Volatility for Bitcoin (BTC) and the rest of the crypto market is currently at low levels. Periods of small price fluctuations often precede large market movements. In this respect, it is good to have an overview of the current state of affairs so that there are no surprises. In addition, an important economic indicator will be published today. We will also discuss this in this morning update.
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Bitcoin price stable
Yesterday, Bitcoin price was in a slight downward trend. At the end of the afternoon, the price bottomed out at just under $37,000. The price then slowly climbed upwards and reached its narrow range in the early evening, in which it is currently moving sideways. This range is from about $37,200 to about $37,500.
If Bitcoin rises above this trading range, the $38,000 mark is the level to watch. This has recently proven to be a very strong resistance level. Bitcoin has repeatedly tried to break above $38,000 but has always been pushed back. The annual high, which was reached on November 9th, is also just above this resistance. A breakout could lead to a rise towards $40,000.
$36,700 is the next support level if we break below $37,200. In case of further decline, it will be crucial to stay above the $35,600 level to avoid a bloodbath towards $34,000.
Max long if we put this scenario into action $BTC pic.twitter.com/q8VCavZxsB
– Johnny (@CryptoGodJohn) November 23, 2023
At the time of writing, the BTC price on the Bybit crypto exchange is $37,399. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 34,300.
Altcoin market: XRP, Cardano and Dogecoin rise minimally
Looking at the rest of the crypto market, there are no outliers visible. Major altcoins like Bitcoin are close to their prices from 24 hours ago.
Ripple (XRP) is up 2.11%, Cardano (ADA) is up 2.75% and Dogecoin (DOGE) is up 1.59%. There are also some relegated teams. For example, Solana (SOL) is 1.29% lower than yesterday and Chainlink (LINK) is down 1.17%.
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Bitcoin Today: US Services Purchasing Managers Index
Today the publication of the Services Purchasing Managers Index (PMI) from the USA is on the agenda. This is an important economic indicator that measures the performance of the US service sector.
The data will be released at 3:45 p.m. A value of 50.4 is expected, whereas at the beginning of the month it was 50.6. A PMI below 50 indicates a contraction in the services sector, a lower value indicates a greater rate of contraction. This would raise concerns about a recession to higher levels, which would initially have a negative impact on the Bitcoin price.
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