John Isige
Bitcoin price stalled the uptrend after an aggressive push in January, that saw it recoup all the losses from the implosion of Sam Bankman-Fried’s FTX exchange. The bellwether cryptocurrency reached highs of $24,320 before retreating to test support at $22,630.
Although some analysts have called for a longer retracement to $22,000, BTC seems poised to take resistance at $24,000 in the shortest time possible. However, the fear of missing out (FOMO) will likely sweep in after Bitcoin price breaks and holds above $28,000 for gains aiming for $30,000.
Bitcoin Price Eagerly Holding Key Level At $23k
Bitcoin price continues to uphold its position above all the crucial moving average levels applied to the daily timeframe chart, starting with the 100-day Exponential Moving Average (EMA) (in blue), the 50-day EMA (in red), and the 200-day EMA (in purple).
Michaël van de Poppe, one of the leading crypto analysts, agrees that Bitcoin price is comfortably holding above key levels around $23,000, but leaning toward the ‘range-low’. In his opinion, there is a glaring possibility for the largest to sweep $21,700.
This would be a suitable and optimal long entry for bullish traders. However, the excitement in the market for higher levels could see Bitcoin price continue to highs between $26,000 and $28,000 from the current market position.
Insight from Santiment, a leading on-chain analytics platform, suggests that February started on the wrong foot amid a huge drop from the excitement observed in January. Bitcoin and Ethereum are facing a gap left as investors retreated to absorb pressure from the United States Federal Reserve (Fed) decision to hike interest rates by 25 basis points.
Meanwhile, Santiment reveals that investors may shift their focus from Bitcoin and Ethereum to selected altcoins like HEX (HEX), T-mac DAO (TMG), and The Graph (GRT), which are up 64%, 70%, and 66% in seven days. Investors have been asked to be cautious with money seemingly cycling into mid/small caps with top-cap coins like Bitcoin and Ethereum remaining relatively unchanged.
Overhead pressure on Bitcoin price is still apparent, considering a sell signal sustained by the Moving Average Convergence Divergence (MACD) indicator since Monday last week. Notice the MACD line in blue sliding and expanding the divergence below the signal line in red.
If this momentum indicator closes the gap to the mean line and possibly enters the negative region below 0.00, then Bitcoin price could digress to lows around $21,700 and bring $20,000 into the picture.
On the upside, Bitcoin price is not far from a golden cross pattern. A minor push above $23,000 could trigger the impact of the highly sought-after bullish pattern. Investors generally look for the 50-day EMA (red) crossing above the 200-day EMA (in purple) to ascertain the validity of an uptrend.
In the past, Bitcoin price has launched upswings with an average of 22% in gains within sixty days after the appearance of the golden cross pattern. On some occasions like in 2020 and 2021, BTC price exploded to new all-time highs after the formation of the golden cross.
Those with a technical understanding may agree that holding levels around $23,000 is not enough to keep Bitcoin price on a northbound move. Bulls should focus on pushing above $24,000 – a resistance outlined by the upper gray band to reinforce their grip on the price and clear the path for gains to $28,000.
Price action above the same level will likely keep investor interest in Bitcoin intact and stop the digression toward mid-cap altcoins and small-cap tokens. Notably, Bitcoin price must weaken resistance posed by the upper falling trendline to uphold a bullish outcome.
Bitcoin Alternatives To Consider Buying Today
Investors might want to look into other best altcoins to buy for 2023 along with Bitcoin. Our team of experts has carefully selected a number of the best crypto presales for 2023, which could give above-average returns.
We review the cryptocurrencies for this list on a weekly basis to provide you with crypto projects that offer a better risk-to-reward ratio.
For instance, Meta Masters Guild (MEMAG) is a new Web3 gaming project fast approaching its first exchange listing. Unlike other play-to-earn projects, Meta Masters Guild is building a sustainable ecosystem bolstered by multiple revenue generation models.
Users on this platform can generate revenue in Gems, an in-game currency. Meta Masters Guild will debut with three strategically crafted games: Meta Kart Racers, NFT Raid, and Meta Masters World. Although the presale has been running for only a few weeks, it has raised $3.33 million, ahead of the next round where 1 MEMAG will sell for $0.021.
Fight Out is a revolutionary new platform that is ready to shake things up in the fitness industry. The platform motivates users to increase their physical activity and improve their fitness by offering rewards in the form of tokens.
Fight Out gives users the freedom to set and achieve fitness goals through customized courses and regimens. Fight Out tracks vital signs and other key metrics to ensure users earn rewards for their progress through a fitness app.
Additionally, Fight Out is developing an immersive metaverse experience where users can connect with others and participate in competitions. Fight Out’s presale is almost at $4 million with the price increasing in 12-hour intervals.
Calvaria: Duels of Eternity is a cutting-edge play-to-earn gaming platform that combines entertainment with financial incentives. As a battle card game, players can create and fine-tune their decks to compete against others in engaging and strategic battles reminiscent of Pokemon-style gameplay.
Additionally, players can earn in-game rewards in the RIA token by participating in the game. For players looking for even more excitement, they can place wagers using their RIA tokens against other players to win larger rewards.
Investors interested in improving their trading skills may not want to look past Dash 2 Trade. This relatively new platform provides key crypto analytics ranging from on-chain insights and real-time trading data from exchanges to the best crypto presales in the market.
The token, D2T, whose presale closed in early January is trading at $0.0135, with a 2.6% dip in 24 hours. Dash 2 Trade price has been performing well alongside the rest of the market with over 21% in gains accruing in the last 14 days. Those who may want to learn more about Dash 2 Trade can follow the link provided below.
Related Articles:
- Crypto Experts Say These Altcoins Are a Must-Have in Your Crypto Portfolio – Here’s Why
- XRP Price Slips Back Below $0.40 – This is Why You Should Start Accumulating Before it Explod
- Ethereum Price Prediction – ETH is Outperforming Bitcoin in February So Should You Be Investing?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by John Isige.
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