BTC Price Struggles Below $22.5K

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Buyers and Sellers Wary Over Bitcoin Market Direction as It Struggles Below $22.5K – March 6, 2023

Bitcoin (BTC) is consolidating above the $22,000 support level for the third day as it struggles below $22.5K. The candlestick pattern has shifted to small body indecisive candlesticks known as Doji over the last three days. These candlestick patterns indicate that buyers and sellers are split on the direction of the Bitcoin market. Currently, the largest cryptocurrency is trending horizontally.

Bitcoin Price Statistics Data:•Bitcoin price now – $22,480.98•Bitcoin market cap – $434,121,116,050•Bitcoin circulating supply – 19,310,362 BTC•Bitcoin total supply – $472,100,973,420•Bitcoin Coinmarketcap ranking – # 1

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

Following the March 3 price drop, Bitcoin (BTC) has been forced to trade in the downtrend zone. As Bitcoin resumed consolidation above the $22,000 support level on March 3, bulls bought the dips. The $22,500 high is limiting the upward movement. The cryptocurrency is currently trading in a very narrow range. The presence of small-body indecisive candlesticks known as Doji has stifled price movement. On the plus side, if BTC fails to break through the initial resistance level of $22, 500, selling pressure will resume. BTC price made a minor correction on February 25 downtrend and a candle body tested the 61.8% Fibonacci retracement level. The price indicator predicts a further drop to the low of the 1.618 Fibonacci extension, or $21,276.20. According to the price action, Bitcoin reached a low of $21,910 before pulling back.

The Lightning Network Is Used by Xapo Bank To Expedite Bitcoin Transactions

Members of Xapo Bank will now be able to make small purchases of up to $100 instantly from any retailer accepting Lightning payments. To enhance its Bitcoin (BTC) capabilities, Xapo Bank, a global private bank with its headquarters in Gibraltar, has incorporated the Lightning Network. On March 2, Xapo formally announced a partnership with Lightspark, a provider of the infrastructure for the Lightning Network, enabling the company to integrate Lightning on its platform.By reducing blockchain confirmation wait times and transaction fees on the original Bitcoin network, the integration makes transactions on Xapo faster and less expensive.

BTC/USD – 4 Hour Chart

Meanwhile, the Bitcoin price movement has stalled at the recent high as it struggles below $22.5K. Following the price slump, BTC has been consolidating above the $22,000 support level or the past three days. Nonetheless, if the price consolidation continues above the current support, a price rebound or breakdown will occur. Today, the price of BTC recovered but was repelled by the resistance of $22,500.

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Following the price slump on March 3, the Bitcoin (BTC) price has been trading marginally above the $22,000 support level. Buyers and sellers have been divided over Bitcoin’s direction for the past three days. Buyers are making an initial push to the upside today, but face selling pressure at $22,500. Traders continue to be wary of the current price level. Investors can participate in the crypto revolution by joining the Fight Out (FGHT) community. They can benefit from a balanced return on investment.Fight Out (FGHT) is not just about playing the game, but it is about changing it. It is revolutionizing the gaming industry with blockchain technology and the power of the Play-to-Earn industry. Do not miss the chance to become partake in this rare crypto revolution! You need to secure your spot and join our presale now. Approximately $5.5 million has been raised so far.

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