Price Analysis

Bitcoin Price Analysis:  BTC Slips Below $23,000, Remains Bearish for The 2nd Consecutive Day!

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • Bitcoin price drops below $23,000 and fails to regain the lost levels as the buying pressures appears to have easing off

  • The bears appear to have redominated the rally and hence a sifgnificant correction could be underway

Bitcoin price prediction for 2023 had become bullish as the token ignited a significant upswing soon after the start of the year. While the forecast for $25,000 was emerging, the bears regained control and slashed the price below $23,000. The BTC price has been dropping for 2 days and is unable to recover despite a decent buying volume persisting. 

The crypto markets, regardless of their claims of being independent, largely depend on the trends of the traditional stock markets. The stock markets which are facing turbulence managed to break the upswing that it held for 15 consecutive days. Moreover, Microsoft also joining the layoff crew has also impacted both markets to a large extent. 

Therefore, now the question flashes, whether the Bitcoin (BTC) price move beyond $25,000 or drop back to $21,000. How well can Bitcoin sustain the momentum?

The BTC price rally was ignited after a strong whale activity wherein the number of addresses holding 100 to 1000 BTC surged by 416 in the past few weeks.

Therefore, considering the recent price rise, the short-term holder’s profits have also risen by more than 90%. Hence, the possibilities of these holders extracting their profits also emerge. 

As per the on-chain data provider, Glassnode, the recent price surge has broken all the 3 levels, realized price, the long-term holder(LTH) realized price & short-term holder (STH) realized price. 

Glassnode

“The recent surge in Bitcoin proce action has resulted in an initial breakout above all three costs-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis. 

A sustained duration above these key psychological levels would be considered constructive,”

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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