Bitcoin Price Prediction for Today, February 8: BTC Price Rises To Hit $23.4K After a Recent Downturn

Bitcoin Recovers above Existing Support as BTC Price Rises To Hit $23.4K – February 8, 2023

Bitcoin’s price is regaining ground as BTC price rises to hit $23.4K. BTC/USD fell to a low of $22,620 on February 6 as investors purchased the dips. If bears had broken below the 21-day line SMA, the negative trend might have continued. At the time of writing, the price of one Bitcoin is $23,218.00.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,218.82
•Bitcoin market cap – $447,716,375,906
•Bitcoin circulating supply – 19,284,550 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

Following the price decline on February 6, buyers were able to hold above the $22,800 support and end the negative run. The two important support levels of $22,800 and $22,400 are anticipated to be held by buyers. Since January 21 and 30, the bulls have been protecting the present support levels. The biggest cryptocurrency would drop below its last bottom at $21,200 if the bears burst below the crucial support levels. But as long as Bitcoin maintains its position above key support levels, the cryptocurrency is likely to continue moving upward.

Yesterday, the price of BTC surged to a high of $23,350 before being stopped. The latest high is currently providing resistance to the BTC price. Buyers will lift Bitcoin above the $24,000 support on the upside if it recovers. Additionally, a rebound to $25,212 is anticipated if the bullish momentum is maintained above the $24,000 support. The Relative Strength Index for period 14 shows that Bitcoin is above level 63 and in the uptrend zone.

Microstrategy Incurs a $1.3 Billion Paper Loss Despite Its Refusal To Stop Trading Bitcoin

The business reported a $34 million loss on its first-ever Bitcoin sale last quarter but said it did so to generate a tax loss. Despite having a paper loss on its Bitcoin (BTC) assets of over $1 billion in 2022, software analytics company MicroStrategy says it has no intentions to quit trading the virtual currency. On February 2, MicroStrategy disclosed its Q4 and year-end financial results for 2022, revealing that the reported impairment charges on its BTC holdings, net of gains on sale, were close to $1.3 billion for the entire 2022 financial year. Despite the apparent losses, MicroStrategy’s chief financial officer, Andrew Kang, stated on a call to discuss the company’s earnings on February 2 that the company “may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or other market dislocations, that are consistent with our long-term Bitcoin strategy.”

Bitcoin soars to its most recent high as BTC price rises to hit $23.4K.The BTC price has dropped between the moving average lines on a shorter time scale. If the cryptocurrency asset becomes trapped between the moving average lines, it will be forced to move in a range. If the price drops below the moving average lines, selling pressure will pick up again.

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