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Bitcoin currently appears to be heading towards $23K, after breaking above the $24K level once on Thursday. Reports from experienced traders suggest that if Bitcoin fails to hold the $23k level, it may head towards a near bottom. How true is this? Let’s find out.
Bitcoin returns to $23k after $25k is nowhere in sight
The cryptocurrency market has recently seen mixed trading reactions following Federal Reserve Chairman Jerome Powell’s announcement that inflation is starting to ease and the Fed’s 0.25% increase in interest rates.
While Bitcoin saw a decline of 0.82% to $23,450, Ethereum crossed the $1,600 mark. With a 24-hour trading volume of $20.58 billion, close to where it was yesterday, Bitcoin continues to perform well.
Recently, Bitcoin has surpassed even the most optimistic price predictions and reached new heights. After testing the $22,500 support on February 1st, it rose by 6.5% in just five hours and hovered around the $24,000 level before retreating below the price level. It is worth noting that the 40-day correlation between Bitcoin and the S&P 500 is still above 75%.
On the other hand, Ethereum has been hovering around the $1680 resistance level for more than two weeks now. Despite the uncertainty in the market, the optimistic trend in the Ethereum price chart and bullish investor expectations towards ETH derivatives lead to the possibility of Ethereum price reaching $1800 or even beyond it by the end of next month.
Market sentiment shares a bearish outlook for Bitcoin
Bitcoin price is steadily heading above the $23,000 level, reversing the coin’s bullish trend in recent weeks. The current trend is largely driven by the US Federal Reserve’s recent adoption of a dovish monetary policy stance. However, not all investors agree with this bullish trend, as many expect a decline in the price of digital assets.
Coinmarketcap price estimates provide insight into investor sentiment, and the latest round of forecasts shows bearish expectations for Bitcoin. This feature on the platform allows individual users to submit their own price predictions and give an estimate of all predictions. The median estimate for February came in at $20,000, down 14.69% from the current price. If this prediction proves accurate, it could lead to a significant drop in Bitcoin.
The downtrend only extends beyond February, and investors are anticipating a decline in prices for the next five months. The median estimate for March came in at $19,500. Of the 34,000 votes collected, the median estimate was $20,203.57, while the median was much worse at $19,659.
It is important to note that while price estimates are a useful tool for gauging investor sentiment, they are not a guarantee of future price movements. Market sentiment and investor sentiment are two separate things, and market conditions can change quickly, resulting in fluctuations in prices.
While bitcoin price continues to trend above $23,000, many investors are anticipating a price drop. However, the cryptocurrency market is notoriously volatile, and any number of factors could influence the price in the coming months. Investors should utilize their personal research on the token before making any investment decisions.
Technical analysis says otherwise
There has been an ongoing debate recently about whether Bitcoin’s current upward trend is sustainable. Despite this, the digital currency is still showing signs that its price may continue to rise. For example, it is trading well above the major moving averages.
Additionally, Bitcoin has now established support just above the $23,000 level, which indicates that the bulls are still in control. Despite not reaching the $24,000 mark, the cryptocurrency still has enough momentum to retest this level. With a volume of more than $21 billion in the past 24 hours, as long as the support remains above $23,000, the probability of a major decline is low.
Currently, Bitcoin is trading at around $23,470 and has seen a decrease of 0.02% in the past 24 hours, but an increase of 2.08% over the past seven days. Recently, it fell for the third day in a row after hitting a high of $24,262, the highest level since August last year.
According to the 14-day RSI, the recent decline of Bitcoin has placed the index at 68.41, slightly above the 68.00 support level that it held yesterday. If this floor does not hold, it could lead to a continuation of the downside move and push the price below $23,000.
As discussed in the analysis last month, the sideways movement of bitcoin was predicted after its sharp rally in January, which is exactly what was observed this week between $21,800 and $23,800. A possible break above the $23,800 resistance could usher in a positive week for traders, with the next resistance at $25,400. With so many failed attempts to break this resistance, the chances of a successful breakout have increased.
No more excuses for a healthy lifestyle with fighting
Investors looking for a promising new cryptocurrency in the growing “move to profit” (M2E) space may want to take a look at Fight Out. This unique project aims to stimulate fitness and weight loss through an app. Once downloaded, users will be able to create a profile and receive customized workouts from top trainers, complete with HD videos demonstrating each exercise.
When a workout is finished, the app will track the user’s progress and reward them with REPS, FightOut’s off-chain currency. REPS can be used to purchase items in the Fight Out shop, such as supplements and clothing. In addition, Fight Out has its own ERC-20 token, FGHT, which can be used to purchase more REPS and has exciting future plans, including serving as a transactional currency for the Fight Out Metaverse.
Fight Out is currently undergoing a pre-sale of FGHT tokens, which are currently priced at $0.01949 and come with up to 50% bonuses based on investment amount and maturity period.
Fight Out sets itself apart from other M2E projects like STEPN, because it offers a more comprehensive approach to fitness tracking and rewarding without any expensive NFT purchases. Fight Out, scheduled for release in the second quarter of 2023, will leverage smartphone and wearable technology to monitor physical performance and bring out its own internal token economy.
The FGHT token pre-sale has already raised $3.88 million and is expected to be listed on centralized exchanges in April at $0.033 per token. This could lead to a potential paper gain of about 100% for early investors. With Fight Out’s ambitious goals of creating an integrated fitness experience on Web 3 and acquiring gyms across major cities in the world, this could be a smart investment opportunity.
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