• Bitcoin price has rebounded to reach $23.9K on January 30, 2023.
• Bitcoin’s market capitalization is currently at $457 billion and its circulating supply is 19,276,756 BTC.
• The Relative Strength Index for period 14 shows Bitcoin at level 83 and it has been fearless for 11 days as it approaches the resistance level of $24,000.
Bitcoin Price Reaches $23.9K
Bitcoin has continued its upward trend and rebounded to reach a new high of $23.9K on January 30th, 2023. Its market capitalization stands at an impressive $457 billion with a circulating supply of 19,276,756 BTC.
Technical Analysis
The Relative Strength Index (RSI) for period 14 shows Bitcoin at a level 83 which suggests that the cryptocurrency is unaffected by the overbought state of the market due to its strong trend. It currently trades below the resistance level of $24,000 but if price recovery occurs then it will likely break this mark and push towards a high of $25,212.
Fearless Streak
According to data from IntoTheBlock, 64% of Bitcoin investors are profiting from the recent surge in price since January 25th when it rose to a peak of $23,812 before retracing slightly to its current position below the resistance level of $24,000. In addition to this, the Fear & Greed index reveals that Bitcoin (BTC) has now entered its 11th consecutive day outside the “fear” zone – its longest streak ever since last March 2020.
Potential Breakout
Bitcoin is currently consolidating above its support low of $23500 in anticipation for a potential breakout above the resistance mark mentioned earlier ($24000). If this mark is broken then there may be further bullish momentum which could see prices rise even higher towards a new peak at around $25212 or more depending on market conditions in future trading sessions.
Conclusion
To conclude we can see that despite some minor setbacks during trading sessions over the past few days – such as when Bitcoin reached its highest point so far this year at around 23961 USD but was repelled twice – it still remains in an overall upward trend with many investors looking forward to what lies ahead as prices continue their journey upwards towards potentially new all-time highs beyond those seen in late 2017/early 2018!
