April 6, 2023: Bitcoin Trades Inside a Narrow Band While Remaining Stable Over $27K
As long as it is steadily over $27,000, the largest cryptocurrency has held above the moving average lines. BTC’s price bounced back on April 5 to surpass the $28,500 threshold, but it sank again right thereafter. The hurdle at $28,500 and the above resistance at $29,000 have been impeding upward movement since March 19.
Statistics on the price of bitcoin:
Bitcoin currently costs $28,061.94
•The value of Bitcoin is $542,892,290,085.
•The current supply of bitcoin is 19,338,475 BTC.
•The entire supply of bitcoin is $589,033,811,286.
•Bitcoin is ranked first on Coinmarketcap.
Levels of resistance: $50,000, $55,000, and $60,000
Levels of Support: $25,000, $20,000, and $15,000
On April 5, buyers sought to re-enter the prior highs but were refused. The price of BTC climbed above the $28,500 barrier level but was stopped at the $28,801 high. Buyers were unable to maintain the price over the $29,000 threshold yesterday due to strong selling pressure. At $28,061, the price of one Bitcoin is greater than the moving average lines. Positively, if the BTC price surges over the present level, the barrier of $29,000 will be breached. Above the $30k psychological price barrier, the bullish trend will persist. Bitcoin is at level 59 on the period 14 Relative Strength Index. The asset’s worth in cryptocurrencies might increase much further.
Bitcoin liquidity Hits a 10-Month Low Due to a US Bank Run
The banking crisis has had a particularly damaging effect on American exchanges, with traders suffering as a result of increased price volatility. Despite a promising quarter for price increase, Bitcoin (BTC) market liquidity has dropped to a 10-month low. Part of the reason for the lack of liquidity can be attributed to the bank run in the US and ongoing regulatory actions against crypto businesses. BTC’s price has risen by 45%, making it one of the best-performing assets in 2023. The price hikes take place as the traditional financial market is about to enter a financial crisis and as equities and bonds are having one of their worst years. As the financial crisis has worsened, several banks have failed.
But despite the recent selling pressure, Bitcoin is still firmly above $27K and has entered a range-bound zone. Since March 19, BTC’s price has only been allowed to fluctuate between $27,000 and $28,500. The lower obstacle, which was set at $28,500, was cleared by buyers, but the upper hurdle, which was set at $29,000, was not. The upward movement will resume once the above obstacle is overcome.
Alternatives to bitcoin
The biggest cryptocurrency has survived after being rejected at the $29,000 high. Because Bitcoin trades in a constrained band, the current bullish trend has been able to endure. The $29,000 resistance level is expected to give way after several retests, according to experts. If the resistance at $29,000 is overcome, the second leg of the upward momentum will carry on. If there is a surge over the $30,000 psychological price threshold, other cryptocurrencies including LHINU tokens will advance higher.
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