BlocksInform
Bitcoin (BTC) is leading the weekly gains among the ten largest cryptocurrencies by market cap as its price soared 11.2%. Bitcoin has gone up to $23,375 on Saturday, by trading view data, and at a current price of $22,983, it has gone up by almost 5% in the last 24 hours. The last time Bitcoin approached today's levels was in August 2022, long before the November implosion of the crypto ftx swap sent the price of the largest cryptocurrency in market value below the $16,000 mark. The price of Bitcoin has increased as the large "whale level" address group holding 1,000 to 10,000 BTC has amassed 64,638 BTC worth $1.46 billion in the last 15 days, according to onchain laboratory of health analysis. In a related development, crypto exchange binary has seen the largest amount of hourly entries since the ftx crash on January 20. About 6,800 BTC went IPO yesterday, followed by about 5,000 BTC withdrawals.
Support Levels: $21,500, $18,500, $16,500
BTC gained ground after an early rebound from its January 18 low of $20,370. Although the bullish pursuit needs to be confirmed and a downward correction cannot be excluded, the rsi is fixed to the north on 80 may indicate that the purchasing forces continue to predominate in the short term. However, traders expect lateral action during upcoming trading sessions as they expect a complete breakout.
A further rise in prices for Bitcoin (BTC) could finally reach and test the resistance of $25,000 to the level of $27,000. Maybe the $30,000 psych zone is another obstacle for bulls. On the other hand, a price drop would test the Daily Moving Average (AM 200) at close to $20,000 before returning to the current floor of the $22,000 range.
BTC/USD is consolidating just near the $23,000 mark, establishing a base for next move higher. The bubbles had given the impulse during the previous sessions, far exceeding the 4 hours ma 50 ($21,500) and the cap of $23,000. The ma 50 and 200 have gone up and show a positive dynamic, whereas the rsi, which is now in the uptrend, is in overbought territory.
Btc/usd can find an immediate resistance near the horizontal barrier of $25,000. The increase in pairs may result in the price re-evaluating the $30,000 level in the short term, and whether this level has passed, Merchants can see a race in familiar bull territory, with a potential objective of $40,000. Otherwise, a push below moving averages may lead to a drop in the BTC price.
