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Bitcoin Poised for a Rally as BTC Price Consolidates Near $25K Resistance Level – Feb 22, 2023
Bitcoin (BTC) price is consolidating near the $25,000 resistance level as the bulls continue to retest the area. The bears have defended the resistance above the $25,000 high. On the other hand, the bulls are holding firm to their approach and continue to retest the resistance at $25,000. The largest cryptocurrency asset has continued to hold above the $24,000 support in anticipation of a breakout.
Bitcoin Price Stats Data:
•Bitcoin price now – $24,102.49
• Bitcoin Market Cap: $465,248,872,105
•Bitcoin circulating supply – 19,298,687 BTC
•Total Bitcoin supply – $505,478,733,067
• Bitcoin Coinmarketcap Ranking – #1
resistance levels: $50,000, $55,000, $60,000
Support levels: $25,000, $20,000, $15,000
On February 20, the BTC price made another attempt to cross the resistance zone, but it was unsuccessful. The cryptocurrency is consolidating above the $24,000 support despite changing course. However, a breakout is more likely if there is a consolidation near the resistance level. For example, if the $25,000 resistance level is broken, Bitcoin will rally above $25,200 and maintain its bullish momentum to the psychological level of $30,000. It is likely that there will not be significant resistance to the bullish momentum as buyers push to the previous high. Meanwhile, Bitcoin is consolidating above the current support while trading in a tight range. At the 59 level of the Relative Strength Index for period 14, Bitcoin is in the uptrend zone.
Bitcoin price hits a new high of $25,000 in 2023
Bitcoin has hit a new high for the year despite macroeconomic headwinds and regulatory crackdowns on cryptocurrencies. After skyrocketing for much of January, the Bitcoin price has now hit a new 2023 high of $25,000. According to data from CoinGecko, the last time the price of Bitcoin hovered around $25,000 was in mid-June, before falling to between $19,000 and $21,000, where it stayed for several months. After the FTX crisis, the BTC price experienced a significant drop, with BTC falling to a 2022 low of $15,742 on Nov. 10. Its price started rising on January 4 and rose steadily for 14 days. That daily streak of green candles was the second longest in the cryptocurrency’s 14-year history, ending one day short of its 15-day record set in November 2013.
Meanwhile, BTC price is holding at the low of $24,102 while consolidating near the $25,000 resistance level. The price of the cryptocurrency is between the moving average lines on the smaller time frame. This suggests that the cryptocurrency may move within a range. Furthermore, the BTC price has fallen below the daily 20 stochastic level in the oversold area. This explains how prices rise as a result of attracting buyers at lower price points.
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