Bitcoin Price Prediction for Today, February 5: BTC Price Holds above $23K for a Potential Upswing

Bitcoin Stabilizes Above Current Support for a Potential Upswing – February 5, 2023

The price of Bitcoin (BTC) is currently trading as it holds above $23K for a potential upswing. As buyers gather themselves for a potential continuation of the upswing, BTC price has been stabilizing above the existing support for the past three days. However, the Doji candlesticks may cause the rise to be delayed.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,407.99
•Bitcoin market cap – $451,361,249,113
•Bitcoin circulating supply – 19,282,025 BTC
•Bitcoin total supply – $491,600,381,739
•Bitcoin Coinmarketcap ranking – # 1

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

On January 2, the largest cryptocurrency crossed the $23,000 support and began consolidating once more above it. Prior to now, buyers drove Bitcoin to a high of $24,240, but they were unable to maintain the bullish momentum over the resistance level. If buyers succeed in breaking through the current resistance level, the next resistance level will be the high of $25,212. However, if Bitcoin loses its present support level, the cryptocurrency might also fall. In other words, if the Bitcoin price falls below the 21-day line SMA, it will return to its prior bottom above the 50-day line SMA. Bitcoin will first go below the support level of $21,000 to its prior low on the downside. The cryptocurrency asset is currently at level 68 of the 14-period Relative Strength Index.

Bitcoin Mining Revenue Increases by 50% In One Month to $23 Million

Bitcoin is well-positioned for a long recovery, but revenue from the mining industry increased by 50% in US dollars. The year-long struggle for survival of the connected mining ecosystems has begun to pay off as Bitcoin demonstrates a tiny bull run. The Bitcoin mining community saw a 50% rise in revenue from mining awards and transaction fees in the first month of 2023. Bitcoin mining revenue fell to $13.6 million on December 28, 2022, for the first time since October 2020. This, combined with increased energy prices during geopolitical tensions, put an enormous financial strain on mining enterprises, causing some to close. Bitcoin mining revenue increased from $15.3 million on January 1 to roughly $23 million in 30 days.

Meanwhile, Bitcoin is stabilizing above the $23,000 support for a potential upswing. If it maintains above the present support or above the 21-day line SMA, the cryptocurrency asset will restart. The cryptocurrency is currently fluctuating between the $23,000 and $24,000 price levels, where it was previously range-bound. Bitcoin has slipped between the moving average lines in the shorter time period, indicating a potential range-bound move for a few days.

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