BTC Price Retests the $25K High as Bullish Momentum Builds

Bitcoin Set to Cross Over $25K as Bullish Momentum Builds – February 17, 2023

Bitcoin price tests the $25,000 resistance level as bullish momentum builds. The price of BTC rose to a high of $25,234 yesterday before declining. Buyers were unable to keep the positive momentum going over the most recent high. Today, buyers have recovered above the $23,500 support and are attempting to overcome the $25,000 resistance.

Bitcoin Price Statistics Data:•Bitcoin price now – $23,758.08•Bitcoin market cap – $458,143,590,904•Bitcoin circulating supply – 19,293,431 BTC•Bitcoin total 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 increased, purchasers were unable to keep it above the $25,000 resistance level. When the price of the biggest cryptocurrency reaches a high of $25,234, selling pressure is present. When buyers return to the resistance at $25,000, positive momentum is resuming today. On the plus side, if the BTC price bounces back and passes through the $25,000 barrier level, Bitcoin’s upward trend will continue. After the next barrier of $25,212 is overcome, Bitcoin will aim for the $30,000 psychological price barrier. The value of the cryptocurrency asset is $23,758.00 at the time of writing.

Bitcoin Price Reaches a New 2023 High of $25,000

Bitcoin has reached a new high for 2023 despite macroeconomic headwinds and regulatory crackdowns on cryptocurrencies. Bitcoin’s (BTC) value has risen to a new all-time high of $25,000 in 2023. The achievement follows a rise in Bitcoin’s price throughout much of January. According to data from CoinGecko, the last time Bitcoin’s price was around $25,000 was in the middle of June 2022 as it was on its way down to 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. Early in January, when the price of BTC rose for 14 straight days between January 4 and January 17, the price started to soar.

Nevertheless, purchasers are unable to maintain the positive momentum above $25,000 as bullish momentum builds. The price of BTC is rising back over the $23,500 level, indicating a potential upward movement. A retraced candle body on the upswing of February 16 tested the 61.8% Fibonacci retracement level. According to the retracement, BTC will increase to the level of the 1.618 Fibonacci extension, or $27,535.62.

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The price of Bitcoin reached an all-time high of $25,234 on February 16 but was then subject to additional selling pressure. Assuming the recent high is broken, Bitcoin is expected to resume its upward trend. In a similar line, cryptocurrencies and MEMAG tokens have recovered during the past day. The MEMAG token pre-sale is fast running out of stock. The token will be used as money in the interesting Meta Masters Guild virtual environment. Don’t miss the chance to take part in the action before the tokens are used up. The current token presale has so far raised over 4.5 million dollars.

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