Bitcoin Price Prediction for Today, March 4: BTC Price Risks Another Price Drop as It Faces Rejection at $22.5K

Bitcoin May Experience a Price Decrease as It Faces Rejection at $22.5K – March 4, 2023

Following the price fall on March 3, BTC/USD is struggling above the $22,000 support level as it faces rejection at $22.5K. The Bitcoin asset recovered after 48 hours of consolidation above the existing support. The price of Bitcoin has reached a high of $22,547 at the time of writing. BTC price will restart its bullish run if it breaks above the moving average lines or the resistance at the $23,000 high.

Bitcoin Price Statistics Data:
•Bitcoin price now – $22,458.60
•Bitcoin market cap – $433,615,804,126
•Bitcoin circulating supply – 19,308,631 BTC
•Bitcoin total supply – $471,615,268,468
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin (BTC) has experienced two price drops due to its inability to break through the $25,000 overhead resistance. The largest cryptocurrency fell to a low of $22,873 on February 24 after being rejected at a high of $25,227. As Bitcoin corrected upward, bulls bought the dips. The upward corrective was resisted on March 1 at a high of $24,009. This rejection caused the second price to drop to a low of $21,910. BTC’s price has recovered and is now trading above the $22,000 support level. The price of Bitcoin is soaring as it approaches the $23,000 peak.

According to the price indicator, BTC will most likely experience another price decrease. After a bearish trend, Bitcoin price corrected upward on February 25, and a candle body tested the 61.8% Fibonacci retracement line. According to the correction, BTC will fall even further, maybe to the 1.618 Fibonacci extension, or $21,276.20. Bitcoin is currently in a bearish trend zone, with the Relative Strength Index at level 44 for period 14.

Fiat Wins the Battle Against Cryptocurrency, but the Bitcoin Community Disagrees

According to BIS general manager Agustin Carstens, money has prevailed over cryptocurrency in this battle. The Bitcoin community is split on this. The bank for international settlements (BIS) has long been wary of cryptocurrencies like Bitcoin (BTC). Yet, BIS claims that the “battle has been won” between fiat and cryptocurrencies and that caution is no longer necessary. According to Carstens, Bitcoin is pronounced “dead, dead, and dead again” after losing the “fight” for currency. The bear markets of 2022 and 2023 won’t be any different, and proponents of Bitcoin have used this to their advantage by having financial experts dance on a fake grave for the decentralized currency on Twitter. Despite this, Bitcoin has increased by more than 40% since its 2022 lows and the Lightning Network is widely used. The neighborhood is also getting increasingly vocal at the same time.

Meanwhile, the price of BTC is trading above $22,000 support as it faces rejection at $22.5K. Yet, the upward reversal is encountering resistance from the high of $22,500. All indications point to a resumption of selling pressure if the BTC price fails to surpass the most recent high. Doji candlesticks, which are tiny, unresolved candlesticks, are another indicator of price action. Prices change as a result of these candlesticks, although Bitcoin only trades very little.

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