Daily Price Outlook
The current value of Bitcoin is $25,915.40 (BTC/USD), with a market capitalization of $502.80 billion. The daily trading volume reaches $13.01 billion in USD. Bitcoin has experienced a 0.56% loss in the past 24 hours, while maintaining a circulating supply of 19.40 million coins.
Interestingly, despite the regulatory crackdown on the cryptocurrency sector by the US Securities and Exchange Commission (SEC) and a global crypto winter in 2023, Bitcoin has added around 50,000 new millionaires this year. The number of addresses holding more than $1 million worth of Bitcoin has significantly increased.
While regulatory scrutiny led to capital outflows from altcoins, it has contributed to Bitcoin’s growing dominance. Bitcoin and altcoins, such as Binance and Coinbase, have responded differently to the SEC’s actions due to Bitcoin’s strength in the face of regulatory challenges.
Despite recent turbulence in the cryptocurrency ecosystem, Bitcoin has managed to hold above the $26,000 mark. In 2023 alone, it is projected to create 47,994 new millionaires as its price has increased by 59.7% against the US dollar since the beginning of the year.
The number of BTC-holding wallet addresses with a value of at least $1 million has grown from 28,084 on January 5 to 76,078, representing a 170% increase in the number of Bitcoin millionaires.
BTC/USD Price Chart – Source: Tradingview
BTC/USD – Technical Analysis
Bitcoin faces resistance at $26,250 and finds support near $25,500, according to technical analysis. The range of $26,180 to $25,500 will determine its next move. Indicators like RSI and MACD show uncertainty in investor sentiment.
The 50-day EMA acts as support around $25,800, but a descending triangle pattern suggests bearish sentiment. Breaking below $25,500 could increase selling pressure, leading to support at $24,940, $24,710, or $24,385.
Traders watch the upcoming FOMC meeting and Fed Rate announcement for potential impact on Bitcoin’s price.
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