Bitcoin price tumbles to 10-day lows as ‘Notorious B.I.D.’ keeps support at $22.5K

Mar 16, 2023 | wjb news

Bitcoin threat will sell for $23000 on Feb. 25, accompanied by a continuous price adjustment over the weekend.

BTC price is applicable below feet.

Cointelegraph Markets Pro and TradingView statistics show that Bitcoin tried to determine the fate of the $23000 mark against the dollar that day.

The two currencies, which lost nearly $1000 on Feb. 24, ended the week with a weak market and a rising dollar.

Because of the "non-trading" trading between now and Monday, the probability of more significant changes caused by softer liquidity increases.

By comparing Binance orders and testing the raw material index values of network resources, it is confirmed that one of the most important bidding lines still exists, which is informally called "notorious B.I.D." There is also the Great Wall.

Previously, liquidity users reduced it within a week.

"if the infamous $22250 BI.D. The wall has no effect, and I predict it will be part of the whale game on Sunday. I'm not gonna try to grab a knife.

"it is expected that BTC will retest the bottom point, or it may enter the price discovery link before the legal compliance bull market rises."

Referring to the coming week's close, trader and investment analyst REKT Capital also pointed out that having $23300 is indispensable in order to protect the interests of both sides.

He also wrote on Twitter: "the weekly retest of the convergence area, that is, the relatively low and high resistance level and the high resistance level of the monthly summary section, is currently in progress."

"the price must be maintained here before the retest can win. However, the monthly line closing below this area will be a bullish data signal.

Another post felt that the monthly summary of the closing price was undoubtedly the decisive factor in the overall trend, and that was a few days later.

Bitcoin difficulty coefficient, the hash rate is persistent.

Others show signs of not being able to raise the chill by $25000 for Bitcoin, pointing out that there is a higher level of long-term resistance above Bitcoin.

Crypto Chase concluded: "it is surprising that even a pump higher than 25K can not meet the requirements of the best short entry."

"everyone is up and in high spirits, and the price is only out of the most prominent friction resistance.. What a pity. Maybe we can get it later.. Knock. Crypto just doesn't buy and sell as much as it used to.

Then update the focus on $22700 as a decline to maintain another round of gains at $25000.

In addition, what is cheerful is the main performance of Bitcoin's Internet fundamentals. In the latest automatic adjustment, Bitcoin has struggled to achieve a 9.95% increase, which is a large increase since mid-late January.

As Cointelegraph reported, although the price recovery has slowed, the difficulty hash rate has soared again to a new record-breaking level.

Matuan, an invited investment analyst at CryptoQuant, a chain of big data platforms, responded: "Last night, Bitcoin discovery became more and more difficult by 10 per cent."