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The current state of the cryptocurrency market has brought investors to a standstill, thanks to unexpected price movement in most assets across the domain. There has also been a lot of speculation about the price of Bitcoin and the probability that it will cross the $24,500 mark again.
The previous day, the price of Bitcoin had risen more than 7%, briefly trading above $25,000 and reaching an all-time high of $25,262 before returning to around $24,000.
The leading cryptocurrency hasn’t seen this price range since August 2022. So, has the price of Bitcoin already peaked or will it continue to rise? This article will examine the current performance of the digital asset and make future predictions.
Due to Hong Kong Cryptocurrency Initiatives, Bitcoin Hits a New 8-Month High
There was a sharp rise in the value of cryptocurrencies today, mainly due to the positive news coming out of Hong Kong. The Asian financial center has stated that it will accept investors and digital assets to establish itself as a major cryptocurrency hub in the future.
Starting in June, any Hong Kong resident, including mainland Chinese entities, will be able to buy, sell and trade cryptocurrency without restrictions.
Prices rose 9% in a single day as a result of the positive market reaction to the announcement. Hong Kong’s decision to accept digital assets suggests that money from China can now easily return to cryptocurrency markets, despite the country’s ban on personal use of cryptocurrencies.
Changes were made as a result of Paul Chan, Hong Kong’s Financial Secretary, stating in January that the city wants to develop a strong regulatory framework for cryptocurrencies.
Bitcoin price currently stands at $24,500
The price of Bitcoin is currently around $24,643 and its 24-hour trading volume is over $37 billion. Since yesterday, Bitcoin has risen by around 11%. With a live market cap of $475 billion, it currently ranks number one across all websites.
Technically speaking, Bitcoin has just crossed $24,300, which is a huge double resistance level. The possibility of a continuation of the positive trend in Bitcoin has strengthened as a result of the recent closing bars above this level. As for the last resistance levels for Bitcoin, they are $25,450 and $26,000.
When there is a break below the $24,300 level, the price of BTC can fall towards the $22,500 level, which is supported by a rising channel.
BTC has established a rising channel, and the RSI as well as the MACD indicators are in the buy range, so there is a good chance that it will continue to trade bullish above $24,300.
US Macro Research Supports Bitcoin Bulls
The CPI or Consumer Price Index is an established source of market and cryptocurrency volatility, and this year was no different. However, it has evidently contributed to the rise of the bulls, at least for the top crypto at the moment. With no further information on its effect on cryptocurrencies yet to be released, the current question is whether the ongoing bullish phase will sustain and further fuel the more recent phase of Bitcoin’s remarkable comeback in 2023.
Mike Novogratz, the founder and CEO of Galaxy Digital has expressed his expectation that Bitcoin Will Hit $30,000 at the end of March. On February 15, Novogratz discussed price movement and customer enthusiasm at a Bank of America conference. He claimed that the increase in FOMO is preparing to make his prediction come true.
Up 12% in the last 24 hours, Bitcoin’s highest daily gain in over a month, the cryptocurrency only needs to rise another 21.5% from its current levels to achieve Novogratz’s target.
The well-known VC still sees the product reaching that level, but not in the next five years, having previously predicted that the Bitcoin price will reach $500,000 per token in 2024.
To Encourage the Use of Digital Assets, El Salvador Established a “Bitcoin Embassy” in Texas.
The first country to accept Bitcoin as legal cash was El Salvador, and since then it has done more to promote the use of digital assets. The government intends to promote the acceptance of cryptocurrencies by opening a “Bitcoin consulate” in Texas.
Milena Mayorga, the US ambassador to El Salvador, tweeted about this development on February 17. This proposal comes after Switzerland took a similar step to encourage the use of digital assets last year. El Salvador intends to further its initiatives to encourage the use of Bitcoins internationally by establishing a “Bitcoin consulate” in Texas.
The plan was made public as a result of a tweet by Milena Mayorga, United States ambassador to the country. This action comes after a related push by Switzerland to promote the use of cryptocurrencies last year.
Conclusion
The Bitcoin price reached a recent all-time high of over $24,500 on February 18 before falling as a result of increased selling pressure. If Bitcoin’s latest high is broken, the token is likely to continue on its upward trajectory.
In the last 24 hours, the price of Bitcoin has risen by more than 4%, indicating that perhaps the bulls are back and staying put. The technical indicator is about to cross the upper limit of the channel if they continue to increase the buying pressure.
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