BTC Price Recovers as It Re-Enters the $25K Barrier Level

Bitcoin Regains Bullish Momentum as It Re-Enters the $25K Barrier Level – February 19, 2023

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

Bitcoin Price Statistics Data:•Bitcoin price now – $24,697.59•Bitcoin market cap – $476,562,220,946•Bitcoin circulating supply – 19,295,475 BTC•Bitcoin total 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 February 16 before falling again. As buyers recovered above the immediate support, the price of Bitcoin dropped below $23,500. The BTC price has been increasing as it approaches the $25,000 resistance level today. The price indicators have consistently projected that Bitcoin will continue to trend upward. On the plus side, if buyers manage to get through the $25,000 resistance and the positive momentum continues, the BTC price will increase to a high of $28,000. The positive momentum will nevertheless continue up to the high $30,000 psychological price level. When the bullish scenario is disproved, however, Bitcoin will decline and be forced to move range-bound below the most recent high.

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

Bitcoin proponents forecasted the start of a fresh bull run, while some analysts believe it’s a bear trap. On February 16, Bitcoin had a double-digit increase of 15% and reached a six-month high of $24,800. Given that February has historically been a bear month for the most popular cryptocurrency, the one-day increase in the price of Bitcoin surprised many. That was the biggest positive day for the leading cryptocurrency in the previous six months as BTC’s price increased by $1,820 in a single day. Several individuals ascribed the rise in BTC prices to some factors, including an increase 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 present upward surge. Data from Lookonchain shows that during the last six days, institutional institutions have invested close to $1.6 billion in the cryptocurrency market. Stablecoins, particularly Circle-issued Dollar Coin, was the main source of the $1.6 billion. Before sending the money to different exchanges, the owner of the funds first withdrew their USDC from Circle.

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

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