•Bitcoin’s price is recovering as it rises to hit $23.4K
•Buyers have been able to hold above the $22,800 support and end the negative trend
•MicroStrategy Incurs a $1.3 Billion Paper Loss Despite Refusal To Stop Trading Bitcoin
Bitcoin Price Reaches New High at $23.4K
Bitcoin’s price is regaining ground as BTC price rises to hit $23.4K. BTC/USD fell to a low of $22,620 on February 6 as investors purchased the dips. If bears had broken below the 21-day line SMA, the negative trend might have continued. At the time of writing, the price of one Bitcoin is $23,218.00.
Data collected from Coinmarketcap shows that Bitcoin has a market cap of $447,716,375,906 and circulating supply of 19,284,550 BTC with total supply being 487,521,831,213 BTC. The cryptocurrency is currently ranked #1 on Coinmarketcap based on its market capitalization value.
Resistance & Support Levels
The two important support levels for Bitcoin are at present are at $25k and 20k respectively while its resistance levels are set at: 50k 55k and 60k respectively. If bears burst below these crucial support levels then there could be a further downward movement in price towards its last bottom at 21k but if bulls can maintain their position then we could see an upward surge towards 25212 or even higher depending on their momentum strength above 24000 support level.
MicroStrategy Incurs Loss Despite Refusal To Stop Trading Bitcoin
Software analytics company MicroStrategy reported a loss of 34 million dollars on its first ever sale of Bitcoins last quarter however this was done purposely so they could generate tax losses despite having incurred over 1 billion paper loss in 2022 when it comes to trading cryptocurrency assets in general Microstrategy refused to stop trading bitcoin which eventually caused them these losses despite warnings from analysts about potential risks involved with investing in cryptocurrencies .
Overall it seems like bitcoin is regaining some ground after recent declines however investors should still exercise caution when trading or investing in cryptocurrencies due to their high volatility and unpredictable nature .