Bitcoin expectations and attempts to breach the $23,000 level | Arabic Bitcoin | Bitcoin news
Bitcoin expectations and attempts to breach the $23,000 level
Bitcoin Forecast and Bitcoin (BTC) Attempt could not stem their losses and are still trading in the red below $23,000 and $1,600 respectively.
Traders are hesitant to place any strong bids ahead of a critical week of economic developments in the US.
This week will see the release of non-farm payrolls and remarks by US Federal Reserve Chairman Jerome Powell, making it a defining moment for the market.
$BTC is on its way but not there yet. Ideally should drop a bit further before a beautiful buying opportunity arises when the blue indicator crosses the baseline. 85% success rate in the last 7 years. pic.twitter.com/zOAbBj0OLv
– Ayyad (@AyyadYnm) March 7, 2023
BTC struggled to rise above the $22,800 level, and if the bears succeed in pushing the price below its current level, the next support level would be $21,480.
The second largest cryptocurrency, Ethereum, also saw a lack of trading activity around the $1,500 mark, indicating indecision between buyers and sellers.
Bitcoin predictions and attempts to hack
As of now, the live bitcoin price is $22,465, with a 24-hour trading volume of $15.6 billion.
Over the past 24 hours, Bitcoin has seen an increase of 0.37%. With a live market cap of $433 billion, Bitcoin ranks first in CoinMarketCap’s ranking.
It has a circulating supply of 19,310,450 BTC coins and a maximum supply of 21,000,000 BTC coins.
According to technical analysis, the BTC/USD pair is currently in a consolidation phase and is trading in a narrow range between $22,000 and $22,500.
A breakout from this range, either to the upside or downside, can lead to a significant price movement in the bitcoin market.
In case the BTC/USD pair crosses the $22,500 level, it could lead to an upward breakout, which could push the bitcoin price towards the $22,800 or $23,250 levels.
On the contrary, if support levels are held around $22,000 or $21,750, it could lead to a recovery.