Bitcoin has been unable to break its losing streak and is set to conclude the week on a bearish note as investors avoid riskier investments in the face of mounting macroeconomic uncertainty worsened by higher-than-expected inflation data.
Following the release of the Personal Consumption Expenditures (PCE) statistics, which showed a larger-than-anticipated price increase from the previous month, the considerable losses are the result of this.
Also, $1.8 billion worth of Bitcoin option contracts are set to expire today, which might cause volatility in the short-term price movement of BTC.
Bitcoin’s price is currently $23,070.20, and its 24-hour trading volume was $25,828,731,350. The price of Bitcoin has dropped by 3.57% in the last day.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 23,041.26 |
Bitcoin Price Prediction
Bitcoin’s current price is $23,150, having fallen from $23,400. Technically, Bitcoin is anticipated to find immediate support around the $22,700 level; if it drops below this level, however, the price of BTC may be exposed to the $22,400 level.
A breakout above $23,400 might propel the price of Bitcoin into $24,100 or $24,600, which would be bullish.
The $23,000 to $23,400 area needs to be constantly watched, although the RSI and MACD indicators are still in the selling zone. If the price closes above this range, there may be opportunities for purchases.
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