Bitcoin Price Prediction for Today, February 22: BTC Price Is Consolidating near the $25K Resistance Level

On Feb 22, 2023

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Bitcoin Is Set for a Rally as BTC Price Consolidates near the $25K Resistance Level – February 22, 2023

The price of Bitcoin (BTC) is consolidating near the $25K resistance level as bulls continue to retest the area. The bears have defended the resistance above the $25,000 high. On the other hand, the bulls are steadfast in their approach and they are continuing to retest the resistance at $25,000. The largest cryptocurrency asset has continued to hold above $24,000 support in anticipation of a breakout.

Bitcoin Price Statistics Data:
•Bitcoin price now – $24,102.49
•Bitcoin market cap – $465,248,872,105
•Bitcoin circulating supply – 19,298,687 BTC
•Bitcoin total supply – $505,478,733,067
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

On February 20, the BTC price made another attempt to cross the resistance zone, but it was unsuccessful. The cryptocurrency is consolidating above the $24,000 support despite having reversed course. Nevertheless, a breakout is more likely if there is consolidation close to the resistance level. For instance, if the resistance level at $25,000 is broken, Bitcoin will surge above $25,200 and maintain its bullish momentum to the psychological level of $30,000. There won’t likely be any significant resistance to the bullish momentum as buyers push to the previous high. In the interim, Bitcoin is consolidating above the current support while trading in a constrained range. At level 59 of the Relative Strength Index for period 14, Bitcoin is in the uptrend zone.

Bitcoin Price Reaches a New 2023 High of $25,000

Bitcoin has reached a new high for the year despite macroeconomic headwinds and regulatory crackdowns on cryptocurrencies. After soaring throughout much of January, the price of Bitcoin has now reached a new high for 2023 of $25,000. According to data from CoinGecko, the last time Bitcoin’s price was around $25,000 was in the middle of June, before falling to between $19,000 and $21,000, where it then lingered for several months. Following the FTX crisis, the price of BTC then experienced a significant decline, with BTC falling to a 2022 low of $15,742 on November 10. Its price began to rise on January 4 and climbed steadily for 14 days. That daily green candle streak was the second-longest in the cryptocurrency’s 14-year history, finishing one day short of its 15-day record set in November 2013.

BTC/USD – 4 Hour Chart

Meanwhile, the BTC price holds at the low of $24,102 as it consolidates near the $25K resistance level. The cryptocurrency’s price is situated between the moving average lines on the smaller time frame. This suggests that the cryptocurrency may move within a range. In addition, the price of BTC has dropped below the daily Stochastic level of 20 into the oversold area. This explains how prices rise as a result of buyers at lower price points being attracted.

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The biggest cryptocurrency seems prepared for a potential breakout above the $25,000 resistance. Investors and traders are watching Bitcoin closely as its price reaches a new psychological threshold. Join the Fight Out (FGHT) community right away to benefit from all that we have to offer traders and investors. The Fight Out (FGHT) world is different from others. There can never be a better time to start working on yourself. Remember, every small step counts. Get rewarded for your effort and perseverance. Join a community of inspired participants who work together every step of the way. The ongoing token presale has raised nearly $5 million to date.

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