Bitcoin fell after testing the $23,000 level

Bitcoin fell after testing the $23,000 level

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Answer Bitcoin fell after testing the $23,000 level

News of doubt and uncertainty continued to circulate and pour into the cryptocurrency sector.

Not long after, FTX collapsed.

It seems that there is another domino waiting to move and fall represented by the company Genesis, which has officially announced the filing for bankruptcy.

Nevertheless, in the midst of the negative news, the cryptocurrency started moving upwards.

Bitcoin price moved to breach resistance after resistance, to test earlier the $23,000 level, as bitcoin’s price reached 23,300.

After that, the price of Bitcoin fell to currently trade (at the time of publishing the article) at about $ 22,800.

Will Bitcoin continue to climb?

Currently, there are many areas of resistance that are waiting for the bitcoin price to breach it to confirm the rise, which is represented in the level:

Read:Once again…SEC postpones decision to consider VanEck’s Bitcoin ETF

$23,000, $24,000 and $25,000.

$24,000 to $25,000 is a massively important resistance area.

Given that consolidation above these levels could magnetically pull bitcoin upwards to the next resistance at $30,000.

Such hikes would have been unimaginable just 3 or 4 weeks ago.

Bitcoin has rallied from the bottom and it looks as if it might take a further drop and possibly reach the next support at $14,000.

But Bitcoin has reversed expectations.

It makes sense that when the entire world is crying out for bitcoin and cryptocurrencies to crash to new lows in a bear market that could last for years, the market will do the exact opposite.

Many analysts point to the rapid decline in inflation as the reason for the cryptocurrency market rally, and this may have something to do with it.

However, the charts across the entire cryptocurrency market were looking oversold but what happened turned all expectations around.

Retail investors sitting on the sidelines with cash piled on may be hoping to achieve at least something in what many have said will be a recessionary year.

Read:What did Jack Dorsey, founder of Twitter, say about Bitcoin?

Of course, bitcoin and the crypto market do not follow the whims of those who want to make a quick profit, but in the recent period (2022) those who entered on the basis of a quick profit found themselves stuck in a long-term winter.

While for those who just want to diversify and invest for the long term, they usually reap the rewards of their patience, as they always have the opportunity and option to sell at a profit or continue for a longer term.

Bitcoin has confirmed that it is a successful investment asset in the long run.

Read also:

Solana (SOL) Price Jumps 20% in the Last 24 Hours…Here’s Possible Reason Why?

Cardano (ADA): Can a Coin Burning Mechanism Drive the Price Up?

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