Today, Bitcoin has fallen below the $23,000 resistance level.

Bitcoin Price Statistics Data:
•Bitcoin price now – $22,803.82
•Bitcoin market cap – $439,523,914,681
•Bitcoin circulating supply – 19,273,800 BTC
•Bitcoin total supply – $478,900,142,478
•Bitcoin Coinmarketcap ranking – # 1

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

The cost of Bitcoin (BTC) has fallen back below the $23,000 resistance despite breaking the recent high. There are currently two obstacles for buyers to overcome. the obstacles at $23,000 and $24,000 in price. The BTC price would have increased to a high of $25,212 if buyers had been successful in getting through the $24,000 resistance. The $23, 812 high marked the end of the bullish incline. BTC/USD is once again trading in the range-bound zone between $22,300 and $23,000 price levels. The bottom line is that selling pressure will increase and reach the $21,000 support if the bears break below the $22,300 support. In a similar vein, if buyers maintain the bullish momentum above the $23,000 support, the BTC price will keep moving higher.

Despite Market Volatility, Elon Musk’s Tesla Holds Onto Its Bitcoin in the Fourth Quarter

The EV manufacturer continued to hold onto its estimated 9,720 Bitcoin despite price drops toward the end of 2022, only losing $34 million on its investment. Tesla, a maker of electric vehicles, refused to sell any more Bitcoin in the second half of 2022 despite reducing its holdings by 75% in the first quarter. For the second consecutive quarter, according to Tesla’s financials, it neither bought nor sold any of its Bitcoin, as reported in its Q4 results report on Jan. 25. This was true despite the significant market turbulence that followed the collapse of FTX in November and December.

Meanwhile, BTC’s price has fallen below the $23,000 resistance level, with strong rejection at $24K. Bitcoin has been forced to move in a range below the most recent high since January 20. Buyers are consolidating ahead of a potential breakout. On January 25, buyers came dangerously close to breaking through the $24,000 resistance, but they were stopped. On the shorter time scale, the price of Bitcoin falls below the 21-day SMA but rises above the 50-day SMA. This suggests a few days of potential sideways movement.

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Nevertheless, the upward trend has resumed despite the most recent decline below the $23,000 barrier level. Other cryptocurrencies have continued to increase, much like Bitcoin. Due to its high rates of return on investment, the Meta Masters Guild (MEMAG) token benefits traders. This token is this year’s Play-to-Earn guild with the fastest growth. As a result, it will be Web3’s largest mobile gaming guild. It is possible to develop games that are entertaining and intriguing and work with NFTs. And there, community members receive rewards for their investments and speculation. There has already been close to $2 million raised during the MEMAG presale.

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