The current recovery phase of BTC has been quite interesting, following the major events that negated the expansion of its price to the upside. Recall that about $100 billion was cut off from bitcoin’s market cap during the FTX crisis. However, BTC has successfully recovered, even with a $65 billion additional market cap.
The increasing value of BTC since the beginning of 2023 has also led to a significant increase in its market cap, which has passed the market caps of some major payment processing networks such as Visa and MasterCard. This in turn has boosted the confidence of investors as they return to the market.
Key Bitcoin Levels To Watch – February 19
Following the algorithmic decline in price, BTCUSD finally flipped bullish due to its reaction at the $15460.0 level. Before the reaction that swerved the price to the upside, the Moving Average Convergence Divergence (MACD) was majorly below the zero line.
On August 26, 2022, the price aggressively broke the rising trendline, only to retest the trendline on September 13, 2022. Similarly, weak horizontal support was broken and retested on November 9, 2022, and December 14, 2022, respectively. The market’s order flow is now bullish, and BTC might continue to rally after retesting the $21478.0 support.
Bitcoin Key Levels
Resistance Levels: $48240.0, $32933.0, $25215.0
Support Levels: $21478.0, $15460.0, $12486.0
Total Market Capitalization: $1.12T
Bitcoin Market Capitalization: $473.4B
Bitcoin Volume: $23.9B
Market Rank: #1
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