Bitcoin and Ethereum continued to under pressure because they were unable to stop their downward trend. As a result of investors choosing safer investment options in the face of escalating macroeconomic uncertainty, BTC is currently trading around the $23,500 mark.
Nevertheless, a string of strong US data that showed a growing US economy and decreased the need for government support in the form of low interest rates led to a dramatic dip in the value of Bitcoin.
Investors and traders became concerned about the possibility of interest rate increases and inflation as a result.
The price of Bitcoin is currently declining, with a potential decline to $22,800 as a result of its inability to overcome the crucial $23,750 resistance level. Ethereum’s value has dropped by 0.99% over the past 24 hours as well.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 23,315.64 |
Bitcoin Price Prediction
The price of Bitcoin as of right now is $23,435 and its 24-hour trading volume is $22.2 billion. Throughout the past 24 hours, Bitcoin has decreased by 0.30%. CoinMarketCap is now in first place with a $452 billion live market capitalization. 19,303,806 BTC coins are now in circulation, with a maximum supply of 21,000,000 BTC coins.
The technical picture for the BTC/USD pair is mostly unaltered because BTC is still consolidated below the $23,750 resistance level and is still holding onto the $22,800 immediate support level. If the price falls below this mark, support for Bitcoin can be found at $22,150.
But, given that the BTC/USD pair is oversold, there is a chance for a rebound, which can push the price above the resistance level of $23,750 to $24,250.
The immediate support level for the BTC/USD pair is $22,800; if it is breached, the price of BTC may be exposed to the next support area at $22,150.
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