Undecided – The price of Bitcoin (BTC) is returning to levels near $23,000. For the moment, the cryptocurrency has reacted little to the publication of new macroeconomic data. On paper, it could go up to $27,000, without the whales getting involved.
Bitcoin price at $23,000 after bullish impulse
Bitcoin price rises to $23,273 on Bitfinex today, January 26, 2023. The cryptocurrency is trading at $23,038 at the time of writing this article. The markets are currently entitled to a doji.
The founder of the Eight trading company, Michaël van de Poppe, returned to the bullish momentum of the previous day, which saw Bitcoin test levels around $23,600, and which was followed by rejection relatively fast.
Michaël van de Poppe then referred to the publication of data on the US GDPwondering if the numbers would “push the price to new highs” or if markets would see Bitcoin price return below $22,900, “meaning lower prices ahead.”
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BTC markets undecided over US GDP
The U.S. Department of Commerce announced today that GDP for the fourth quarter of 2022 grew at an annualized rate of 2.9%, against forecasts of 2.8% economists that the Dow Jones surveyed.
The CNBC article published earlier in the day specifies that this growth rate is slightly lower than that observed during the third, which amounted to 3.2%.
Will these statistics calm or heighten the fears of economists and investors about the possibility of a recession in the United States this year? The price of Bitcoin apparently reacted little to the release of these figures, with a indecision that seems to be reigning in the markets right now.
The key levels for the price of Bitcoin, according to the whales
After Bitcoin’s recent fall to levels near $22,000, and the rise that brought it closer to $24,000, how low can the cryptocurrency go down or up in the short term?
The Whalemap team shared a chart, which shows the existence of major support and resistance areas respectively at $21,300 and to $27,100based on areas of whale concentration.
Between these two areas there is a gap where, theoreticallywhales should therefore not exert a significant influence on changes in the price of Bitcoin.
Bitcoin failed to hold above $23,400, which acts as an important resistance on a weekly basis. Will today’s doji be followed by another attack from this level or a bearish correction, which would bring the cryptocurrency back to around $22,000 in the very short term?
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