Bitcoin Price Rallies to $23.4K: Time to Invest?

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• Bitcoin’s price is regaining ground and has risen to $23,400.
• The bulls have been protecting the present support levels since January 21 and 30.
• Microstrategy Incurs a paper loss of $1.3 Billion despite its refusal to stop trading Bitcoin.

Bitcoin Price Rises To Hit $23.4K

Bitcoin’s price is regaining ground as BTC price rises to hit $23.4K. BTC/USD fell to a low of $22,620 on February 6 as investors purchased the dips. At the time of writing, the price of one Bitcoin is $23,218.00.

Support and Resistance Levels

Following the price decline on February 6, buyers were able to hold above the $22,800 support and end the negative run. The two important support levels of $22,800 and $22,400 are anticipated to be held by buyers. The biggest cryptocurrency would drop below its last bottom at $21,200 if the bears burst below the crucial support levels. On the upside resistance levels are set at:$50,000, $55 000 and 60 000 while on the downside they are set at:$25 000 20 000 and 15 000 .

Relative Strength Index (RSI)

The Relative Strength Index for period 14 shows that Bitcoin is above level 63 and in an uptrend zone indicating positive sentiment towards bitcoin prices in coming days/weeks/months ahead

Microstrategy Incurs a Paper Loss

Despite having a paper loss on its Bitcoin (BTC) assets of over $1 billion in 2022 software analytics company MicroStrategy says it has not stopped trading Bitcoin but instead incurred this loss due to generating a tax loss by selling some bitcoin assets last quarter

Conclusion

As long as Bitcoin maintains its position above key support levels it is likely to continue moving upward with investor sentiment remaining positive provided there isn’t any unexpected events or news that could affect market dynamics .