Bitcoin's (BTC) price is likely to reach the highly-anticipated $25K mark in the coming days, provided the crypto market is not subject to any unexpected shocks.
Bitcoin has burst above the $21,500 barrier. BTC might gain more bullish momentum if it breaks over the $22,800 barrier level. Bitcoin's price began a downward trend after breaking through the $21,500 barrier. Like ethereum, BTC has fallen below the $21,000-$20,800 barrier.
The Bulls have been in control recently, pushing the price of the asset past the $20,500 and $20,400 support levels. After forming a low near $20,407, the price surged through the $21,000 barrier level and then the $21,500 major resistance, as well as the 50% Fibonacci retracement level of the recent decline from the swing high of $22,792 to the low of $20,407.
As the Bulls surged in power, they breached the $21,500 barrier with a significant amount of trading volume. Subsequently, they surpassed the $22,000 and $22,500 levels. However, the Bulls encountered resistance near the $22,800 level, which is the highest it has been in the past five months.
Bitcoin is currently trading above the $22,600 level and the 9-hour simple moving average, forming a short-term key bullish trend line on the hourly chart of the BTC/USD pair with support at $22,650. This is a promising sign for investors, indicating that the cryptocurrency is continuing to gain momentum and could potentially reach new heights in the near future.
Near the $22,800 level, there is immediate resistance. The next major resistance is at the $23,100 level, over which the price may begin to rise. In the aforementioned scenario, the price might rise to $23,600 or higher. Any additional increases might push the bitcoin price to $24,500-$25,000 levels.
If bitcoin fails to break over the $22,800 barrier level, it may begin a new slump. On the downside, the trend line and the $22,500 zone provide immediate support. The next key support is at the $22,200 level, below which the price may gain bearish momentum and test the $22,000 level. Any further losses might drive the price down below $21,800-$21,500 in the near term.
According to Price Analysis, the market capitalization of this BTC is $437,723,348,115. The coin's 24-hour trading volume is around $30,465,624,619. The market capitalization of Bitcoin has increased by 8.45%. However, during intraday trading, transaction volume rose by 42.40%.
KEY LEVELS :
RESISTANCE LEVEL : $23,000-$23,400
SUPPORT LEVEL : $22,400-$22,000
After a slight correction, the bulls are in a bullish mood and heavy buying has been seen on the floor. Bitcoin's price is trading near a five-month high. If the rally continues, could it reach $25,000? Please leave your thoughts in the comments section below.
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