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The $25,000 resistance level is being tested as bullish momentum builds. Yesterday, the Bitcoin price surged to a high of $25,234 before falling. Above the most recent high, buyers failed to sustain bullish momentum. Today, buyers are looking to break the $25,000 resistance after breaking above the $23,500 support.
Despite a price gain, buyers were unable to hold Bitcoin (BTC) above the $25,000 barrier level. The selling pressure is there when the value of the largest cryptocurrency peaks at $25,234. The positive momentum will resume today when buyers reach the $25,000 barrier. On the bright side, Bitcoin’s uptrend will continue if the BTC price recovers and breaches the $25,000 threshold. When the $25,212 psychological price barrier is broken, Bitcoin will struggle to reach the $30,000 mark. At the time of writing, the bitcoin value of the asset is $24,707.
Technical analysis and price prediction for Bitcoin
After the initial surge, the bitcoin price has since leveled off and is steadily climbing to $24,594 at press time. Bullish investors are watching Bitcoin’s immediate barrier around $28,000 and looking for support at $24,000, while the entire crypto market remains beyond a global value of $1 trillion. The MACD histogram indicates that the Bitcoin market will remain positive. But, given the overbought market shown by the RSI of 71.22, caution should be exercised. This implies the possibility of a possible correction soon.
The MACD curve is moving in the right direction and has risen significantly since the day before. The MACD histogram for the current day is 20.19, indicating that Bitcoin is gaining ground. The MACD histogram for the previous day was -132.12. The 20-day EMA is now at $24,651; the 50 and 100 day EMAs are at $21,347 and $20,346, respectively. With the price trading above all major EMAs, this indicates that the short-term pattern is positive and the bitcoin price is very likely to continue rising.
The production of the previous day was 32,068K, while the quantity of the previous 24 hours is 29,551K. The volume moving average shows above normal trading volume for BTC which is 19,753k. Overall, technical indications point to a bull market for bitcoin. Traders may take heart from the MACD histogram’s bullish momentum indication and the position of the short-term EMA above the long-term EMA.
However, the RSI’s indication of an overbought market warns investors to be cautious and keep an eye on the market and the bitcoin price. Bitcoin price is currently facing immediate resistance in the $28,000 to $28,500 region, with $24,000 serving as a potential support level.
Bitcoin price hits a six-month high
The bitcoin price rose more than 7% the day before, momentarily trading above $25,000 and reaching a six-month high of $25,262 before falling back to around $24,000. The digital currency has not previously reached this level since August 2022. Will the Bitcoin price continue to rise or has the rally peaked?
The rise started when the price of Bitcoin fell 40% as a result of the FTX epidemic, scaring investors out of the market. For now, the rebound seems to have stopped. After hitting oversold levels in January, Bitcoin, as well as other virtual currencies, rallied, boosting investor confidence in the cryptocurrency industry as a whole.
A few days ago, the price of Bitcoin was trading below $22,000 due to the government crackdown on stablecoins. Today, however, investor confidence rose, at least momentarily, as regulatory concerns seemed to be easing.
According to Michael Novogratz, Bitcoin may recover to $30,000 during the first quarter
Bitcoin will take another five years to reach that price. He attributed his pessimism to the increase in interest rates announced by the head of the Federal Reserve, Jerome Powell.
At the time of this publication, the price of one bitcoin is $25,200, up 16% from the previous 30 days and 8% more than the last 24 hours.
Some people recently predicted that Bitcoin would increase in value. Robert Kiyosaki, the author of Rich Dad Poor Dad, predicted that bitcoin would hit $500,000 by 2025. According to Pantera Capital, the next bitcoin bull market cycle has already begun. Investment management firm Ark Invest predicted that the bitcoin market could grow to be worth several trillions of dollars and that the price of a coin could reach $1.48 million.
US Macro Statistics Encourage Bitcoin Bulls
It started with the CPI which, despite a change in the way it was calculated, mostly met expectations. Despite a slow first response, the CPI is a well-known cause of volatility in markets and cryptocurrencies, and this time was no different.
The forecast was then further boosted by retail sales and manufacturing data, with investors jumping on the “dry powder” for long-shot bets and rallying cryptocurrencies. The focus now is on whether the positive news will last and whether it will withstand the most recent leg of Bitcoin’s spectacular comeback in 2023, as more data is yet to emerge.
Alan mentioned the 200-week moving average (MA), which has been offering clear resistance since the middle of last year. If the US unemployment numbers are better than expected, the market may conclude that the Fed’s tight monetary policy is effective and that sooner or later a reversal will occur. A reduction in interest rates and an increase in liquidity from the Federal Reserve would increase the attractiveness of trading risky assets.
Ending
On February 16, the Bitcoin price reached an all-time high of $25,234, but additional selling pressure pushed it lower. Bitcoin is anticipated to continue its upward trajectory if the most recent high is broken. As the king coin moves higher, the Bitcoin price forecast reveals that BTC continues its streak of three consecutive positive days.
The Bitcoin price has risen more than 4% over the last 24 hours, indicating that the bulls are returning for good. If they continue to build buying pressure, the Relative Strength Indices technical marker (14) is preparing to break above the upper border of the channel.
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