BTC Price Prediction: Today’s Bitcoin Price, 3rd Feb 2023

Many investors are wondering if Bitcoin can hit $30,000 this month when the Federal Reserve releases its decision on interest rates.

Following a 0.5-point hike in December, the Federal Reserve stated on Wednesday that its benchmark short-term interest rate will increase by a quarter of a point. This choice demonstrated that the rate of inflation is declining and is not as great as it once was.

The Federal Reserve said that inflation has reduced marginally but is still rather high following their two-day meeting. Even as they balance the benefits of the endeavor against growing recessionary dangers, the central bank doesn’t seem inclined to suggest that their campaign to battle inflation is coming to an end.

Since Bitcoin’s value has significantly dropped over the last several days, some investors are wondering if this is the right time to buy this cryptocurrency. The outcome of the current range in which Bitcoin is trading—between $22,700 and $23,850—will show how the market is most likely to react.

This article will examine the possible causes of Bitcoin’s recent price decline and assess whether it is currently a viable investment option.

Today’s Bitcoin Price

DATE	BTC	USD
Today	01	$ 23,818.34

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Bitcoin Price Prediction

Bitcoin’s current value is $23,052.37, with a daily trading volume of $22 billion. It has dropped by 0.33% over the past 24 hours. It presently has a $444 billion market capitalization and is ranked first.

The $24,000 ceiling has recently been difficult to break for the 4-hour BTC/USD exchange rate chart. Since then, it has decreased to test the $23,000 support level.

The 50-day moving average for the 4-hour time frame indicates that a support level of $23,000 has been formed for the price of bitcoin. If it drops below this point, it might eventually reach $22,600 or perhaps $22,350. This might also cause the BTC/USD pair to turn bullish.

It may be advantageous to invest in buying situations with prices over $23,000 and a target of either $23,550 or $24,000. However, selling positions can be more rewarding if the price falls below the $23,000 support zone.

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