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Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?

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Bitcoin remains in a range as much of the crypto market continues to trade in the red. The number one cryptocurrency has made some gains on the lower timeframes, but the general sentiment in the market is still pointing to uncertainty.

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At the time of writing, BTC price is trading at $20,800 with a 4% gain in the last 24 hours and an 8% loss in the last week.

BTC price is moving sideways on the 4-hour chart. Source: BTCUSD Trading Review
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On lower timeframes, Material Indicators data captures an increase in BTC buy orders at a price of around $18,000. Bid orders worth over $49 million. This is the most important support area for the cryptocurrency, at least in the short term, along with $20,000 due to its psychological importance in the market.

Between $18,000 and current levels, Bitcoin has several bids that could prevent another bear attack. Significant indicators, as shown below, show more than $15 million in order orders at these levels.

The price of BTC (blue line on the chart) with over $60 million in order orders is below its current levels. Source: Significant figures.

If the price moves up, there is some liquidity around $22,000 with roughly $8 million in orders just for this level. Below are additional orders that may indicate that the price of BTC will remain in a range and is currently in a consolidation phase.

A break above $22,000 or $24,000 could signal a continuation of the bullish move as there are important lower time frame sell orders at these levels.

Despite BTC price consolidating around $20,000 and reacting to the downward pressure experienced last week, most inventors are bearish. Analyst Mikael van de Poppe believes that BTC could hit the $23,000 mark in the coming weeks if the cryptocurrency can hold its current levels.

In this regard, the analyst added:

The general consensus is that we will go much lower and people keep spreading the idea as they have heard from strangers on the internet. Just like they heard from strangers on the internet that they should buy crypto when 2021 peaked. Standard.

The Birth of New Bitcoin Whales

On the other hand, CryptoQuant CEO Ki-Yong Joo argues that “most cyclical indicators say that the bottom” can affect the price of BTC. After several months of a downtrend, the cryptocurrency has entered oversold territory and may see some relief from macro factors contributing to selling pressure.

Young Ju said:

However, I’m not sure how long it will take to consolidate in this range. Going big short here doesn’t sound like a good idea, unless you think $BTC is going to zero.

| Low Bitcoin Prices Spark Inflows, But Investor Sentiment Remains Weak

Additional data provided by the CEO of CryptoQuant records an increase in BTC outflows from centralized exchanges. While inflows remain high, this suggests that new BTC whales may be buying on dips and accumulating around those levels.

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