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Bitcoin Is in a Narrow Range as It Holds in the Interim below $28K – March 25, 2023
BTC/USD has been consolidating near the $29,000 resistance level for the past week but holds in the interim below $28K. The price has been unable to keep moving over the $29,000 resistance level due to a lack of buyers. Sellers have demonstrated consistent opposition at the most recent high. For the previous week, the price of Bitcoin has been varying within a narrow band between $26,500 and $28,000. The Bitcoin asset runs the risk of dropping below the $25,000 support.
Bitcoin Price Statistics Data:
•Bitcoin price now – $27,544.91
•Bitcoin market cap – $532,601,744,496
•Bitcoin circulating supply – 19,328,412 BTC
•Bitcoin total supply –$578,611,947,841
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Following the tight concentration near the most recent high, Bitcoin runs the risk of sliding to the downside. The current limited range of the cryptocurrency asset’s price has been set at $26,500 to $28,000. Currently, Bitcoin’s price is falling as it moves back toward its more affordable range. The selling pressure will increase to the low above the $25,000 support on the downside if bears breach below the present support. The slide will resume if the Bitcoin price breaks through the $25,000 support level. On the other side, if it continues to trade above $26,500, Bitcoin will begin to climb once more. The goal of investors is to raise the price of Bitcoin to its previous highs of $28,000 and $29,000. Bitcoin is currently limited to a narrow range. The largest cryptocurrency is at level 63 on the Relative Strength Index for period 14, which is in the bullish trend zone.
The Banking Crisis Increase in Bitcoin “Will Draw Additional Institutions”: Cathie Wood of Ark
Bitcoin “behaved in a radically different way” than the equity market in response to the current banking crisis, which impressed Cathie Wood. The present banking crisis has highlighted the value proposition of Bitcoin, which, in the long run, according to ARK Invest CEO Cathie Wood, will only “draw more institutions” to the BTC market. In an interview with Bloomberg on March 21, Wood discussed BTC’s recent price increase and said its pricing behavior throughout the crisis “is likely to attract more institutions.” She continued, “It was pretty educational that Bitcoin reacted so differently from the equity markets, in particular.
Bitcoin is attempting to rise once more as it holds in the interim below $28K. The current fall has gotten close to the oversold level by the time buyers start to turn up. A price rebound above $27,000, on the other hand, will rocket Bitcoin above the previous high of $28,000 and take Bitcoin higher, smashing the resistance at $29,000. The positive trend will continue till the psychological price threshold of $30,000.
Alternatives to Bitcoin
Bitcoin increases once more over the $27,000 level after falling for the previous 48 hours. Buyers are in control as they push Bitcoin to its previous high. The largest cryptocurrency will resume its upward trend if purchasers are successful in breaking over the price barriers at $28,000 and $29,000. Several cryptocurrencies and tokens are regaining after a brief fall from the high. If the bull market continues, investors can benefit from the new LHINU tokens, which have investible value. To guarantee that the community owns the majority of the tokens, 90% of the LHINU supply will be sold during a presale. 10% is set aside for community awards, listing costs, and liquidity. If you want to be a part of a group that values your viewpoint and compensates you for it, join the Love Hate Inu movement right away. In the interim, the presale has nearly $2 million.
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