BTC Price Returns to Its Previous Low of $21.5K

Bitcoin Is in a Mandatory Fall as It Returns to Its Previous Low of $21.5K – March 9, 2023

Bitcoin (BTC) has continued to fall in price as it returns to its previous low of $21.5K. The current decline has pushed Bitcoin back to its February 10 historical price level of $21,500. Since January 20, the bears have not broken through the current support. If the current support holds, the largest cryptocurrency will regain bullish momentum.

Bitcoin Price Statistics Data:•Bitcoin price now – $21,707.76•Bitcoin market cap – $419,091,178,141•Bitcoin circulating supply – 19,312,356 BTC•Bitcoin total supply – $455,664,459,476•Bitcoin Coinmarketcap ranking – # 1

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

Following the price drop on March 8, Bitcoin has returned to its February 10 low of $21,500. The previous low has been consistently held and has not been broken since January 20. Yesterday, the cryptocurrency fell to a low of $21,619 and then recovered. The BTC price is currently attempting to hold above the current support. In the lower time frame, Bitcoin has reached bearish exhaustion, while the market has reached oversold territory. Today, if the current support holds, the upward trend may resume. Nonetheless, the BTC price may face resistance at the highs of $22,500 and $23,600. If the initial resistance levels are breached, the cryptocurrency will rally to the overhead resistance level of $25,000. The price of Bitcoin will drop even further if the bears breach the $21,500 support level. The cryptocurrency will fall to the psychological price level of $20,000.

Argo Increases Production despite Rising Bitcoin Difficulty – Returns to Its Previous Low of $21.5K

Argo’s daily Bitcoin production rate increased by 7% in February even though the average network difficulty increased by 10% month over month. Despite a notable increase in network difficulty, publicly-traded Bitcoin mining company Argo Blockchain has increased its daily production of BTC. Argo mined 162 Bitcoin or BTC equivalents in February, which equates to 5.7 BTC per day, the company reported in an operational update on March 7. Despite a 10% month-over-month increase in the average network difficulty, Argo’s daily Bitcoin production rate in February increased by 7% from the 5.4 BTC per day produced in January. A measurement of the difficulty of mining a Bitcoin block is known as the mining difficulty. Higher levels of difficulty necessitate higher hash rates or more processing power to validate transactions and create new coins. Blockchain.com data show that the BTC network’s difficulty increased to new all-time highs in February, peaking at 43 trillion on February 25.

Meanwhile, Bitcoin has reached the necessary price decline as it returns to its previous low of $21.5K. Following the price drop on March 8, Bitcoin has resumed its consolidation above the current support. The crypto asset is returning to the previous level, which is likely to hold, indicating the resumption of the uptrend. However, a drop below the current support level will send Bitcoin into the oversold zone. Meanwhile, the price of Bitcoin is rising above its current support.

Bitcoin Alternatives

Following the price drop on March 8, Bitcoin has reached bearish exhaustion. The cryptocurrency asset has returned to its February 10 low. Investors are keeping a close eye on this critical support level, which has been in place since January 20. Other cryptocurrencies and tokens will benefit if Bitcoin remains above the $21,500 support level. Investors can still participate in the cryptocurrency revolution by joining the (Fight Out (FGHT) community. Fight Out (FGHT) aims to change the game rather than just play it. With the help of blockchain technology and the strength of the Play-to-Earn sector, it is revolutionizing the gaming industry. Don’t pass up the opportunity to join this rare crypto revolution! You must register for our presale right away to reserve your spot. Up until now, about $5.5 million has been raised.

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