Market analysis has shown that Bitcoin is currently trading around $23,000 as the demand to sell is beginning to build among investors. This comes as the U.S. central bank has increased interest rates more than expected.
The biggest cryptocurrency by market capitalization traded at $23,480 during the last 24 hours and has remained unchanged over the past few hours. For the first time since the start of the year, Bitcoin traded at a price above $25,000 last week.
The price of Bitcoin dropped by about 5.7% as markets began to question whether the possibility of a 50 basis points (bps) interest rate instead of a 25 bps interest rate would be favorable.
After retreating from its prior high of $25,000, a closer look at the BTC/USD 24-hour price reveals that Bitcoin is aiming at $22,700 as its new support.
With the 50-day moving average crossing below the 200-day, it means that there is now more selling pressure than buying demand. Early trading hours in Asia saw Bitcoin trade hands at an average price of $23,477.
BTC/USD 24-hour price chart (Source: Trading View)
The coin is on a slight decline. At the time of writing, data from CoinMarketCap shows Bitcoin is trading at $23,342, down by 0.42% in the last 24 hours.
Over the weekend, Bitcoin soared past the $22,800 support level. Currently, the intraday trading chart shows the coin could experience multiple resistance levels.
While Bitcoin and the U.S. equities markets take a shot at a positive movement this week, the bulls are not relenting as they struggle for momentum.
As Bored Ape Yacht Club launches the first-ever Bitcoin NFT this week, investors and staunch crypto evangelists remain optimistic about a price surge.