join our Telegram channel to stay up to date on breaking news coverage
Bitcoin price rose more than 7% in the last 24 hours, briefly trading above $25,000 and touching a six-month high of $25,262 before settling back down near the $24,000 mark. This was the first time the digital currency reached this level since August 2022. Will the Bitcoin price continue the uptrend or is the rally over for now?
$25,000 #Bitcoin pic.twitter.com/mpCCe88gTh
— Bitcoin Magazine (@BitcoinMagazine) February 16, 2023
The rally, which appears to have stalled for now, came after the price of Bitcoin plunged 40% amid FTX contagion from the crypto market that drove investors away from the market. Bitcoin and other digital assets then rallied from oversold positions in January, adding to growing confidence in Bitcoin and the broader cryptocurrency market.
Bitcoin price has been trading below $22,000 for just a few days after a regulatory crackdown on stablecoins. However, investor confidence rose today, at least temporarily, as regulatory concerns seemed to fade.
Bitcoin Price Prediction and Technical Analysis
Bitcoin price is now hovering around breakeven in the last 24 hours after the initial surge and is trading at $24,066 at the time of writing. As the broader crypto market continues to hover above a market cap of $1 trillion, bullish investors are eyeing BTC’s immediate resistance at $28,000 and expect support at $24,000.
The moving average convergence/divergence (MACD) histogram suggests a continued bull market for Bitcoin. However, it is advisable to remain cautious due to the overbought market indicated by the RSI of 71.22. This suggests that there could be a possible correction in the near future.
The MACD histogram shows positive momentum, with a significant increase from the previous day. The MACD histogram from the previous day was -132.12, while the current day is 20.19, which suggests that BTC is gaining momentum.
The 20-day EMA is currently at $24,651, while the 50-day EMA is at $21,347 and the 100-day EMA is at $20,346. With price trading above all significant EMAs, this suggests that the short- and long-term trend is up and that the Bitcoin price is likely to continue to gain momentum.
The volume for the last 24 hours stands at 29,551k, with the volume for the previous day at 32,068k. The volume moving average is at 19,753k, indicating above-average trading volume for BTC.
Overall, the technical indicators suggest that BTC is in a bull market. The positive momentum indicated by the MACD histogram and the short-term EMA above the longer-term EMA is a positive sign for investors.
However, the overbought market indicated by the RSI suggests that investors should be cautious and closely monitor the market and the price of Bitcoin. The immediate resistance for the Bitcoin price is the range between $28,000 and $28,500 and potential support can be found at $24,000.
Related:
Meta Masters Guild P2E Presale Less than 24 hours left – $MEMAG Next 10x Crypto?
NovaWulf Digital Management to buy Celsius’ lending operations
Wyoming lawmakers pass bill preventing private key disclosure
Fight Out (FGHT) – New Move to Earn project
- CertiK audited and CoinSniper KYC verified
- Early stage presale live now
- Earn free cryptocurrencies and meet your fitness goals
- LBank Laboratories Project
- Associated with Transak, Block Media
- Rewards and participation bonuses
join our Telegram channel to stay up to date on breaking news coverage
