BTC Price Rallies As It Re-enters $25K Barrier Level

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Bitcoin regains bullish momentum by re-entering the $25K barrier level – Feb 19, 2023

BTC/USD is picking up momentum above $23,500 as it re-enters the $25,000 barrier level. The largest cryptocurrency asset has breached the support at $23,500 as it once again tested the resistance at $25,000. The bullish momentum has accelerated to a high of $24,742.00 today. After the $25,000 resistance is broken, Bitcoin’s bullish momentum will pick up again.

Bitcoin Price Stats Data:
•Bitcoin price now – $24,697.59
• Bitcoin Market Cap: $476,562,220,946
•Bitcoin circulating supply – 19,295,475 BTC
•Total Bitcoin Supply – $518,632,996,806
• Bitcoin Coinmarketcap Ranking – #1

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

BTC/USD rose to a high of $25,234 on Feb. 16 before falling again. As buyers rallied above immediate support, Bitcoin price fell below $23,500. BTC price has been rising as it approaches the $25,000 resistance level today. Price indicators have consistently projected that Bitcoin will continue in an uptrend. On the upside, if the buyers manage to break above the $25,000 resistance and the positive momentum continues, the BTC price will rise to a high of $28,000. However, the positive momentum will continue to the psychological high of $30,000 price level. . However, when the bullish scenario is refuted, Bitcoin will decline and be forced to range-bound below the most recent high.

Bitcoin’s One-Day Price Rise Connects to Billions of Dollars in USDC Inflows

Bitcoin advocates predicted the start of a new bull run, while some analysts believe it to be a bear trap. On February 16, Bitcoin surged into the double digits of 15% and hit a six-month high of $24,800. Since February has historically been a bear month for the most popular cryptocurrency, the one-day rise in the price of Bitcoin surprised many. That was the most positive day for the leading cryptocurrency in the previous six months, as the price of BTC surged $1,820 in a single day. Several people attributed the rise in BTC prices to a few factors, including a rise in the value of the dollar and a decline in inflation.

According to on-chain statistics, a mysterious fund that started investing heavily in the cryptocurrency market on February 10 is responsible for the current rise. Data from Lookonchain shows that over the past six days, institutional institutions have invested close to $1.6 billion in the cryptocurrency market. Stablecoins, particularly Dollar Coin issued by Circle, was the main source of $1.6 billion. Before sending the money to different exchanges, the owner of the funds first withdrew their USDC from Circle.

BTC/USD – 4 hour chart

BTC price is currently approaching the next resistance as it re-enters the $25K barrier level. When Bitcoin originally retested the resistance level, it fell as low as $23,520. A retraced candle body tested the 50% Fibonacci retracement level on the upswing on Feb 16. According to the retracement, BTC will rise to the 2.0 Fibonacci extension level, or $28,735.27.

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