Due to their inability to reverse their downward trajectory, Bitcoin and Ethereum were forced to endure more pressure. BTC is presently trading around the $23,500 level as a result of investors opting for safer investment choices in the face of rising macroeconomic uncertainty.
However, a series of positive US data points that demonstrated a booming US economy and reduced the need for monetary support from the government in the form of low interest rates resulted in a sharp decline in the value of Bitcoin.
BTC Price Prediction
As a result, traders and investors started to worry about the chance of rising interest rates and inflation.
The price of Bitcoin is presently falling, and because it has been unable to pass the crucial $23,750 resistance level, it may eventually fall to $22,800. Over the last 24 hours, the valuation of Ethereum has decreased by 0.99% as well.
Bitcoin currently costs $23,435 and has a $22.2 billion 24-hour trading volume. In the last 24 hours, Bitcoin’s price has dropped by 0.30%. With a live market value of $452 billion, CoinMarketCap is currently in the lead. There are currently 19,303,806 Bitcoin coins in use out of a total quantity of 21,000,000.
Today’s Bitcoin Price
The BTC/USD pair is oversold, but there is a possibility for a recovery that could lift the price above the resistance zone of $23,750 to $24,250.
The BTC/USD pair’s immediate support level is $22,800; if it is broken, the next support level at $22,150 may become exposed for BTC’s price.