BTC Price Plummets as It Reaches $21.8K

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Bitcoin Approaches Support Level as It Reaches $21.8K – February 10, 2023

Bitcoin’s (BTC) price is falling as it reaches $21.8K. The BTC/USD exchange rate is plummeting, reaching a low of $21,700. The current fall has reached bearish fatigue. As buyers are expected to recover over the $21,700 support, the Bitcoin asset has dropped to the oversold area. As it is caught between the moving average lines, Bitcoin might be forced to move in a range.

Bitcoin Price Statistics Data:•Bitcoin price now – $21,883.15•Bitcoin market cap – $422,086,674,420•Bitcoin circulating supply – 19,286,543 BTC•Bitcoin total supply – $487,521,831,213•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price has fallen under the 21-day simple moving average (SMA)after being rejected at $24,240. The fall has caused the price of BTC to drop to as low as $21,700. As Bitcoin oscillates between the moving average lines, the present downturn is expected to stop. BTC’s price has fallen between the moving average lines, indicating that it might move range-bound. The BTC price will continue to fluctuate between $21,700 and $24,000 if the current support holds. If the bears manage to break through the existing support, Bitcoin will approach a support level of $21,378. The sellers will try to push Bitcoin below the $21,378 support. The region between $21,378 and the psychological price level of $20,000 is where buyers are more likely to preserve their investments.

The Price of Bitcoin Has Surpassed $20,000 With 620K New BTC Wallets

Although the rise of small BTC addresses was severely restrained in 2022 and fell to new lows after FTX, a significant increase in January suggests trading optimism is high. Especially among tiny BTC investors, the price spike of Bitcoin (BTC) above $20,000 in the second week of January caused a market FOMO (fear of missing out). After January 13, there was a large increase in BTC addresses holding 0.1 BTC or less. 620,000 new BTC addresses appeared after the BTC price increase on January 13, according to data provided by crypto analytics company Santiment, making a total of 39.8 million. The increase in Bitcoin addresses holding tiny sums suggests that investor optimism will surge again in 2023. After FTX collapsed in November 2022, the growth of such small addresses was extremely constrained and significantly reduced, but in 2023 the rate of new address creation increased.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is consolidating above the current support level as it reaches $21.8K. The Bitcoin asset is expected to move in a range because it is caught between the moving average lines. Furthermore, the recent fall has hit the oversold zone. Buyers may be drawn in, causing prices to rise.

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Furthermore, Bitcoin has fallen as buyers have failed to maintain a positive trend above the $24,000 support level. However, as long as the major cryptocurrencies maintain their support levels, the altcoins and MEMAG tokens may be able to halt the slide. Want to improve the quality of your gaming? You may access premium in-game content, get monthly awards, and do a lot more if you own MEMAG tokens. Hurry! Utilize the presale and purchase your MEMAG right away. Nearly $4 million has already been raised from the sales total.

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