Together BitcoinThe price is currently hovering around $23,000 amid uncertainty among traders and investors regarding the direction of its next move. As the market is going through a period of consolidation, analysts and experts are making predictions about the future of bitcoin price.
In this article, we will delve deeper into the current state of the market and examine a number of factors that could impact bitcoin price movement in the near future. We’ll explore different scenarios and provide insights on what traders and investors can expect in the days and weeks ahead.
Bitcoin Bearish Market Slowing Down – What Does It Mean for BTC Price?
A few days ago, Bitcoin (BTC) appeared in a Price-RSI divergence pattern, indicating relative trend weakness for the bears and will lead to a retracement. The retracement is now complete, but the bears are also showing signs of weakness.
While the bitcoin exchange flow has been tilting towards the bears for the past few days, the selling pressure is continuing to subside. According to Glassnode Alerts tracking daily on-chain flows, net inflows of bitcoin totaled -$29.5 million on February 24. While overall selling pressure has returned, it has slowed around the time of publication.
Most of bitcoin’s purchasing power came from addresses holding 1,000 – 10,000 BTC, which were accumulating at press time. This is important, as this address range controls the majority of BTC in circulation. However, a bullish trend is yet to begin as addresses holding more than 10,000 BTC have contributed to selling pressure.
It will be interesting to see whether the bulls are ready to take over in the coming days and weeks. The present value of 1, 10 and 100 BTC can be found using a bitcoin profit calculator. Additionally, it is worth noting that Open Interest has been falling in recent days, and a major shift in derivatives demand may be on the horizon.
The IMF Is Warning Investors About The Potential Risks Of Cryptocurrencies
The Executive Board of the International Monetary Fund (IMF) has recognized the use of crypto assets as a threat to the global monetary system, with potential implications for monetary policy, capital flow management and budget concerns.
In light of this, the IMF has recommended that member states take necessary measures to address the growing popularity of cryptocurrencies. The board advises against the use of digital coins as official tender by governments, pointing to the recent examples of El Salvador and the Central African Republic adopting bitcoin.
The IMF’s concern about the use of crypto assets reflects a wider debate about the role of digital currencies in the global economy. As cryptocurrencies continue to gain mainstream acceptance, it will be important for governments and international organizations to consider their impact on the monetary system and develop appropriate policies to mitigate potential risks.
Strong macroeconomic policies, credible institutions and a sound monetary policy framework are essential. The International Monetary Fund (IMF) recognizes the importance of these factors and will continue to provide guidance and advice in these areas.
However, the IMF has issued a warning that the growing use of cryptocurrencies poses a significant risk to the global monetary system. The use of digital assets has the potential to undermine monetary policy, bypass capital flow management, and raise fiscal concerns.
Despite recent examples of El Salvador and the Central African Republic adopting bitcoin as an official currency, the IMF advises governments against declaring cryptocurrencies as legal tender. The IMF’s cautious stance on cryptocurrency could lead to greater scrutiny and regulation, which could affect the adoption and value of bitcoin and other digital currencies.
The Block’s Q4 Bitcoin Revenue Down But Share Prices Jump 7%: The Story Behind It
The Block, a multinational digital conglomerate founded by Jack Dorsey and formerly known as Square, has reported $1.83 billion in bitcoin earnings in Q4 2022 from its Cash App payment service. This is down from nearly $2 billion reported in the fourth quarter of last year. Which the company attributed to the slowdown in the crypto market.
The Block’s stock later rose nearly 7% despite a drop in bitcoin revenue. Reporting Positive overall financial results. In Q4 2021, when BTC reached an all-time high of nearly $70,000, the total amount of bitcoin sold to customers was over $1.76 billion.
Cash App, the blockchain’s peer-to-peer payment software, projects over $7 billion in BTC revenue and $156 million in BTC gross profit in 2022, down 29% and 28% year-over-year, respectively. Bitcoin grossed $35 million in Q4 2022, down 25% from the previous quarter.
Block explained that the year-over-year decline in revenue was due to a decrease in the total dollar amount of bitcoin sold to customers, which is recognized as bitcoin revenue. Bitcoin’s gross margin was 2% of Bitcoin revenue in the quarter.
The decline in bitcoin revenue is attributed to the crypto market crisis last year, as bitcoin started 2022 trading at around $47,000 and ended at around $16,500, representing a 65% decline.
potential impact: The decrease in bitcoin revenue reported by Block (formerly known as Square) could have an impact on bitcoin’s value. This news could signal to investors that demand for bitcoin is declining, which could lead to a drop in its price. Additionally, since Block is a major player in the cryptocurrency industry, its financial results could affect market sentiment and investor confidence in bitcoin and other digital currencies.
bitcoin price
Bitcoin It is currently trading around $23,000 with a 24-hour trading volume of $18B and an increase of 0.50% over the past day. The immediate support level for bitcoin lies at $22,800, and if the BTC/USD pair breaks below this level, it could potentially expose BTC price to the next support area at the $22,150 level.
Bitcoin Price Chart – Source: Tradingview
The resistance level for bitcoin remains near $23,500. However, since the BTC/USD pair has entered the oversold zone, there is a possibility that BTC could bounce higher and break the resistance at $23,500, potentially leading to a price of $24,250.
bitcoin options
Investors looking to buy into bitcoin may want to consider alternatives with more room for growth in the short term. Cryptonews has released an in-depth analysis of the top 15 cryptocurrencies investors can consider for 2023. Click below to know more.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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