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Friday, February 3, 2023

BTC Gains Support

Bitcoin (BTC) is rebounding strongly after touching USD 16,800 yesterday. The Bitcoin price (BTC) is trading above the 50-day simple moving average (SMA 50) and SMA 200 curves. It also remains above the Bollinger Band indicator, which suggests room for upward movement in the near term.

The bitcoin price is the most important indicator of how well bitcoin is doing as a global cryptocurrency. The bitcoin price is based on a simple supply and demand equation: the more people who want to buy bitcoins, and the fewer people who want to sell their bitcoins, then the higher its value will be.

BTC Drawing Profits

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This makes sense because if there were only half as many buyers looking to buy bitcoins than sellers wanting to sell them, then you would expect there would be twice as many sellers trying to sell their coins at that price point than there are buyers trying to buy them at that level.

The bitcoin price is rebounding strongly after touching USD 16,800 yesterday. The digital currency has traded above the 50-day simple moving average (SMA 50) and SMA 200 curves on different occasions over the past few hours and is currently trading at USD 17,600.

The BTC/USD daily chart shows that a downtrend line is intersected by two horizontal levels: SMA 200 and SMA 50. We can expect a rebound from these levels as well as from the trend line in case of a breakout to the upside or downward movement towards 0% Slope Resistance Zone.

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If we look at current market conditions, it seems almost certain that we will see such an upward move soon enough given last week’s mild correction which brought about some price stability for bitcoin investors who have been feeling uneasy about their holdings lately after months of massive volatility within cryptocurrency markets.

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