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The climax of bankruptcy, fraud, and collapses in the cryptocurrency industry since 2022 has left the entire market vulnerable. As a result of which all major cryptocurrencies have suffered and have lost a chunk of their market capitalization.
Bitcoin has been no different to these turmoils. The Q4 of 2022 had been especially low for the world’s first cryptocurrency. However, it was successful in negating the downward trend since the beginning of 2023 and was steadily moving up.
During the last week, Bitcoin’s price movement has been particularly stellar as it closed on to $25,000 before settling at around $24,500. This peak was brief as it suddenly dropped below $24,000 during the early hours of Wednesday.
Today, Bitcoin is trading at around $23,800.
Let’s dive into some technical data and recent developments to get some ideas on what Bitcoin is up to now.
Bitcoin’s Performance in the Last 24 Hours
24 hours ago, Bitcoin was trading at around $24,000. Now it has come down towards $23,800. This accounts for a negative change of around 1.8% in its price.
Bitcoin’s last 24-hour high was around $24,200. Whereas, 24-hour low was registered at around $23,600. The average trading price for the token has been closer to $23,950.
Close attention to its 24-hour price graph reveals extreme short termed fluctuations. However, it is not crossing the $24,200 mark since yesterday evening. On the lower end, it has not crossed over $23,700.
Its price graph shows a series of lower lows and higher lows spread over the last 24 hours. Its market capitalization currently stands at around $460.48 billion. This makes it the largest currency in the crypto market. The total worth of its transactions in the last 24 hours stands at over $3.3 billion and the transaction count stands around 291.6K.
The price of Bitcoin has been down by 0.35% against Ethereum in the last 30 days. Whereas, its price in US dollars has seen a hike of 5%.
Bitcoin’s Performance in the Last 1 Hour
We have seen BTC’s performance in the last 24 hours. So, now let’s see what its prices are looking like today, in the last hour.
The prices are clerkly moving within the range of $23,840 to $23,870. It registered its last one-hour high at around $23,876 just a short while ago. BTC’s graph was seen to recede after its climb, but for a while now the graph shows a slow pace towards an upward trajectory.
Will it continue to recover and move above $28,900? Before we answer this, let us have a look at BTC’s important market indicators.
A Study of Bitcoin’s Market Tools
Bitcoin’s market volatility has been steady at around 3.7% for the last three days. This volatility score is considered medium, which means there are still going to be some fluctuations in its price. This could work in both directions though.
BTC is currently experiencing a bearish movement. Its supply inflation has been below the 2% mark and could be termed quite low.
According to our technical experts, there seems to be a support building up for BTC around the $23,600 mark. However, if it breaches this level we could expect a potential drop to the $23,200 level.
On the other hand, if it closes above $23,900, it could form a new small upward rally at around the $24,200 level.
News Which Could Effect Bitcoin
An asset market is never standalone. Its actions are cumulatively affected by various external factors. These factors offer valuable insight into how a cryptocurrency may behave in the new future.
This is why investors in this industry must try and see the bigger picture. Let us look at some of the current affairs that might become the next catalyst to Bitcoin’s price movement.
The minutes of the FOMC meeting saw some shifts in the cryptocurrency market as investors prepared themselves for what might come next. According to the minutes, the US economy is faring better. There are two indicators for this. Firstly, the job market in the US is looking strong, and the percentage of unemployment has dropped to its lowest in over 50 years.
Secondly, the US retail industry saw a surge. This shows increased purchasing power with the public. It was also stated that the interest rate may rise and may continue to do so for a long period than was previously expected.
Generally, when interest rates increase, stock prices fall. So, this development could potentially mean upcoming turbulence in the cryptocurrency market.
In addition to this, the SEC may bare down on the crypto market regulation. There are speculations of strict scrutiny of the tokens, which may further cause investors to pull out from their holdings.
The US Federal Reserve and other banking companies have agreed that the recent downfalls and cryptocurrency market volatility may put the US economy in serious threat. This also hints that future discretionary measures within the crypto space may take place.
Concluding Words
It is safe to say that the state of Bitcoin is causing concern at the moment. Although the day-to-day graph shows some fight, things are still below the desired level. If its price continues to be at around $23,800, then it could move up a bit. However, if the price drops, that could mean the end of the February upward rally for BTC.
Bitcoin’s RSI and MACD indicators are signaling for SELL, which again hints towards a continuing drop in its performance.
BTC and the majority of crypto coins are facing a bearish movement. At times like this, it is advised that investors have patience. It would be a good time to let bitcoin recover for now.
In the meantime, there are alternative options to consider. A lot of tokens are currently in their presale stages and showing great potential for the year 2023.
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