Why is Bitcoin Price Up today?

    Pathik Bhattacharya
    Pathik Bhattacharya
    Published on November 23, 2022 8:42 AM

    Updated on January 10, 2023 1:03 PM

    The FTX crisis spurred a wave of liquidations, sending the price of Bitcoin plummeting. On November 7, $549 million in cross-crypto longs were liquidated, according to data.
    Why is Bitcoin Price Up today?
    Source: Unsplash

    Bitcoin, the world's largest and most popular virtual currency, gained 4.2 per cent to $16,572.4. Its market capitalization was $316.9 billion. The total value of commerce was $31.7 billion.

    "Bitcoin's price has stabilized above the resistance level of $15,932. At the moment, one must keep an eye on the $16,000 mark. If bulls can maintain their lead today, BTC will likely trade at $16,500 soon," Mudrex CEO and Co-Founder Edul Patel stated.

    Given the current market volatility, Bitcoin is trading negatively, but within a narrow trading range of $15,800 to $17,200.

    Early on November 21, major cryptocurrencies were trading in the red, with the crypto market value falling roughly 4% to $803 billion from the previous day. In contrast, the global crypto market volume grew by 59% in the past 24 hours to $52.85 billion.

    Source: CoinMarketCap

    The price of bitcoin is currently trading below $16,300 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a critical negative trend line is forming with resistance near $16,200.

    The crypto token makes a descending triangle pattern which indicates a near future downfall of the trading candles. Right now the 24hr trading price is in green but it may break the current support.

    Source: Tradingview

    On the upside, an immediate resistance level is at $16,200. The first significant barrier is at $16,300 and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the crucial slide from the swing high of $16,795 to the low of $15,470. At the press time, the price is consolidating between 0 Fib and 0.236 Fib region.

    Source: Tradingview

    The volume spiked after the 20th Nov decline which took almost a 100% jump from $16 Bn to $32 Bn. Moreover, the market cap followed bitcoin’s price chart. The market capitalisation of Bitcoin has increased by 4% in the 24 hr chart. Currently at $34 Billion as per CoinMarketCap.

    On the downside, Bitcoin's immediate support is around $15,800, and a bearish breakthrough of this level might offer up further selling territory up to $15,800. A further drop below $15,800, on the other hand, might expose BTC below $14,550.

    The Relative Strength Index (RSI) indicates that Bitcoin is either overbought or oversold. Bitcoin is deemed oversold when the RSI falls below 30. Historically, when the RSI falls below 30, Bitcoin's price rises sharply. The MACD is also showing a depressing curve which indicates a near future bear market.

    Source: Tradingview

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