Bitcoin is currently trading at around $24,000 and has not made any significant moves for the past few days.[0] The $25,000 mark is a crucial region, and traders are closely monitoring this level.[0] If the bulls manage to break above this resistance level, we could see another breakout for Bitcoin in the short term.[0] The global crypto market cap stands at $1.097 trillion, and Bitcoin’s dominance rate is 42.3%.
In the last 24 hours, the cryptocurrency market cap saw an influx of $4.1 billion, pushing it up 0.4% from the previous total of $1.09 trillion to a current total of $1.09 trillion. The price of Bitcoin has fallen 2% over the past 24 hours to below $23,850, though it is still up some 40% this year.
Currently, the price of Bitcoin is approximately $24,700, having risen 15% in the past seven days. Last week, Bitcoin maintained its key support at $21.5K, a level which acted as resistance in November prior to the last dip in BTC/USD. Subsequently, Bitcoin has now climbed to $25K.[1] In August of last year, Bitcoin reached its previous peak here.[1] This is an important degree.[1] If the market rises above $25K, the bulls would be encouraged that the market has hit its lowest point.[1] Should that occur, we might observe additional technical purchases over the next several days, up to the mid-$20K range.[1] As a result, other crypto prices could potentially be bolstered by this potential breakout.[1]
If the price drops below $23,500 in the near future.[2] Our next goal for Bitcoin is to reach the $21,500 mark.[3] The market is likely to remain volatile at the $25,000 level due to its psychological importance, potentially leading to a decrease in value.[4] [4]
Fears of additional interest-rate increases, a waning stock market rally, and the US government’s crackdown on cryptocurrencies all point to Bitcoin and other tokens needing to make a speedy exit.[5] They are prolonging their recovery for 2023.[5] The divergence has weakened the previously observed positive relationship between stocks and cryptocurrencies that had emerged during the pandemic.[5]
0. “Bitcoin Price Prediction Daily (24-Feb-2023) Levels to Watch on the Hourly Timeframe” Bitcoinsensus, 24 Feb. 2023, https://www.bitcoinsensus.com/bitcoin-price-prediction-daily-24-feb-2023-levels-to-watch-on-the-hourly-timeframe/
1. “Bitcoin hits $25K key resistance” FOREX.com, 20 Feb. 2023, https://www.forex.com/en/market-analysis/latest-research/bitcoin-hits-25k-key-resistance/
2. “Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24,500” NewsBTC, 24 Feb. 2023, https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-fade-24500/
3. “Bitcoin Slips Below $24,000 as Crypto Traders Eye PCE Inflation Data” Barron’s, 24 Feb. 2023, https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-dca33115
4. “BTC/USD Forecast: Struggles With Noise just Above” DailyForex.com, 24 Feb. 2023, https://www.dailyforex.com/forex-technical-analysis/2023/02/btcusd-forecast-24-february-2023/191938
5. “Bitcoin Breaks Away From Stocks in 50% Surge Defying Macro Peril” Yahoo! Voices, 21 Feb. 2023, https://www.yahoo.com/now/bitcoin-breaks-away-stocks-50-101313701.html