BTC Price Retests $25K High as Bullish Momentum Builds

Bitcoin Set to Cross $25K as Bullish Momentum Builds: Feb 17, 2023

Bitcoin price tests the $25,000 resistance level as bullish momentum builds. The BTC price surged to a high of $25,234 yesterday before falling. Buyers were unable to sustain the positive momentum by breaking above the most recent high. Today, the buyers have recovered above the $23,500 support and are trying to break through the $25,000 resistance.

Bitcoin Price Stats Data:
•Bitcoin price now – $23,758.08
• Bitcoin Market Capitalization: $458,143,590,904
•Bitcoin circulating supply – 19,293,431 BTC
•Total Bitcoin Supply – $498,212,921,054
• Bitcoin Coinmarketcap Ranking – #1

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

Although the price of Bitcoin (BTC) has risen, buyers were unable to hold it above the $25,000 resistance level. When the price of the largest cryptocurrency peaks at $25,234, selling pressure is on. When the buyers return to the $25,000 resistance, the positive momentum will resume today. On the bright side, if the BTC price recovers and breaches the $25,000 barrier level, Bitcoin’s uptrend will continue. After the next barrier of $25,212 is breached, Bitcoin will target the psychological price barrier of $30,000. The value of the cryptocurrency asset is $23,758.00 at the time of writing this article.

Bitcoin price hits a new high of $25,000 in 2023

Bitcoin has hit a new high for 2023 despite macroeconomic headwinds and regulatory crackdowns on cryptocurrencies. The value of Bitcoin (BTC) has surged to a new all-time high of $25,000 in 2023. The achievement follows a surge in Bitcoin’s price for much of January. According to CoinGecko data, the last time Bitcoin price hovered around $25,000 was in mid-June 2022, as it was dipping into a range between $19,000 and $21,000, where it had been for several months. However, after the FTX crisis, the price of Bitcoin fell sharply, reaching a 2022 low of $15,742 on November 10, 2022. In early January, when the price of BTC rose for 14 consecutive days between 4 and on January 17, the price began to fly.

However, the buyers cannot sustain the positive momentum above $25,000 as the bullish momentum builds. BTC price is rallying back above the $23,500 level, indicating a possible bullish move. The body of a retracement candle on the upswing on February 16 tested the 61.8% Fibonacci retracement level. According to the retracement, BTC will rise to the 1,618 Fibonacci extension level, or $27,535.62.

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