BTC Price Is on the Verge of Falling More as It Holds Above $22.6K

Bitcoin Is on a Minor Retracement as It Holds Above $22.6K – February 6, 2023

The BTC price has retraced above the 21-day line SMA as it holds above $22.6K. In other words, the price of Bitcoin at the time of writing is $22,882. If the price drops below the 21-day line SMA, there may be continued selling pressure. On the other hand, if the price remains above the moving average lines, BTC/USD will start a new rally.

Bitcoin Price Statistics Data:
•Bitcoin price now – $22,882.42
•Bitcoin market cap – $441,260,568,874
•Bitcoin circulating supply – 19,282,818 BTC
•Bitcoin total supply – $480,599,376,148
•Bitcoin Coinmarketcap ranking – # 1

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

Since February 2, the price of Bitcoin has been decreasing as buyers have been unable to maintain the positive momentum over the $24,000 mark. Bitcoin has dropped to a low of $22,643 today. The biggest crypto is currently retesting its January 23 low. Since January 23, Bitcoin has been losing ground over the existing support. If the existing support continues to hold today, the upswing will resume. The resistance at $24,000 will be retested or broken by buyers pushing for Bitcoin. Bitcoin will further deteriorate to its previous low of $21,250 if the bears manage to break through the existing support. Bitcoin is currently circling over the $22,000 support. If the price bars maintain above the moving average lines, Bitcoin will increase. In addition, the crypto is at level 62 of the Relative Strength Index for period 14, which is in the bullish trend zone.

Bitcoin Is Not the Solution, Claims Ray Dalio: The Public Response

The billionaire has in the past alternated between being supportive and negative towards Bitcoin. While he thinks that money is in danger, billionaire Ray Dalio also believes that neither Bitcoin (BTC) nor stablecoins are the solution. Members of the crypto community responded by tweeting their thoughts on the subject. Dalio recently discussed his thoughts on Bitcoin as a potential remedy for the issues with fiat currency in an appearance on CNBC’s Squawk. The billionaire claimed it would be ineffective as a medium of exchange and a wealth store. Stablecoins, according to Dalio, is a carbon copy of state-backed currencies and would not function as a reliable medium of exchange. Bitcoin supporters were quick to react to the interview and point out that Dalio’s ideal of what money should be already applied to Bitcoin. A neighborhood member tweeted.

Nonetheless, Bitcoin is on the verge of further decline as it holds above $22.6K . If the price of BTC remains above the moving average lines, the market will start heading upward again. After hitting the previous bottom above $22,600 on a shorter time scale, the price of BTC is now increasing. Bitcoin’s price has previously fluctuated in a range between $22,300 and $24,000. Bitcoin is making progress as it resumes trading in the higher price range.

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