BTC Price Declines as It Returns to the $23K Support

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Bitcoin Is in a Potential Range-bound Move as It Returns to the $23K Support – January 31, 2023

BTC/USD price experiences selling pressure again on January 30 as it returns to the $23K support. The cryptocurrency asset was bought up by buyers and reached a high of $23,962 before they lost interest. As bulls purchased the dips, the price of Bitcoin fell to a low of $22,500. While buyers are focused on breaking through the resistance at $24,000, sellers will try to return to the $22,500 level to restart the downtrend.

Bitcoin Price Statistics Data:•Bitcoin price now – $23,125.64•Bitcoin market cap – $445,841,674,044•Bitcoin circulating supply – 19,278,331 BTC•Bitcoin total supply – $485,627,519,964•Bitcoin Coinmarketcap ranking – # 1

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

For the first time, Bitcoin has experienced a significant decline, hitting a low of $22,500 and a high of $24,000. Today, as buyers recoup above the $22,500 support, the price of Bitcoin is increasing. In conclusion, buyers are still attempting to break through $24,000 to reach the next resistance. Additionally, if the resistance at $24,000 is broken, Bitcoin will soar to its previous high of $25,212. On the plus side, the chances of reaching the psychological price level of $30,000 increase once the BTC price bounces back above the $25,212 high. The largest cryptocurrency asset, however, will drop to the psychological price level of $20,000 if Bitcoin loses the $22,500 support. In the meantime, Bitcoin is trading in the overbought area of the market despite the recent price decline. The biggest cryptocurrency is currently at level 70 of period 14 of the Relative Strength Index.

Tesla Incurs a $140 Million Bitcoin Net Loss in 2022

The electric vehicle manufacturer made $64 million in profits from Bitcoin trading, but those profits were offset by a $204 million impairment.Tesla, a maker of electric vehicles, disclosed in a filing with the US Securities and Exchange Commission on January 31 that it had suffered a $204 million gross loss on the impairment of its Bitcoin holdings in 2022. Tesla simultaneously reported a gain of $64 million from changing BTC into fiat money at various points throughout the year, resulting in a net loss from cryptocurrency trading of $140 million.

BTC/USD – 4 Hour Chart

Bitcoin is now resuming its bullish momentum as it returns to the $23K support. On January 30, the largest cryptocurrency rose above $22,500. To prevent the downtrend from starting up again, buyers will need to protect the existing support. Bitcoin’s price has risen back above $23,000 today, signaling the start of a new uptrend. The cryptocurrency is between the moving average lines in the smaller time frame, suggesting a potential range-bound movement.

Bitcoin Alternatives

However, buyers have been able to maintain the price above the $23,000 support level as Bitcoin heads for the $24,000 high. Other cryptos are probably to gain as the bullish trend intensifies. Now accessible is the MEMAG token, which offers a high rate of return on investment. Meta Masters Guild is the Play-to-Earn guild that has experienced the fastest growth this year (MEMAG). It will probably perform better than every other Web3 mobile gaming guild. Video games can be made that are interesting and fun using NFTs. Residents of the community are rewarded for their wagers and investments. The amount raised through the MEMAG presale is now close to $2.5 million.

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