Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- BTC fluctuates within the price range of $28K to $30K.
- Bitcoin prices remained positive during the initial quarter of 2023.
The leading cryptocurrency globally by market capitalization, Bitcoin (BTC), is experiencing a challenging weekend after breaching its crucial support level at $28,000. This situation has left exchange-traded fund investors uncertain about Bitcoin’s future following its strong performance in 2023. At the moment, the BTC spot price stands at $27,724, reflecting a modest increase of 0.43% over the last 24 hours.
Despite the digital currency’s outlook appearing bearish after last week’s rise (the $30K price range), a significant network metric indicates that Bitcoin possesses the essential technical support to encourage HODLers’ patience and endurance.
BTC/USD Recovery Signal
Related Posts
As per forecasts from cryptocurrency analysts, a phenomenon known as “halving,” which restricts the supply of new tokens, may serve as the trigger for Bitcoin’s recovery and the onset of a rally exceeding $50,000 next year.
Bloomberg Intelligence suggests that the halving could lead to a minimum increase of 78%, while the token is presently trading around $27K.
In this context, referred to as “halving” or “halves,” the quantity of BTC that Bitcoin miners receive as compensation for their efforts is reduced by half. This quarterly event, aimed at limiting the total number of Bitcoins in circulation to 21 million tokens, is scheduled for April 2024. Historically, Bitcoin has set new records following each of the previous three halvings.
Bitcoin (BTC) Price Chart (Source: CoinMarketCap)
However, the price of Bitcoin has remained within a bearish range below the $30,000 threshold. BTC continued to decline and traded beneath the $28,000 support level. Additionally, the leading cryptocurrency in the global market tested the $27,200 support and extended its losses.
The price reached a low near $27,169 and is currently trading at $27,711. A minor recovery wave has occurred, pushing it above $28K. Furthermore, a significant bearish trend line with resistance near $28,000 was breached on the hourly chart of the BTC/USD pair.
