BTC Price Is in a Range as It Pauses Above $23K Support

Bitcoin Remains in a Horizontal Trend as It Pauses Above $23K Support – February 3, 2023

The Bitcoin (BTC) cryptocurrency asset’s value remains horizontal as it pauses above $23K support. The cryptocurrency still needs to overcome a sizable challenge before its upward momentum can resume. The $24,000 resistance level represents the obstacle. Buyers have worked hard to maintain the price at the most recent high.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,402.47
•Bitcoin market cap – $451,216,216,261
•Bitcoin circulating supply – 19,280,893 BTC
•Bitcoin total supply – $491,422,352,635
•Bitcoin Coinmarketcap ranking – # 1

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

The largest cryptocurrency asset has been moving in a range above the $23,000 support since January 21. Buyers want to keep the price of Bitcoin above the previous high of $24,000. BTC’s price rose to a high of $24,258 in their most recent attempt on February 2 but was rejected. Buyers held the price twice above the $24,000 support until it faced selling pressure at the most recent high. The decline resulted from buyers’ inability to maintain the bullish momentum above the $24,000 high. As of right now, Bitcoin is trading in a narrow range between $22,500 and $24,000. When buyers gain bullish momentum above the $24,000 high, Bitcoin will rise to its prior high of $25,212. The market will drop to the previous low above the $21,000 support if Bitcoin loses $22,500 support, which is the opposite of what will happen.

Bitcoin Boosts the Nasdaq’s Performance in January as the NCI Index Increases by 38%

The Nasdaq Crypto Index saw its third-highest monthly gain in January thanks to the bullish rise of Bitcoin and other altcoins. With a 38% increase, Bitcoin’s bullish surge in January helped the Nasdaq Crypto Index post its third-highest monthly gain. Despite widespread bearish market expectations, the cryptocurrency market began the year strongly bullish. As inflation decreased, Bitcoin and several other altcoins reached new multi-month highs. Since it began in February 2021, the Nasdaq Crypto Index (NCI) registered its third-largest monthly gain.

The Nasdaq stock exchange and Brazilian asset manager Hashdex collaborated to launch the crypto asset index. The index includes eight cryptocurrencies, including Stellar (XLM), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), and Bitcoin (BTC). The index’s weighting is dominated by BTC (69.8%), followed by ETH (27.08%). The weight of alternative cryptocurrencies is under 1%. As a result, the index also reflects the subsequent rise of BTC and ETH, which have increased by over 35% over the past month. The percentage of stocks invested in a specific digital asset is referred to as the index weight.

Bitcoin is currently trading in a sideways trend as it pauses above $23K support. The cryptocurrency asset has declined in the shorter timeframe, falling below the 21-day line SMA but rising above the 50-day line SMA. The implication is that while Bitcoin tries to resume an uptrend, it will be forced to move in a range for a few days.

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