Sat, January 28, 2023

Bitcoin Surpasses the $20K Barrier at Last

Bitcoin

According to the data, the Bitcoin (BTC) price is $20,628.11. Currently, between 55% and 60% of BTC is profit. If BTC cannot hold a position over $20,400, its price may decline.

According to the data, Bitcoin (BTC), the market leader in cryptocurrencies, is trading at $20,628.11. This comes following a 0.61% price increase in the previous day. Additionally, the price of BTC has increased by 6.74% in the past week. In related developments, on October 30, 2022, the Twitter crypto expert @100trillionUSD released a graphic on the social media platform demonstrating that between 55% and 60% of BTC is currently profitable.

What Do Daily Charts Tell Us About BTC Movements?

The BTC/USDT daily chart shows that Bitcoin’s price is slightly above the daily support of $20,400. On October 23, 2022, the shorter 20 Exponential Moving Average (EMA) line was bullishly crossed over the daily 9 Exponential Moving Average (EMA) line.

Since then, the 9 EMA has remained above the 20 EMA line. With a support level of $20,400, 9 EMA lines serve as support. The daily Relative Strength Index (RSI) indicator predicts an increase in BTC price as the RSI line is bullish above the RSI Standard Moving Average (SMA) line. The RSI line also has a positive slope in the overbought region.

Investors and traders should prepare for a prop to the 20 EMA level if BTC closes below the $20,400 level. The closest support, at about $19,500, will be the next target if the 20 EMA level fails to hold. However, if the $20,400 level holds over the following two days, BTC will probably go for the $21,000 level. As BTC trades above $20,600, 55–60% of Bitcoin is in profit.

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