The largest cryptocurrency in the world, Bitcoin (BTC), has somewhat recouped its losses and begun to gather some momentum around the $23,500 mark as the cryptocurrency market picks up steam following ongoing industry development. At the moment, the prices of Bitcoin and Ethereum are $23,516.89 and $1,649.09, respectively.
Yet, recent developments in the cryptocurrency sector may be to blame for the steady rebound of Bitcoin’s price. Significantly, the Australian central bank has stated that it is open to look into whether or not the nation should adopt Central Bank Digital Currencies (CBDCs). The plans of other Commonwealth countries for the CBDC may be significantly impacted by this action.
Additionally, France is taking steps to become the European Union’s leader in cryptocurrency legislation. China, meantime, is shown significant support for Hong Kong’s efforts to legitimize digital assets and its new cryptocurrency rules. These initiatives are considered important advancements that have contributed to reducing losses in the cryptocurrency markets.
Investors may be let down in the coming weeks by the prospect of additional interest rate increases and increased regulatory scrutiny of the bitcoin industry. There is yet another important factor that prevents BTC values from increasing further.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 23,429.01 |
Bitcoin Price Prediction
A 24-hour trading volume of $22.8 billion and the current price of Bitcoin are both at $23,450. The price of Bitcoin has dropped by 1.29% over the past 24 hours. With a $452 billion live market cap, it is presently ranked first on CoinMarketCap. 19,305,818 of the 21,000,000 BTC units that make up the cryptocurrency are now in use.
The technical picture for the BTC/USD pair hasn’t moved much because Bitcoin is still consolidating below the $23,750 resistance level while holding onto its immediate support level of $22,800. The $22,150 price point may provide support for Bitcoin if it drops below this level.
The BTC/USD pair may recover despite being in the oversold area, which could lead to the price breaking through the $23,750 resistance mark and rising to $24,250.
The BTC/USD pair’s immediate support level is currently at $22,800; if this level is broken, Bitcoin may be exposed to the next support level at $22,150.
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