Why Bitcoin Price Running into Strong Resistance at $23k is Probably a Healthy Prelude to the Next Pump
On January 22, the leading cryptocurrency, Bitcoin, is trading sideways, with the price remaining within a limited range of $22,500 to $23,350. Bitcoin witnessed a strong rise, which might be attributed to whale activity, public buying, and cryptocurrency’s ability to disrupt financial systems.
After a long period of turbulence, the crypto market’s stability has returned, and many people are now optimistic about the coin’s future.
🐳 #Bitcoin has now surpassed $22.7k for the first time since August 18, 2022. The price rise has come as the large whale tier group of addresses holding 1,000 to 10,000 $BTC has collectively accumulated 64,638 ($1.46 billion) $BTC in the past 15 days. 👍 https://t.co/H6jCsZDgUR pic.twitter.com/RaN2I48ybg— Santiment (@santimentfeed) January 20, 2023
According to Santiment, the majority of the $1 billion+ accumulation over the last 15 days came from 1-1000 BTC transactions. Furthermore, whales with 1000 – 10,000 BTC holdings accounted for 83% of the accumulation.
Why Bitcoin Holders Are Avoiding Leverage During The Current Rally
According to GlassNode data, the amount of bitcoin held or lost is at a 5-year high. This demonstrates that the price of bitcoin, in particular, has risen dramatically in recent weeks and months. This is also demonstrated by the fact that leverage has decreased. Bitcoin trading is becoming increasingly popular these days.
When the market is on your side, Bitcoin can provide a nice income boost. If the market goes against you, Bitcoin trading becomes too risky and loses its potential value.
📈 #Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,562,069.403 BTC— glassnode alerts (@glassnodealerts) January 22, 2023
Previous 5-year high of 7,561,969.550 BTC was observed on 04 November 2022
View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/9PLAK2TH8i
By 2022, many people who invested in cryptocurrencies will have lost money. Even during the current recovery, demand for leverage remains very low. Many believe this is because of significant investments in cryptocurrency mining efforts and staking rather than leveraging.
Since December 22, 2022, the estimated leverage ratio of bitcoin has decreased and remained volatile. The current ratio was last this low on May 22. But how does this affect the market?
Bitcoin’s rapid growth has made it a risky investment for many. Some investors avoid using leverage by investing more money in coins that are cheaper.
For good reason, the use of AI writing assistants in the workplace is becoming more common. If you decide to work with them, there is no significant risk of liquidation. You can concentrate on other critical aspects of your business.
The current Bitcoin price is $22,588 and the 24-hour trading volume is $24 billion. Bitcoin has fallen by nearly 2% in the last 24 hours. With a live market cap of $435 billion, CoinMarketCap currently ranks first.
On the daily timeframe, Bitcoin is facing strong resistance near a double-top pattern at $22,830. If candles close below this level, a bearish correction is likely to start and last until the $21,500 level.
The RSI and MACD indicators are in the overbought zone, which indicates there are chances of a bearish correction in BTC. A break below $21,500 can expose BTC’s price to $20,450.
On the upside, Bitcoin’s immediate resistance is at $22,800, and a break above this level can expose BTC to $23,900 and $25,150.
3 Coins to Keep an Eye Out For During the Presale
With each passing day, the bitcoin market expands. Presale coins frequently provide investors with the option to get in on the ground floor of a new project and reap the advantages of that project’s success while also exposing themselves to potential hazards.
With that in mind, here are three coins to look out for during the presale.
Fight Out (FGHT)
Fight Out is a simple and inexpensive method to remain active. By acquiring FightOut tokens, you can access experienced personal training services at a moderate cost. This means that even individuals on a tight budget can benefit from physical activity.
Despite Move2Earn’s comprehensive feature set, its ability to analyze physical and mental fitness, as well as its NFT Avatar and social competitive component, distinguishes them from other M2E apps.
Users can test and track their development in strength, cardiovascular endurance, and other areas using Fight Out’s real-time performance tracking.
Investors appreciate Fight Out’s $FGHT cryptocurrency because it has a solid concept and high presale rewards ranging from 50% to 100%, depending on the amount invested. Already, more than $3 million has been raised.
Visit FightOut Now
C+Charge is creating a revolutionary online payment solution for electric vehicle (EV) owners. Users will be able to trade in their initial charge for credits that may be used to buy carbon credits. The ultimate goal is to significantly reduce greenhouse gas emissions caused by automobile driving.
Given its genuinely game-changing potential, this technology has the potential to completely disrupt the carbon credit market. This allows a wider spectrum of businesses to join while also adding value to them.
VCMs are expected to be worth $100 billion by 2030, making them an intriguing investment possibility for corporations. C+Charge’s presale raised about $360,473, demonstrating the tremendous demand for VCMs.
Meta Masters Guild (MEMAG)
In just a few days, the Meta Masters Guild has gone from $200,000 to a whopping $550,000. This significant growth implies that the public has a high level of trust in the company’s potential to prosper and produce profits in the future.
Meta Masters Guild will release its first mobile game in the third quarter of 2023. The MEMAG network has been operational for some time and allows users to produce and manage their own coins as well as trade on the open market.
They are also working on games in which participants can earn rewards, as well as games powered by Web3, an Ethereum-compatible technology. Investing in MEMAG currently begins with the purchase of $10 in MEMAG tokens.
You will receive one token for one cent if you engage in the presale; early investors will have a limited window of chance to participate.