Bitcoin inches up by 3.61% but struggles to surpass resistance levels

As of February 20, Bitcoin, which is the cryptocurrency with the largest market capitalization, saw a rise of 3.61% and was trading at $25,062.33. Meanwhile, Ethereum had an increase of 3.13% and was trading at approximately $1,725.61.

Investors and traders are keeping a close eye on the recent fluctuations in the price of Bitcoin, as the leading cryptocurrency in the world remains within a limited trading range. Upon examining the one-hour chart, it is evident that Bitcoin has been trading higher than the 200-day moving average, indicating favorable prospects for optimistic investors.

Despite this, the cryptocurrency has encountered challenges in surpassing its existing resistance level at $25,452.09 and $25,148.28, and has experienced a decline since then.

Crypto News

Central bank-owned institution BIS examined data from cryptocurrency exchange applications used in 95 countries and also analyzed on-chain data on the daily distribution of bitcoin holdings obtained from IntoTheBlock. The findings revealed that during the period of August 2015 to December 2022, around 75% of users downloaded a cryptocurrency platform application when the bitcoin price was above $20,000.

According to the report, the median investor who had downloaded the app would have lost $431 by December 2022, which amounts to almost half of their total invested funds of $900 since they began using the app. It is noteworthy that this figure is higher in some emerging market economies such as Brazil, India, Pakistan, Thailand, and Turkey. Additionally, the report stated that if investors continued to invest every month, over four-fifths of users would have experienced losses.

Major cryptocurrencies are trading as follows as of 9 am, February 20, 2023:

Bitcoin:$25,145.55

+2.11%

Ethereum: $1,724.68
+1.35%

Tether: $1.02
-0.00%

USD Coin: $1.00 USD
-0.03%