Bitcoin Price Prediction for Today, February 12: BTC Price Rebounds Above $21.7K

Bitcoin Holds Above Current Support Level As BTC Price Rebounds Above $21.7K – Feb 12, 2023

BTC/USD is hovering above the current support level as BTC price is bouncing above $21.7K. The crypto asset has fallen further from its initial loss on February 9 to $21,454, yet the bulls continue to buy the dips. The underlying message is that the bitcoin price has fallen into a downtrend area and it could continue lower.

Bitcoin price statistics data:
• Bitcoin price now – $21,800.32
• Bitcoin market value – $420,501,653,065
• Bitcoin circulating supply – 19,288,312 BTC
• Total Bitcoin Supply – $457,805,531,870
• Bitcoin Coinmarketcap Ranking – No. 1

resistance levels: $50,000, $55,000, $60,000
Support levels: $25,000, $20,000, $15,000

Since the price crash on February 10, bitcoin has held above the $21,700 support level, halting the recent decline. With the cryptocurrency dropping to a low of $21,454, the sellers tried to bring back the selling pressure over the previous three days but were unsuccessful. Bitcoin’s current price peak saw a bullish reversal, but resistance was met near the $22,000 high. If the largest cryptocurrency recovers above the current support, it will return above $23,000. The uptrend will continue until the $24,000 high. However, if buyers are unable to sustain the price above $22,000, selling pressure may return. If the current support level is breached, Bitcoin will drop to $20,800 or $20,400. Bitcoin is currently trading at the RSI level of 47 for the period 14.

El Salvador’s “limited” use of bitcoin reduces the potential risks

The International Monetary Fund claims that El Salvador’s “limited” use of bitcoin reduces the risk potential. The international financial watchdog has warned El Salvador of increased government exposure to bitcoin due to the “speculative nature” of the cryptocurrency markets. After an IMF team visited El Salvador last week, the IMF stressed in a statement on February 10 that the risks associated with bitcoin have not yet been “realized” due to its “limited” use so far. According to the International Monetary Fund, El Salvador’s government Bitcoin transactions and the “financial condition” of the government’s state-owned Bitcoin wallet, Chivo Wallet, “require further transparency.”

Meanwhile, Bitcoin is confined to a narrow range as BTC price rebounds above $21.7K. BTC price ranges between $21,400 and $22,000. In other words, trading takes place inside or outside the range of moving averages. Bitcoin price is above the 50-day simple moving average but below the 21-day simple moving average. If the price falls below the 50-day SMA line, the Bitcoin asset will start falling again. In cases where the moving average lines are still intact, Bitcoin may be range bound.

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However, the selling pressure has diminished as long as bitcoin remains above the $21,700 support. Although they resumed their bullish run, the major cryptocurrencies maintained their support level. As the decline slows down, cryptocurrencies and MEMAG tokens could rally again. Do you want to upgrade your gaming experience? If you have MEMAG tokens, you can access premium in-game content, get monthly rewards, and do a lot more. hurry! Take advantage of the pre-sale and buy MEMAG right away. Total sales have already increased by nearly $4 million.

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