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Bitcoin Is in a Tight Range as It Surpasses the $28K High – March 21, 2023
BTC/USD is progressively breaking through a barrier level as it surpasses the $28K high. The upward movement is resisted in the resistance zone. If Bitcoin overcomes the $28,000 barrier level, it will eventually approach the important resistance levels between $30,000 and $32,000. At the moment, Bitcoin is trading in an overbought region of the market.
Bitcoin Price Statistics Data:
•Bitcoin price now – $28,119.45
•Bitcoin market cap – $543,182,327,218
•Bitcoin circulating supply – 19,324,293 BTC
•Bitcoin total supply – $590,284,408,935
•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 been fluctuating as it surpasses the $28,000 obstacle. On March 19, BTC’s price surged to a high of $28,460 before tumbling under $27,000.Similar bullish momentum were seen at the resistance level, but they were rejected. Bitcoin is currently declining after reaching a high of $28,257. In a nutshell, for the last three days, the price of one Bitcoin has been ranging between $27,200 and $28,500 price levels. When the range-bound levels are broken, the largest cryptocurrency will trend. Positively, Bitcoin will reach a high of $30,000 if the bulls are successful in overcoming the barrier at the $28,500 high. Because Bitcoin is currently overbought, the bullish momentum has slowed down. The Relative Strength Index for period 14 indicates that the coin is at level 71.
Bitcoin Exceeds $28,000 Due to Bank Instability
Bitcoin has surged to levels above $28,000, up 16% in price from the previous week. According to reports, the price of Bitcoin (BTC) rose on March 19 to break the $28,000 barrier, representing a 16% increase in value over the previous seven days. The top cryptocurrency at the time of writing was trading at $28,063, up 2.4% over the previous 24 hours. Before trading at $26,877 at the day’s low, the price reached $28,459 at its day’s highest point. Compared to the US dollar, Bitcoin has increased by almost 37% this week overall. With mounting concerns about a worldwide banking crisis, Bitcoin’s market capitalization increased by $194 billion in 2023, or 66% year-to-date, outpacing Wall Street bank equities. Compared to the S&P 500’s 2.5% gain and the Nasdaq’s 15% fall in 2023, bitcoin has increased by roughly 65% so far this year.
Bitcoin has now cleared the current barrier as it surpasses the $28K high. A Doji candlestick with a small body and erratic candlestick pattern has dominated the price movement. The candlesticks indicate that both buyers and sellers are uncertain of the direction of the market. Bitcoin’s price is currently constrained to a range between $27,200 and $28,500.
Bitcoin Alternatives
The biggest cryptocurrency is still moving in the right direction while hardly moving within a limited range. This current restriction could result in a price recovery that propels Bitcoin to a peak of $30,000. Similar rallies are seen in other cryptocurrencies and tokens. Love Hate Inu (LHINU) tokens are another cryptocurrency that investors may utilize and are actively moving forward. You can make money by voting. By staking LHINU tokens, users can participate in the most recent polls and receive tokens for their votes. The community will eventually determine which polls it wants to generate. More than $1.5 million has been raised thus far.
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