Bitcoin Price Prediction: BTC Consolidates at $23,800. Here’s where BTC is headed Now
Bitcoin’s price has been steadily rising to around $23,800. This leaves investors and traders wondering where it will go next. Analysts and experts continue to make predictions about the future of Bitcoin’s market price as the market stabilizes.
This article will examine the current market state and discuss the factors that could impact Bitcoin’s price movements in the coming days, weeks and months.
Director of the IMF warns about crypto risks
The IMF’s executive committee considers crypto assets to be a threat for the global monetary system. They warned about potential consequences for monetary policies, capital flow management and fiscal concerns.
The IMF advises member countries to take the appropriate steps to deal with the increasing popularity of cryptocurrency. As seen in El Salvador’s recent adoption of Bitcoin and Central African Republic’s recent acceptance, the board discourages governments to adopt digital coins as legal currency.
The Fund will continue to provide advice on these issues. The International Monetary Fund (IMF), has warned that the growing use of cryptocurrency poses a threat to the global monetary systems. It can undermine monetary policies, evade capital flow management and raise fiscal concerns.
Despite some countries like El Salvador and Central African Republic accepting Bitcoin as their official currency, the IMF discourages governments from declaring cryptocurrency legal tender. The IMF’s cautionary attitude regarding cryptocurrency could lead to increased regulation and scrutiny, which could have an impact on the adoption and value for Bitcoin and other cryptocurrencies.
As US PCE Inflation Data Shows, Bitcoin Drops
Bitcoin (BTC), which dropped to $23,000 Friday after the release the Personal Consumption Expenditure price index that showed a 5.4% YoY increase and 0.6% MoM rise in January, fell back to $23,000. This higher than expected figure indicates that the Federal Reserve will continue to fight rising inflation.
BTC began Friday at $24,000. It remained at $23,800 through the release of January’s PCE statistic at 13:30 EST. The value of BTC plunged after the release. It fell to $23,000 in 30 minutes. It is currently worth $23,217 as of this writing
The drop in Bitcoin is accompanied by a 3.3% drop in Ethereum (ETH), a 4.6% decrease in Cardano(ADA) and a 7.1% decline in Polkadot. The NASDAQ and S&P 500 are both down 1.81% & 1.25%, respectively.
Coinglass data shows that the crypto market plunge has led to over $110 million worth of liquidations within the last four hours. This includes $44 million in Bitcoin liquidations and $22 million in ETH liquidations. BitMEX was the largest single liquidation, with $7.52million on an XBTUSD deal.
Instead of the Consumer Price Index (CPI), the Fed prefers the PCE as its preferred measure of inflation. The PCE tracks how customers’ buying patterns change over time and is considered by the Fed to be the most reliable indicator of future inflation.
The live price for Bitcoin is currently at $24,050. There has been a trade volume of $31 million in the last 24 hours. With a market capitalization of $464 Billion, it currently occupies the top spot in CoinMarketCap.
Bitcoin’s current price is $23,873, and the trading volume for the last 24 hours has been $28.6 trillion. Bitcoin’s price has fallen by almost 2% over the same period.
Technically, Bitcoin will receive support at the $23,600 level immediately. Breaking below that level could lead to Bitcoin’s price reaching the $23,375 mark.
Chart of Bitcoin Prices – Source: Tradingview
If Bitcoin can break out above $24,100, it could reach the $24,500 mark or $25,200 mark. The MACD and RSI indicators remain in the selling zone so keep an eye on the $23,600-$23,350 range. Potential buying opportunities may exist if the price closes higher than this range.
Bitcoin’s current price is $23,873 with a 24-hour trading volume $28.6 million. In the last 24 hours, it has seen a drop of nearly 2%. Technically, Bitcoin will receive support at the $23,600 level. It could fall below this level and expose the BTC price at the $23,375 mark. Tradingview is the source of the Bitcoin price chart.
Buy Bitcoin Now
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Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.