BTC price holds steady as it challenges the $25K mark

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Bitcoin Uptrend Continues As It Challenges The $25K Mark – Feb 20, 2023

The largest cryptocurrency is moving sideways as it challenges the $25K mark. The buyers have tried to break the current resistance level twice. Bitcoin price rallied to a high of $25,234 on Feb. 16 but was rejected. Similarly, the buyers held the price above the resistance level, but were met with selling pressure at the high of $25.209. The bottom line is that if Bitcoin fails to break its recent high, your risk will decline.

Bitcoin Price Stats Data:
•Bitcoin price now – $24,495.36
• Bitcoin Market Cap: $472,659,616,632
•Bitcoin circulating supply – 19,296,568 BTC
•Total Bitcoin Supply – $514,388,677,288
• Bitcoin Coinmarketcap Ranking – #1

Resistance levels: $50,000, $55,000, $60,000
Support levels: $25,000, $20,000, $15,000

Bitcoin (BTC) price’s effort to break the $25,000 resistance has been rejected twice. After a brief reversal, the Bitcoin asset is currently circling above the $24,000 support. But, if the BTC price rises above the existing support again, the bullish momentum will restart.
The cryptocurrency will surpass $25,000 and continue to rise. The historical price level on August 15, 2022 is the current resistance level. BTC/USD continued to decline the previous year after being rejected at the most recent high. The largest cryptocurrency asset fell from a high of $25,000 to a low just above the $16,000 support. At the time of writing, the price of one Bitcoin is $24,472.

Galaxy Digital CEO Said He “Wouldn’t Be Surprised” If Bitcoin Hits $30,000

According to Michael Novogratz, the recent increases in the price of Bitcoin have been linked to a slowdown in inflation in the US. The price increase may last until the end of March. Michael Novogratz, CEO of Galaxy Digital Holdings, predicts that Bitcoin could hit $30,000 or more before the end of March. Novogratz said he would have been the “happiest guy” if BTC had hit $30,000 by the end of 2022, but added: “When I look at the price action, when I look at the excitement of the customers calling in, the FOMO builds up, not I’d be surprised if we were at $30,000 at the end of the quarter.” This is according to a Bloomberg report on February 15. The forecast is much lower than previous ones Novogratz has made. The Galaxy CEO once predicted that if the Federal Reserve With the US continuing to raise interest rates, Bitcoin could hit $500,000 by the end of 2027.

BTC/USD – 4 hour chart

Meanwhile, Bitcoin is currently moving sideways as it challenges the $25K mark. Before dipping below the 21-day SMA line on the 4-hour chart, BTC price retested the resistance level twice. The price of the cryptocurrency has broken above the 21-day SMA line as it tries to retest the barrier at $25,000. Bitcoin’s uptrend would resume if the current barrier level were breached.

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