Bitcoin has regained power and is now trading above the $23,000 barrier, following US Federal Reserve Chair Jerome Powell’s declaration on Tuesday that inflation is beginning to fall.
Another significant factor that has bolstered market confidence and helped bitcoin increase is the announcement that Digital Currency Group and Genesis have struck a preliminary agreement with their major creditors.
The market, however, responded favorably to the news and rose to a market value of $1.09 trillion. While Bitcoin has exceeded the $23,000 mark and is up 1.72 percent.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 22,978.09 |
Bitcoin Price Prediction
Bitcoin is currently worth $23,206, with a 24-hour trading volume of $26.9 billion. Within the past 24 hours, Bitcoin has gained by 1.13%. CoinMarketCap is now in first place with a $447 billion live market capitalization.
On the 4-hour timeframe, Bitcoin is currently encountering immediate resistance at the $23,325 level. Closing candles below this level may cause the price of BTC to fall as low as $22,750 or $22,350.
Technical indicators like the RSI and MACD are in a buying zone, which suggests that more buyers may come into the market if the price of bitcoin approaches the $23,700 level. The $22,750 level may provide support for the BTC/USD pair, with a break below it exposing BTC to the $22,400 level.
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