{"id":536707,"date":"2023-06-06T20:00:49","date_gmt":"2023-06-06T20:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=536707"},"modified":"2024-06-11T08:05:26","modified_gmt":"2024-06-11T08:05:26","slug":"bitcoin-btc-rollercoaster-ride-is-22800-the-end-of-the-line","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-rollercoaster-ride-is-22800-the-end-of-the-line\/","title":{"rendered":"Bitcoin (BTC) Rollercoaster Ride: Is $23,000 The End Of The Line?"},"content":{"rendered":"

Bitcoin (BTC) has experienced a negative reaction following the SEC’s continued crackdown on the crypto industry. The regulatory body recently filed a complaint against the largest exchange in the industry, Binance, contributing to Bitcoin’s decline.\u00a0<\/span><\/p>\n

However, there may be a glimmer of hope for the cryptocurrency, as it has managed to recover the $26,000 level. This is an important threshold for Bitcoin, as it must maintain this level if it hopes to continue its uptrend.<\/span><\/p>\n

Despite visiting lower lows of $25,300, Bitcoin has managed to bounce back from the 200-day Moving Average (MA). This is significant because the 200-day MA has historically been a strong support level for Bitcoin.<\/span><\/p>\n

In other words, when BTC’s price has dropped to this level, it has often bounced back up. This suggests bullish sentiment in the market, as traders continue to see value in buying Bitcoin at this price point.<\/span><\/p>\n

Related Reading: KAVA Holds In Green Despite Bears Taking Control Of Crypto Market<\/a><\/div>\n

Expert Discuss Potential Bottoms At $24,000 And $23,000<\/span><\/h2>\n

However, renowned crypto analyst, Altcoin Sherpa, has <\/span>weighed <\/span><\/a>in on the current state of the Bitcoin market, sharing insights into where the bottom might be.<\/span><\/p>\n

According to Altcoin Sherpa, Bitcoin has been experiencing a lot of support at the $25,000 level, holding up well despite recent market fluctuations. However, he believes there could be even lower levels of liquidity in the market, which could impact Bitcoin’s price shortly.<\/span><\/p>\n

\"Bitcoin
BTC’s possible downtrend targets. Source: Altcoin Sherpa on Twitter.<\/a><\/figcaption><\/figure>\n

Altcoin Sherpa points out interesting support areas at the $23,000 and $24,000 levels, potentially serving as a bottom for Bitcoin. However, he advises investors to be patient and wait for the market to find some consolidation before making any investment decisions.<\/span><\/p>\n

The analyst notes that the ‘bottom’ should take time, and investors should look for signs of consolidation before making any moves. He also suggests that it may not be the right time to buy alts or BTC at the current level and that a more cautious approach may be warranted.<\/span><\/p>\n

Bitcoin Faces Critical Test<\/span><\/h3>\n

Following the same line, crypto analyst Justin Bennet said<\/a> the $26,500 level had <\/span>become resistance after yesterday’s breakdown. The key support area for the week ahead is $25,200, a level that served as resistance for Bitcoin. Bennet expects this to be a significant test for the market, with the potential for ranging price action between $25,200 and $26,500.<\/span><\/p>\n

\"Bitcoin
BTC’s short targets. Source: Justin Bennet blog post.<\/a><\/figcaption><\/figure>\n

Bennet advises traders to wait for a confirmed deviation below the $25,200 support level, with channel support near $24,300 serving as a potential technical catalyst. If Bitcoin reclaims the $25,200 level, traders can consider longing BTC within the range. Alternatively, an immediate retest of $26,500 could offer a favorable short opportunity with targets of $25,200 and $24,000.<\/span><\/p>\n

Related Reading: Gateway Issues Cause Withdrawal And Deposit Delays For Kraken Exchange<\/a><\/div>\n

Furthermore, Bennet notes that the path for Bitcoin remains uncertain, but a reclaim of $26,500 would confirm a deviation and expose $27,500.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC recovering the $26,000 mark on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

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

Bitcoin (BTC) has experienced a negative reaction following the SEC’s continued crackdown on the crypto industry. The regulatory body recently filed a complaint against the largest exchange in the industry, Binance, contributing to Bitcoin’s decline.\u00a0 However, there may be a glimmer of hope for the cryptocurrency, as it has managed to recover the $26,000 level. This is an important threshold for Bitcoin, as it must maintain this level if it hopes to continue its uptrend. Despite visiting lower lows of $25,300, Bitcoin has managed to bounce back from the 200-day Moving Average (MA). This is significant because the 200-day MA has historically been a strong support level for Bitcoin. In other words, when BTC’s price has dropped to this level, it has often bounced back up. This suggests bullish sentiment in the market, as traders continue to see value in buying Bitcoin at this price point. Related Reading: KAVA Holds In Green Despite Bears Taking Control Of Crypto Market Expert Discuss Potential Bottoms At $24,000 And $23,000 However, renowned crypto analyst, Altcoin Sherpa, has weighed in on the current state of the Bitcoin market, sharing insights into where the bottom might be. According to Altcoin Sherpa, Bitcoin has been experiencing a lot of support at the $25,000 level, holding up well despite recent market fluctuations. However, he believes there could be even lower levels of liquidity in the market, which could impact Bitcoin’s price shortly. Altcoin Sherpa points out interesting support areas at the $23,000 and $24,000 levels, potentially serving as a bottom for Bitcoin. However, he advises investors to be patient and wait for the market to find some consolidation before making any investment decisions. The analyst notes that the ‘bottom’ should take time, and investors should look for signs of consolidation before making any moves. He also suggests that it may not be the right time to buy alts or BTC at the current level and that a more cautious approach may be warranted. Bitcoin Faces Critical Test Following the same line, crypto analyst Justin Bennet said the $26,500 level had become resistance after yesterday’s breakdown. The key support area for the week ahead is $25,200, a level that served as resistance for Bitcoin. Bennet expects this to be a significant test for the market, with the potential for ranging price action between $25,200 and $26,500. Bennet advises traders to wait for a confirmed deviation below the $25,200 support level, with channel support near $24,300 serving as a potential technical catalyst. If Bitcoin reclaims the $25,200 level, traders can consider longing BTC within the range. Alternatively, an immediate retest of $26,500 could offer a favorable short opportunity with targets of $25,200 and $24,000. Related Reading: Gateway Issues Cause Withdrawal And Deposit Delays For Kraken Exchange Furthermore, Bennet notes that the path for Bitcoin remains uncertain, but a reclaim of $26,500 would confirm a deviation and expose $27,500.\u00a0 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":536708,"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-536707","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 (BTC) Rollercoaster Ride: Is $23,000 The End Of The Line?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has experienced a negative reaction 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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 (BTC) Rollercoaster Ride: Is $23,000 The End Of The Line?","url":"http:\/\/wncen.com\/news\/bitcoin-btc-rollercoaster-ride-is-22800-the-end-of-the-line\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-rollercoaster-ride-is-22800-the-end-of-the-line\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/iStock-479849836.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/iStock-479849836.jpg?fit=1254%2C836"},"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":"2023-06-06T20:00:49Z","datePublished":"2023-06-06T20:00:49Z","dateModified":"2024-06-11T08:05:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Rollercoaster Ride: Is $23,000 The End Of The Line?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-rollercoaster-ride-is-22800-the-end-of-the-line\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-rollercoaster-ride-is-22800-the-end-of-the-line\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-479849836.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-479849836.jpg?fit=1254%2C836\"},\"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\":\"2023-06-06T20:00:49Z\",\"datePublished\":\"2023-06-06T20:00:49Z\",\"dateModified\":\"2024-06-11T08:05:26Z\"}<\/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\/06\/iStock-479849836.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/536707"}],"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=536707"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/536707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/536708"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=536707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=536707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=536707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}