• Bitcoin (BTC) is currently trading above $22K after bouncing back from its previous high.
• Resistance at the $23,000 and $24,000 marks have slowed BTC’s upward momentum.
• According to Glassnode, the introduction of Bitcoin nonfungible tokens (NFTs), also known as Ordinals, has pushed the total number of non-zero Bitcoin addresses to 44 million.
Bitcoin Price Remains Above $22K
BTC/USD is regaining ground above the $21,500 support as price remains above $22K despite the bounce. The price of Bitcoin has been ranging between $21,500 and $22,000 for the past week. BTC’s price made an effort to break over the resistance at $22,000 yesterday after recovering. To keep the bullish momentum above the most recent high, buyers are still having difficulty at the previous high.
Bitcoin Price Statistics
Data:•Bitcoin price now – $22,110.45•Bitcoin market cap – $426,616,454,602•Bitcoin circulating supply – 19,291,137 BTC•Bitcoin total supply – 464 538 038 712•Bitcoin Coinmarketcap ranking – # 1Resistance Levels:$50 000$55 000$60 000Support Levels:$25 000$20 000$15 000
Technical Analysis
BTC/USD is caught in the space between the moving average lines. In other words, the price of BTC is above the 50-day SMA and below the 21-day SMA. When the price of Bitcoin crosses over the 21-day line SMA , it will begin to trend .The cryptocurrency is regaining strength after bouncing back to hitting a high of 22 339 USD . However , if purchasers keep the price over 23k mark ,the market will fully recover . Bitcoin will rally above 24k if 23k resistance gets broken . The bullish momentum has already been thwarted by price action so far . For further recovery ,bitcoin needs to bounce back in current environment . At present ,the crypto currency is trading at 22 110 USD .
Ordinals Help Reach New High
According to cryptocurrency analytics company Glassnode ,the introduction of Bitcoin nonfungible tokens (NFTs) ,also known as Ordinals have pushed up total number of non zero bitcoin address to 44 million which network has never been used before for any other purpose in history of bitcoin .
Conclusion
In conclusion it can be said that despite some set backs bitcoin prices remain strong with increasing market capitalization and support levels helping it maintain its position on top among all cryptocurrencies globally with new records being achieved due to NFTs and ordinal introduction into system