BTC Price Retests and Holds below $24K

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Bitcoin Is in a Narrow Range as BTC Price Retests and Holds below $24K – February 28, 2023

The largest cryptocurrency is currently retesting the barrier at $24,000 as BTC price retests and holds below $24K. To resume positive momentum, BTC/USD needs to clear the obstacles of $24,000 and $25,212. The bullish momentum is currently getting close to the overbought area of the market. At the overbought area of the market, sellers will start to appear.

Bitcoin Price Statistics Data:•Bitcoin price now – $23,775.55•Bitcoin market cap – $458,978,679,377•Bitcoin circulating supply – 19,304,912 BTC•Bitcoin total supply – $499,295,991,238•Bitcoin Coinmarketcap ranking – # 1

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

Currently, the price of Bitcoin (BTC) is starting to rise again as it crosses above the 21-day line SMA. If buyers maintain the bullish momentum over the 21-day line SMA, the upward movement may continue. On the upside, the recovery over the support level of $23,700 will break through the resistance at $24,000 and launch Bitcoin above the overhead barrier level of $25,000. The psychological price level of $30,000 will be reached by Bitcoin if buyers maintain positive momentum over the overhead resistance. Buyers have previously been unable to keep the bullish momentum over the $25,000 high. The decrease on February 24 can be attributed to the rising movements being rebuffed over the $25,000 resistance. For period 14, the price of Bitcoin is moving upwards over level 55 of the Relative Strength Index.

Bitcoin Depot Modifies the BTC ATMS’ Software to Reduce Costs

The software conversion of Bitcoin ATMs, which vertically merges Bitcoin Depot hardware and software, reduces annual software licensing costs. Over the past few months, there has been a steady decrease in the number of crypto ATM installations worldwide. Several ATMs have been shut down due to geopolitical upheaval and dwindling sales, however vendors like Bitcoin Depot have started converting their physical Bitcoin (BTC) ATMs to software. Recently, Bitcoin Depot upgraded all 7,000 of its cryptocurrency ATMs and kiosks to a software-based service powered by BitAccess. A software conversion project was started after Bitcoin Depot in November 2022 acquired the majority of the BitAccess shares. To go public in 2023, Bitcoin Depot has previously stated plans to raise $885 million through a special-purpose acquisition company. Annual software licensing fees are removed with the software conversion of the cryptocurrency ATMs, which vertically integrates hardware and software from Bitcoin Depot. Before, the fees were used to offset $3 million in annual operational costs.

BTC/USD – 4 Hour Chart

Following the price drop on February 24, Bitcoin is now trading in a range as BTC price retests and holds below $24K. The price of Bitcoin has been ranging between $22,800 and $24,000 over the past week. The price of the cryptocurrency is seeking to retest the resistance at $24,000 right now. At the recent overbought region, Bitcoin is seeing resistance.

Bitcoin Alternatives

Bitcoin has continued to make positive moves even as it strives to retake the $24,000 high. The bullish advances have been rebuffed, although the price of Bitcoin has since retraced above the moving average lines. As a result of positive developments with Bitcoin, other cryptocurrencies and tokens are rising sharply. This emphasizes the necessity for investors to become a part of the Fight Out (FGHT) community. Fight Out (FGHT) is more than just a symbol; it is a movement. You’ll enjoy a thrilling experience that will strengthen your sense of who you are. Join us as we develop blockchain technology’s possibilities and create a better future for everyone. A little less than $5 million has been raised so far from the ongoing token presale.

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