The $25,000 resistance level is being tested as bullish momentum increases. Yesterday, the price of Bitcoin increased to a peak of $25,234 before falling. Above the most recent high, buyers failed to maintain the bullish momentum. Today, buyers are seeking to break through the $25,000 resistance after rising over the $23,500 support.
Despite a gain in price, buyers were unable to maintain Bitcoin (BTC) above the $25,000 barrier level. Selling pressure is there when the value of the largest cryptocurrency hits a high of $25,234. Positive momentum will resume today when buyers hit the barrier at $25,000. On the positive side, Bitcoin’s rising trend will continue if the price of BTC recovers and breaches the $25,000 threshold level. When the psychological price barrier of $25,212 is broken, Bitcoin will strive for the $30,000 mark. At the time of writing, the asset’s bitcoin worth is $24,707.
Technical analysis and Price Prediction for Bitcoin
After the initial rise, the price of bitcoin has since stabilized and is steadily climbing at $24,594 at the time of this posting. Bullish investors are keeping an eye on the immediate Bitcoin barrier around $28,000 and looking for assistance at $24,000 while the whole crypto market remains beyond a $1 trillion global value. The MACD histogram indicates that the Bitcoin market will continue to be positive. But, given the overbought market shown by the RSI of 71.22, it is advisable to exercise caution. This implies the possibility of a possible correction soon.
The MACD curve is moving in the right direction and has significantly increased from the day before. The current day’s MACD histogram is 20.19, which indicates that bitcoin is gaining traction. The previous day’s MACD histogram was -132.12. The 20-day exponential moving average (EMA) is now at $24,651; the 50-day and 100-day EMAs are at $21,347 and $20,346, respectively. Given that the price is trading above all important exponential moving averages (EMAs), this indicates that the short- to the long-term pattern is positive and that the price of bitcoin is most likely to keep rising.
The previous day’s output was 32.068K, while the quantity for the previous 24 hours is 29.551K. A higher-than-normal trading volume for BTC is shown by the volume moving average, which is at 19.753k. Generally, technical indications point to a bullish market for bitcoin. Investors could take heart from the MACD histogram’s indication of upward momentum and the short-term EMA’s position above the long-term EMA.
The RSI’s indication of an overbought market, however, cautions investors to exercise caution and keep a careful eye on the market and the price of bitcoin. The price of Bitcoin is currently facing immediate resistance in the $28,000 to $28,500 region, with $24,000 serving as a possible support level.
The price of bitcoin reaches a six-month high
The price of bitcoin increased by more than 7% on the previous day, momentarily trading over $25,000 and reaching a six-month record of $25,262 before falling back down to about $24,000. Digital currency has not previously reached this level since August 2022. Will the price of Bitcoin continue to rise, or has the rally peaked?
The rise began when Bitcoin’s price fell by 40% as a result of the FTX epidemic, which scared investors out of the market. For the time being, the rebound appears to have paused. After reaching oversold levels in January, Bitcoin, as well as other virtual currencies, recovered, boosting investor confidence in the cryptocurrency industry as a whole.
A few days ago, the price of Bitcoin was trading below $22,000 due to a governmental crackdown on stablecoins. Today, though, investor confidence rose, at least momentarily, as regulatory worries appeared to be subsiding.
According to Michael Novogratz, Bitcoin may recover to $30,000 during the first quarter
It will take another five years for bitcoin to reach that price. He attributed his pessimism to the rising interest rates announced by Federal Reserve Director Jerome Powell.
At the time of this posting, the price of one bitcoin is $25,200, up 16% over the previous 30 days and 8% over the last 24 hours.
A few people recently predicted that bitcoin would rise in value. Robert Kiyosaki, the author of Rich Dad Poor Dad, predicted that bitcoin would reach $500,000 by 2025. According to Pantera Capital, the next cycle of the bitcoin bull market has already begun. The investment management company Ark Invest predicted that the market for bitcoin may grow to be worth several trillion dollars and that the price of a coin could reach $1.48 million.
U.S. Macroeconomic Statistics Encourage Bitcoin Bulls
It started with the CPI, which, despite a change in how it was calculated, mostly met expectations. Despite a sluggish first response, CPI is a well-known cause of volatility in markets and cryptocurrencies, and this time was no different.
The prognosis was then further buoyed by retail sales as well as manufacturing data, with investors adding to the “dry powder” for risky bets and driving up cryptocurrency. The focus now is on whether the positive news will last and whether it will withstand the most recent stage of Bitcoin’s spectacular 2023 return since there is still more data to emerge.
The 200-week moving average (MA), which has been offering clear resistance ever since the midst of last year, was mentioned by Alan. If the U.S. jobless numbers are better than expected, the market may conclude that the Fed’s tightening monetary policy is effective and that a reversal may occur sooner or later. A reduction in interest rates and an increase in liquidity by the Fed would increase the allure of trading risky assets.
On February 16, Bitcoin’s price hit an all-time record of $25,234, but further selling pressure caused it to decline. Bitcoin is anticipated to continue its upward trajectory if the most recent high is broken. As the king currency moves upward, the Bitcoin price forecast reveals that BTC is continuing its streak of three consecutive positive days.
The price of Bitcoin has increased by more than 4% during the past 24 hours, signaling that the bulls are returning for good. If they continue to build buying pressure, the technical marker Relative Strength Indices (14) is getting ready to pass over the upper channel border.
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