Bitcoin Price Prediction for Today, March 16: BTC Price Overcomes the Current Barrier by Reaching $26K

Bitcoin Surpasses the $25K Barrier by Reaching $26K – March 16, 2023

BTC/USD is rising as it overcomes the current barrier by reaching $26K. Bitcoin’s price climbed considerably on March 14 and peaked at $26,529 at that time. The current Bitcoin spike has been roundly rejected when it fell below the $25,000 threshold. BTC’s price has risen and is now trying a fresh strategy to retake the $25,000 high.

Bitcoin Price Statistics Data:
•Bitcoin price now – $25,737.14
•Bitcoin market cap – $497,683,831,405
•Bitcoin circulating supply – 19,319,593 BTC
•Bitcoin total supply – $540,972,082,565
•Bitcoin Coinmarketcap ranking – # 1

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

The price of Bitcoin (BTC) has attempted three times in three days to regain the $25,000 overhead resistance. Bulls overcame resistance on March 14 and surged to a high of $26,529 at that time. Buyers, regrettably, failed to keep up the bullish momentum over the overhead barrier. Above the resistance level, there was intense selling pressure, which caused Bitcoin to decline. The cryptocurrency has been bouncing below the resistance level to reclaim it since March 14.

Yet, a breakout will happen to start a new bullish run if the price of Bitcoin drops again below the barrier level. On the upside, a price rise might pass through the resistance of $25,000 and 26,529. The bullish trend will continue to the $30,000 and $32,000 highs. On the other hand, the current uptrend can come to an end if the BTC price declines and violates the moving average line or the $23,000 support.

Bitcoin Price Surpasses $26,000 as US Inflation Reaches 6%

In February 2023, Bitcoin surpasses $26,000 as the U.S. Consumer Price Index grows by 0.4%. As soon as the newest Consumer Price Index (CPI) numbers for February 2023 were made public by the US Department of Labor, the price of Bitcoin (BTC) shot up sharply above $26,000. The government reported that the seasonally adjusted CPI grew 0.4% last month and that the all-items index, which measures inflation, had increased by 6% in the past year.

According to the Labor Department, inflation increased by the least amount over 12 months since the year ending in September 2021. Consumer expenditure on things like food, housing, transportation, clothing, health care, and recreation is reflected in the CPI. It’s used to measure economic performance, set monetary policy, and adjust salaries, benefits, and social security payments for inflation. According to a statement from the U.S. Labor Department, the shelter index contributed the most to the monthly increase in all goods, making up 70% of the CPI increase in February 2023. Food, amusement, home furnishings, and operational indices all contributed.

Buyers are attempting to maintain the price above the resistance as they overcome the current barrier by reaching $26K. If the upward momentum is sustained above the $25,000 level, the market will rise above the previous high of $26,000 and reach the psychological price level of $30,000. The price of Bitcoin is currently trading in the overbought area of the market. The sellers in the overbought area can have an impact on the price movement.

Alternatives to Bitcoin

The largest cryptocurrency has surpassed the $25k barrier and is now at a new high. As other cryptocurrencies and tokens reach their forthcoming levels of resistance, this has had a positive impact. But, investors can use the new Love Hate Inu token (LHINU). This coin is for voting on the Love Hate Inu platform. Voters receive LHINU coins in return for their votes, which aid in the production of fresh memes. A meme token called Love Hate Inu has practical applications in a blockchain-based voting system. Voting on important issues can be done on a safe and open platform. Voting can be staked. The voting process is both verifiable and anonymous thanks to a staking mechanism protected by smart contracts that thwarts spam and manipulation. Around $1 million has been raised so far.