Bitcoin, the world’s largest cryptocurrency, has stopped falling and surpassed the $22,000 barrier. After falling earlier in the day, BTC increased by up to 3.2% to $22,323 during New York trade. The second-most expensive cryptocurrency, Ethereum, has also reclaimed the $1,500 level.
The total market value of all cryptocurrencies is $1.03 trillion, up 2.12% on the day, according to data from Coinmarketcap.
Following the publication of US Consumer Price Index (CPI) numbers for January, which revealed a less-than-expected fall in inflation, the price of cryptocurrencies increased. The easing of worries about bitcoin laws has also played a crucial role in bolstering the cryptocurrency sector. Because of this, long-term investors still retain BTC, as shown by the continuing price increases in Bitcoin.
Additionally, there is more activity on the network as a result of the growing acceptance of the Ordinals NFTs protocol, which facilitates the use of non-fungible tokens with Bitcoin.
Trading in Bitcoin, Ether, XRP, Bitcoin Cash, DOT, and ADA is now possible on the DBS crypto exchange, which is closed to retail traders. This discovery is thought to be yet another crucial element supporting high Bitcoin prices.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 22,800.94 |
Bitcoin Price Prediction
The current price of Bitcoin is $22,144, and there were $26,958,290,852 trades during the course of the day. Within the past 24 hours, Bitcoin has grown by almost 2%. It presently has a live market cap of $427,201,921,132 and is ranked #1 on CoinMarketCap.
Technically, Bitcoin is currently heading lower towards the next support level at $21,290 after breaching a key support level at $21,700. The 38.6% Fibonacci retracement level of $21,290 may act as resistance for the price if it continues to fall.
Yes, that is accurate. The $20,300 level of the 50% Fibonacci retracement would be the next support level to watch if Bitcoin is unable to hold the $21,290 support level. In order to prevent a further slump, this level is regarded as a vital support level for Bitcoin.
The price of Bitcoin can be affected by a variety of factors, including macroeconomic developments, changes in regulations, and investor attitude. Technical analysis is just one method for forecasting market moves.
A probable trend reversal might be indicated if the positive momentum increases and the price of bitcoin manages to close over the crucial resistance mark of $22,375. The next significant level of Bitcoin resistance may be at $24,260 in such a case.
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