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BTC Price Falters at $28K Resistance

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Bitcoin Is in a Narrow Range as BTC Price Falters at $28K Resistance – April 23, 2023

Bitcoin (BTC) has entered the oversold region of the market as BTC price falters at $28K resistance. Buyers are starting to show up in the oversold region as the price of BTC starts to correct upward. The upward correction is faltering at the $28,000 resistance level. If it is rejected at the $28,000 high, there will be significant selling pressure on Bitcoin. The largest cryptocurrency will restart its ascent if it surpasses the $28,000 high.

Bitcoin Price Statistics Data:
•Bitcoin price now – $27,583.20
•Bitcoin market cap – $533,563,321,300
•Bitcoin circulating supply – 19,353,900 BTC
•Bitcoin total supply – $578,944,282,409
•Bitcoin Coinmarketcap ranking – # 1

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

The largest cryptocurrency asset is back testing the $27,000 level as it continues to decline. In other words, the price of Bitcoin is trapped between the moving average lines. On April 21, Bitcoin dropped and touched a low of $27,155, which is higher than the 50-day SMA. The bearish momentum stalled above the 50-day SMA as buyers attempted to hold the price above the $28,000 high. The optimistic frenzy was muted as selling pressure on Bitcoin increased once more. Selling pressure will increase if the BTC price falls below the 50-day SMA. It will be in a bearish trend until it hits a low of $26,169. However, if the 50-day SMA holds, the present price swings between the moving average lines will persist. At the moment, the price of BTC barely varies between $27,000 and $28,000. A breakdown or rebound could result from the restricted range.

In Q1 2023, Bitcoin and Liquid Staking Systems Drive the Crypto Renaissance

In Q1 2023, Bitcoin outpaced traditional assets with a 72% quarterly growth in market capitalization. As market value for Bitcoin (BTC) and decentralized finance (DeFi) protocols rise through the first quarter of 2023, the cryptocurrency ecosystem has had a positive start to the year. The “2023 Q1 Crypto Industry Report” was released by CoinGecko on April 18. These are the main conclusions. BTC beat away other assets like Gold and the Nasdaq index, which had gains of 15.7% and 8.4%, respectively, in Q1 2023. Except for crude oil, which fell by 6.1% during the first quarter of the year, the report indicates improvements in other significant asset groups. This fall was linked to U.S. inflation data, which also mentioned the negative effects of the U.S. banking crisis and a decline in oil consumption.

BTC/USD – 4 Hour Chart

However, following the recent dip, the price of BTC is currently caught between the moving average lines as BTC price falters at $28K resistance. The 50-day SMA is about to be breached by the bears after the cryptocurrency was rejected at the $28,000 high. The 50-day SMA corresponds to the $27,000 support level that has been held since March 24. Bitcoin will be compelled to trade in a range if the 50-day SMA remains stable. The price of Bitcoin will drop further, to lows between $26,169 and $25,000, if the 50-day SMA is broken.

Alternatives to Bitcoin

Bitcoin and other cryptocurrencies have been falling since April 19. As the cryptos find support at their various price levels, the bearish momentum has diminished. The crypto market will begin to recover if alternative currencies reach major support levels. The bearishness in Bitcoin has reached its limit. As soon as cryptocurrencies and LHINU tokens reach their stable support level, the recovery will resume. You can win by taking part in the initial LoveHateInu poll. To be eligible to win $10,000, take part. Simply decide if you like Andrew Alttateinu or not. To continue, all you need to supply is your email address. Don’t wait, join us now. There are only a few days remaining in Stage 5 of the LHINU Presale. More than $5.5 million has already been collected.

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