Bitcoin Price Up Slightly To $23,500- How Long Will The Ranging Go On?

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Macroeconomic uncertainties are coming down heavily on the cryptocurrency market this week. Amidst this, Bitcoin is holding itself around the $23,300 to $23,500 range. This update has put investors in a tough spot and they are now bound to reassess how they want to proceed with Bitcoin.

The current week has been extremely important for the cryptocurrency market, as various economic data were scheduled to be released. Let us find out how these recently released data have affected Bitcoin’s journey or stand to influence it in the future.

Bitcoin’s Current Market Standing

Bitcoin is trading at about $23,300, at the time of writing this article. Over the last 24 hours, there has been a drop of more than 1.4% in its price. Its current market capitalisation has crossed $450.9 billion while its current circulating supply stands at 19.3 million BTC coins. The maximum supply is capped at 21 million BTC coins.

On Bitcoin’s 1 day chart, one can see that it fought with the resistance level at the $23,856 mark, and again at $23,752. It could not breach either of these levels and witnessed a bearish correction soon after. On the lower side, it formed strong support at $23,360 and hasn’t moved beyond this point. If the $23,300 support level gets weakened in the next few hours, then BTC’s price may drop another $1000.

The 24-hour high has been achieved at $23,856, while the 24-hour low has been around the $23,360 mark. From the lowest point, BTC’s price soared again to the $23,500 level where it stayed still for a good few hours before starting a downtrend again.

Bitcoin’s Behavior In The Last Month

Bitcoin’s one-month price graph will offer a more comprehensive view of its whole trend. At the beginning of last month, BTC’s price was around $23,820.4. The price struggled to keep still and was dropping gradually through the first week to well until the 15th of February 2023. Bitcoin did remarkably around the middle of the month.

The 16th of February was a turning point in its journey and it saw the coin saw a huge spike in its price. Its price rallied around the $24,900 mark with speculations of it crossing over $25,000. The coin did fairly well and formed a strong resistance around the $24,900 mark.

Despite the positive speculations, the fluctuations in the cryptocurrency market cut short BTC’s way to the top.

The 2022 bearish market and then the winter slump stirred the cryptocurrency market a lot. It was only during late January 2023 and the beginning of February that the market was starting to gain some much-needed momentum. However, all the progress was dampened when it was announced that the market may fall into the preview of tight scrutiny by the US Feds.

This caused uncertainty in the market and the investors started to feel uneasy. As a result, the top cryptocurrency Bitcoin started to become unstable amidst this pressure.

We have noticed some positive changes in the crypto market today. At the time of writing this article, the entire market stood over 1.10 trillion in US dollars. This resulted in around 2.1% growth in the last 24 hours.

Is Bitcoin A Good Investment Option in 2023?

Bitcoin is considered a top cryptocurrency, despite the instability the coin experiences from time to time. Its standing has been undisputed and will continue to be so in the future. Bitcoin with its market capitalization of over $450 billion has captured the majority of the crypto market. A new coin, even with greater potential could not just compete with Bitcoin’s massive holdings.

Over the last decade, Bitcoin has proved its worth as a long-term investment option. The coin cannot be overthrown by inflation as it is created to keep inflation in check by its scheduled mining halving events.

This has been designed this way to maintain its demand steady in the market and save it from sudden scarcity. This in turn helps it to regain its value from a long-term bearish movement.

As China’s manufacturing data was announced, things are looking good for the crypto market and by extension Bitcoin. The country’s manufacturing purchasing managers’ index marked the highest record in over a decade at 52.556, in February 2023. This marked an increase of 4.6% since January.

This high figure caused the value of the US dollar to drop and as a result, the cryptocurrency market saw some hike yesterday. China’s new manufacturing data has stabilised the global financial market a bit and looks like the dollar will continue to be on shaky grounds for a while. This is nothing but positive news for crypto enthusiasts.

Last Words on Bitcoin

Bitcoin’s current volatility rate is considered medium as it has a score of over 3.75%. In the last few days, the coin’s volatility rate was in the range of 3.5-4%. This indicates that the market may show signs of greater stability in the coming days.

The sentiment over the Bitcoin market has been consistently neutral in the last few days. As per experts, the sentiment is likely to be neutral moving on until BTC’s price breached the upper resistance level. Investors looking to invest in Bitcoin are advised to do thorough research from their end. The cryptocurrency market relies so much on macroeconomic factors. So, it is a good idea to keep an eye out for the release of important economic data.

If Bitcoin’s current price holds around the range of $23,300 then it may cause the sellers to sell out more. This may cause its price to drop again. However, if there comes a greater demand for the coin at the current price, it will drive the coin price further up.

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