Bitcoin Price Below $22,000 – Consolidation Before Drive Higher? –

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BTC is currently priced around $21,900 with a 24-hour trading volume of $15.3 billion. With the #1 ranking, a market capitalization of $420.7 billion, 19.3 million coins in circulation, and a maximum supply of 21 million BTC coins, it has increased by 0.45% during the last 24 hours. On Saturday, bitcoin broke an important support level near $21,875 – increasing the chances of a downside move in BTC. If there is a bullish break above this level, the next resistance range of $22,300 to $22,850 could be reached.

The decline could extend towards the $21,200 level, however, if it fails to break below the $21,750 mark. If it breaks this level, BTC price could decline towards its nearest support at $20,600.

bitcoin fundamentals outlook

Despite concerns among some crypto traders about a potential regulatory surprise, a group of prominent investors seem unconcerned. A crisis could develop if no US lender steps forward to help after crypto exchange Binance temporarily suspended US dollar withdrawals and deposits.

The issue may become more clear next week, but the latest $30 million settlement between Kraken and the US SEC has resulted in a sharp drop in market prices. Following the settlement, Coinbase CEO Brian Armstrong warned that the SEC would eventually ban cryptocurrency staking altogether. In light of this, recent comments from SEC chief Gary Gensler imply that crypto businesses will be required to provide comprehensive disclosures, supporting the possibility of future enforcement of such measures.

Furthermore, Gensler claims that the only option for crypto enterprises to continue operating is to comply with US regulations, which require full and truthful disclosure.

technical analysis of bitcoin

After the market crash of May 2022, the price of bitcoin began to rise within a symmetrical pennant, falling in November as a result of the FTX failure. The current uptrend, which started in early 2023, has helped the price restore its position inside the pennant.

BTC price is currently being rejected by the higher resistance of the triangle and may soon continue its move towards the lower supports before consolidating once again until it reaches the edge of the pennant. Breaking the key $30,000 barrier before the end of Q2 2023, bitcoin price could break above its top and move above the imminent resistance at $25,347.

The entire amount of BTC tokens stored in wallets on all exchanges is supplied on the exchanges. These levels reflect how market participants are feeling and whether they want to sell or hold the asset for the long term. Given that market participants often hoard their assets and transfer them to their wallets, supply reduction on the platform is generally positive.

Sadly, after nearing its lowest point in December 2022 the inventory in the markets has increased dramatically. Hence, it suggests that investors accumulated when the markets were at their bottom and are now getting ready to take advantage of rising prices. To extract profit.

How whales are changing the bitcoin landscape

Whales are huge investors who own a large portion of a specific asset as well as have the power to dramatically affect the market. The actions of whales on the cryptocurrency market can also significantly affect the value of top altcoins other than bitcoin.

Recent evidence and statistics point to the possibility that whale activity in the market may be the reason for the current increase in trading volume. Scrutiny of their actions provides signals about the trend of the market, which can assist investors in making sound decisions.

Bitcoin whales, who hold over $1 million in BTC, bought more at current prices when the price dropped. According to on-chain data, this buying rush was especially intense following the FTX crash in November 2022.

The activity of these whales suggests that the adverse reaction to Kraken’s decision to stop offering crypto staking features will be transient and gives them an opportunity to buy a substantial amount of BTC below the $22,000 mark.

bitcoin price history

The catastrophic financial market crash of 2008, which caused a severe recession and prolonged recession, was a contributing factor in the creation of bitcoin. The whitepaper was published by “Satoshi Nakamoto”, which is a pseudonym for a person or perhaps a group of people.

The currency was initially made available for trading against the dollar on the New Liberty Monetary Exchange, where 5050 BTC worth of it was exchanged for $5.02 using PayPal on the Bitcointalk forum.

In February 2011, the price of bitcoin crossed the $1 threshold, and it rose rapidly in the following years. The price went through its first price increase in 2013 and reached a high of around $1200 before falling sharply and remaining flat during 2014 and 2015. Loss of 744,400 BTC.

The next bull run began in late 2017 and continued through the first few months of 2018, during which the price of bitcoin rose above $19000. However, a bear market hit, partly driven by the COVID pandemic, and forced the price to consolidate through March 2020.

After surviving the bad market, the price once again started a bull run to set new records above $69,000 in 2021 before resuming the bearish trend in 2022.

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