{"id":520822,"date":"2023-02-23T23:00:43","date_gmt":"2023-02-23T23:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=520822"},"modified":"2024-06-11T14:32:48","modified_gmt":"2024-06-11T14:32:48","slug":"bitcoin-at-a-crossroad-around-24000-which-side-will-crack-first","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-at-a-crossroad-around-24000-which-side-will-crack-first\/","title":{"rendered":"Bitcoin At A Crossroad Around $24,000, Which Side Will Crack First?"},"content":{"rendered":"

Bitcoin has formed a range at its current trading level, avoiding a drop to the $22,000 area by bouncing off its support at $23,500. Bitcoin is at a crossroads as the bulls and bears are battling to decide which side will come ahead.<\/span><\/p>\n

As of this writing, the largest cryptocurrency on the market trades at $23,900, skimming the $24,000 border.\u00a0<\/span><\/p>\n

As reported by NewsBTC<\/a> on February 22nd, Bitcoin has withstood selling pressure from retail investors while the whales continue to push the price above the next resistance level. Can the market price action of BTC find an argument to resolve the dispute?<\/span><\/p>\n

Related Reading: Polkadot Can Resume Bullish Momentum Only If It Flips This Level Into Support<\/a><\/p>\n

What Will Be The Next Move For Bitcoin?<\/b><\/h2>\n

As of press time, Bitcoin’s support and resistance levels appear to have been cleared, leaving the doors open for its next move to consolidate a new bullish trend or continue its bearish price action and further freeze buyers. As can be seen in the chart below, the resistance at the $23,500 level has been cleared by sellers.\u00a0<\/span><\/p>\n

The bid wall has moved to the $22,400 area, and the next resistance level shown on the chart below appears to be forming at the $25,000 level.<\/span><\/p>\n

\"Bitcoin
BTC support and resistance have been cleared. Source: Material Scientist<\/a><\/figcaption><\/figure>\n

With ongoing concerns about a more hawkish Federal Reserve (Fed) policy and heavy selling pressure among investors, the bears seem to have the upper hand in Bitcoin’s short-term price action.<\/span><\/p>\n

Do Bulls Have A Chance Of Recovering?<\/b><\/h3>\n

As the markets alternate between bullish and bearish sentiment, Bitcoin reacted slightly positively to the U.S. Gross Domestic Product (GDP) report, spiking close to the $24,000 level.\u00a0<\/span><\/p>\n

Economist and founder of the trading platform Eight, Michael Van de Poppe, <\/span>commented <\/span><\/a>on Bitcoin’s price action, stating that an economic recession can be avoided with a lower-than-expected GDP report<\/span>. The latter is a sign of a continuation of BTC’s uptrend and the largest cryptocurrencies in the ecosystem. Van de Poppe said:<\/p>\n

We dropped towards the lower part of the area and previous resistance around $23.3K. Significant bounce from that area for Bitcoin, probably some more consolidation, and from there, continuation towards $30K.<\/span><\/p><\/blockquote>\n

If Bitcoin’s support holds, the price action can chase the liquidity of short positions to fuel and continue its uptrend. With Bitcoin’s resistance level failing to break four times in the last week, still at the $25,400 level, buyers could have another chance to return to those levels and aim for new yearly highs at the $27,000 land.<\/span><\/p>\n

Related Reading: Bitcoin Bearish Signal: Exchange Whale Ratio Surges<\/a><\/div>\n
<\/div>\n
\"Bitcoin
Bitcoin is attempting to break the $24,000 barrier on the daily chart. Source: BTCUSDT TradingView<\/a><\/figcaption><\/figure>\n

Bitcoin is trading at $23,950, up slightly in the last 24 hours. BTC has reduced its gains in broader time frames, falling 1.4% over the past seven days. BTC has trimmed its gains considerably in the fourteen-day timeframe, holding just 4.4%.\u00a0<\/span><\/p>\n

After an intense bullish price action in mid-February, Bitcoin has come close to the neutral zone in the thirty-day time frame, showing gains of 4.3% after rising almost 35% at the beginning of 2023.\u00a0<\/span><\/p>\n

Featured image from Unsplash, chart from TradingView.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has formed a range at its current trading level, avoiding a drop to the $22,000 area by bouncing off its support at $23,500. Bitcoin is at a crossroads as the bulls and bears are battling to decide which side will come ahead. As of this writing, the largest cryptocurrency on the market trades at $23,900, skimming the $24,000 border.\u00a0 As reported by NewsBTC on February 22nd, Bitcoin has withstood selling pressure from retail investors while the whales continue to push the price above the next resistance level. Can the market price action of BTC find an argument to resolve the dispute? Related Reading: Polkadot Can Resume Bullish Momentum Only If It Flips This Level Into Support What Will Be The Next Move For Bitcoin? As of press time, Bitcoin’s support and resistance levels appear to have been cleared, leaving the doors open for its next move to consolidate a new bullish trend or continue its bearish price action and further freeze buyers. As can be seen in the chart below, the resistance at the $23,500 level has been cleared by sellers.\u00a0 The bid wall has moved to the $22,400 area, and the next resistance level shown on the chart below appears to be forming at the $25,000 level. With ongoing concerns about a more hawkish Federal Reserve (Fed) policy and heavy selling pressure among investors, the bears seem to have the upper hand in Bitcoin’s short-term price action. Do Bulls Have A Chance Of Recovering? As the markets alternate between bullish and bearish sentiment, Bitcoin reacted slightly positively to the U.S. Gross Domestic Product (GDP) report, spiking close to the $24,000 level.\u00a0 Economist and founder of the trading platform Eight, Michael Van de Poppe, commented on Bitcoin’s price action, stating that an economic recession can be avoided with a lower-than-expected GDP report. The latter is a sign of a continuation of BTC’s uptrend and the largest cryptocurrencies in the ecosystem. Van de Poppe said: We dropped towards the lower part of the area and previous resistance around $23.3K. Significant bounce from that area for Bitcoin, probably some more consolidation, and from there, continuation towards $30K. If Bitcoin’s support holds, the price action can chase the liquidity of short positions to fuel and continue its uptrend. With Bitcoin’s resistance level failing to break four times in the last week, still at the $25,400 level, buyers could have another chance to return to those levels and aim for new yearly highs at the $27,000 land. Related Reading: Bitcoin Bearish Signal: Exchange Whale Ratio Surges Bitcoin is trading at $23,950, up slightly in the last 24 hours. BTC has reduced its gains in broader time frames, falling 1.4% over the past seven days. BTC has trimmed its gains considerably in the fourteen-day timeframe, holding just 4.4%.\u00a0 After an intense bullish price action in mid-February, Bitcoin has come close to the neutral zone in the thirty-day time frame, showing gains of 4.3% after rising almost 35% at the beginning of 2023.\u00a0 Featured image from Unsplash, chart from TradingView.<\/p>\n","protected":false},"author":589,"featured_media":520825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,78790,6664,1558],"class_list":["post-520822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin At A Crossroad Around $24,000, Which Side Will Crack First?<\/title>\n<meta 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/wncen.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin At A Crossroad Around $24,000, Which Side Will Crack First?","url":"http:\/\/wncen.com\/news\/bitcoin-at-a-crossroad-around-24000-which-side-will-crack-first\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-at-a-crossroad-around-24000-which-side-will-crack-first\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/cassandra-ortiz-cAm3a6N35dE-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/cassandra-ortiz-cAm3a6N35dE-unsplash.jpg?fit=2400%2C1600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusdt","crypto","cryptocurrency"],"dateCreated":"2023-02-23T23:00:43Z","datePublished":"2023-02-23T23:00:43Z","dateModified":"2024-06-11T14:32:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin At A Crossroad Around $24,000, Which Side Will Crack First?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-at-a-crossroad-around-24000-which-side-will-crack-first\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-at-a-crossroad-around-24000-which-side-will-crack-first\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/cassandra-ortiz-cAm3a6N35dE-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/cassandra-ortiz-cAm3a6N35dE-unsplash.jpg?fit=2400%2C1600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusdt\",\"crypto\",\"cryptocurrency\"],\"dateCreated\":\"2023-02-23T23:00:43Z\",\"datePublished\":\"2023-02-23T23:00:43Z\",\"dateModified\":\"2024-06-11T14:32:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/cassandra-ortiz-cAm3a6N35dE-unsplash.jpg?fit=2400%2C1600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520822"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=520822"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/520825"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=520822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=520822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=520822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}