• Bitcoin Price Rises To Hit $23.4K After a Recent Downturn
• Key Support Levels of $22,800 and $22,400 Expected To Be Held by Buyers
• Microstrategy Incurs a $1.3 Billion Paper Loss Despite Refusal to Stop Trading Bitcoin
Bitcoin Price Reaches $23.4K
The price of Bitcoin recently increased to hit the mark of $23.4K after experiencing a downturn in the market. BTC/USD fell to its lowest at $22,620 on February 6th but buyers were able to prevent it from falling further and managed to hold above the 21-day line SMA. The two important support levels of $22,800 and $22,400 are anticipated to be held by buyers as long as BTC is kept above them.
Resistance & Support Levels
At present, the resistance level for Bitcoin stands at around$50,000,$55, 000 and$60,000 while support levels can be seen at around$25,000 ,$20 ,000 ,and$15 ,000 . If bears manage to break below these crucial supports then it could lead to another bearish run causing Bitcoin’s price to drop below its last bottom at $21 200.
Microstrategy Incurs Losses
Despite having paper losses on its Bitcoin (BTC) assets worth over 1 billion dollars in 2022 software analytics company MicroStrategy still refused stop trading bitcoin or selling their holdings generating a tax loss of 34 million dollars instead..
Relative Strength Index Indicates Uptrend Zone
The Relative Strength Index (RSI) for period 14 indicates that bitcoin is in an uptrend zone with value being above 63 .If buyers maintain this momentum then we can expect prices to rebound up towards the mark of 25 212 if bulls manage break past 24 000 resistance level.
Conclusion
The recent surge in Bitcoin’s prices indicates that investors are confident about the future prospects of the cryptocurrency despite some negative news surrounding it such as MicroStrategy’s paper losses on their BTC assets .If buyers continue protecting key support levels then we can expect prices reach even higher highs in near future.