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Bitcoin Stabilizes Above Current Support, Potential Upside – February 5, 2023
The price of Bitcoin (BTC) is currently trading as it holds above $23K for a possible increase. As buyers brace themselves for the continuation of the big uptrend, the price of BTC has been stabilizing above the current support for the past three days. However, the rise of doji candles can be delayed.
Bitcoin Price Statistics Information:
• Bitcoin price now – $23,407.99
• Bitcoin market value – 451,361,249,113 dollars
• Bitcoin transfer supply – 19,282,025 BTC
• Total supply of Bitcoin – $491,600,381,739
• Bitcoin Coinmarketcap Rank – #1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: 25,000, 20,000, $15,000
On January 2, the largest cryptocurrency broke the $23,000 support and started consolidating above it once again. Earlier, buyers pushed Bitcoin to $24,240, but could not sustain the bullish momentum at the resistance level. If the buyers succeed in breaking the current resistance level, the next resistance level will be the high of $25,212. However, if Bitcoin loses its current support level, the cryptocurrency could fall. In other words, if the price of Bitcoin falls below the 21-day line SMA, it will return to the previous low above the 50-day line SMA. Bitcoin will first move to the lower side below the $21,000 support level. The crypto asset currently stands at 68 on the 14-time relative strength index.
Bitcoin mining revenue increases by 50% to 23 million dollars in one month
Bitcoin is well-positioned for a long-term recovery, but revenue from the mining industry is up 50% in US dollar terms. The year-long struggle for the survival of the connected mining ecosystem is starting to pay off as Bitcoin shows a bit of a bull run. The Bitcoin mining community reported a 50% increase in mining rewards and transaction fees in the first month of 2023. Bitcoin mining revenue fell to $13.6 million on December 28, 2022, the first time since October 2020. This, combined with rising energy prices amid geopolitical tensions, has put severe financial pressure on mining enterprises, causing some to close. Bitcoin mining revenue increased from $15.3 million on January 1 to nearly $23 million in 30 days.
Meanwhile, Bitcoin is stabilizing above the $23,000 support, which is likely to rise. If it stays above the current support or above the 21-day line SMA, the crypto asset will reset. The cryptocurrency is currently fluctuating between the $23,000 and $24,000 price levels, which was previously associated with the range. Bitcoin has briefly slipped between the moving average lines, indicating the possibility of range-bound activity for a few days.
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However, Bitcoin is still continuing its upward trend, holding above the $23,000 support level. Similarly, MEMAG tokens and cryptocurrencies continue to climb to new highs. The MEMAG token is unique due to its high rate of return on investment and its value. Will you be the lucky winner of $100,000 in MEMAG tokens? If you don’t try, you won’t learn. Welcome to the MMG gaming ecosystem. Get involved in the next big thing. Buy MEMAG during our pre-sale to avoid price increases. Nearly $3 million has been raised so far in the ongoing token presale.
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