BTC Price Rebounds but Risks Decline below $23K

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Bitcoin Struggles but Risks Decline below $23K – February 27, 2023

Bitcoin (BTC) price is regaining momentum as it moves above the 21-day simple moving average but risks decline below $23K. If the current support was broken, the price of Bitcoin would have fallen to levels of $22,000 and $21,350. On the plus side, the upward trend may resume if the bullish momentum remains above the moving average lines.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,484.72
•Bitcoin market cap – $453,324,225,758
•Bitcoin circulating supply – 19,302,981 BTC
•Bitcoin total supply – $493,089,890,818
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin (BTC) price has risen above the 21-day SMA, regaining bullish momentum. The crypto asset will first run into resistance at $24,000 as it rises to the upside. It can retest the overhead resistance at $25,000 if it breaks above the first resistance. The overhead resistance has been tested four times during the previous price action, but each time it failed. The recent high is currently providing resistance to the upward movement. If the cryptocurrency is rejected at the recent high, it will fall below the $22,800 mark. Bitcoin will, however, return to the $20,000 psychological price level if the $22,800 support level is broken.

Ukraine Receives $70 Million in Cryptocurrency Donations since the Start Russian Conflict

Since Russia’s invasion a year ago, $28.9 million in Ether, $22.8 million in Bitcoin, and $11.6 million in Tether have been donated to Ukraine. Since the beginning of the Russian-Ukrainian conflict, Ukraine has received over $70 million in cryptocurrency, which has been used to purchase military equipment and humanitarian aid. According to a Feb. 24 report by blockchain data platform Chainalysis, the majority of the funds came in the form of Ether (ETH) tickers down $1,636 and Bitcoin (BTC) tickers down ($23,500). Donors of ETH contributed $28.9 million, while donors of BTC and Tether (USDT) tickers down $1.00 contributed $22.8 million and $11.6 million, respectively.

The cost of Bitcoin (BTC) has increased after consolidating above the current support but risks decline below $23K. The crypto’s price crosses above the 21-day line SMA on the lower time frame. The moving average lines are currently being traded by Bitcoin. To the upside, Bitcoin will regain bullish momentum if the price of BTC breaks the 50-day SMA or the resistance at $24,000.

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