BTC Price Holds Steady as It Challenges the $25K Mark

Bitcoin’s Rising Trend Continues as It Challenges the $25K Mark – February 20, 2023

The largest cryptocurrency is in a sideways move as it challenges the $25K mark. Buyers have attempted to break through the current resistance level twice. Bitcoin price surged to a high of $25,234 on February 16 but was rebuffed. Similarly, buyers kept the price above the resistance level but were met with selling pressure at the high of $25,209. The basic line is that if Bitcoin fails to break its recent high, its risk will decrease.

Bitcoin Price Statistics Data:
•Bitcoin price now – $24,495.36
•Bitcoin market cap – $472,659,616,632
•Bitcoin circulating supply – 19,296,568 BTC
•Bitcoin total supply – $514,388,677,288
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

The effort by the price of Bitcoin (BTC) to break over the resistance at $25,000 has been rejected twice. After a brief reversal, the Bitcoin asset is currently circling over the $24,000 support. But, if the price of BTC rises back above the existing support, the upward momentum will restart.
The cryptocurrency will surpass $25,000 and keep on rising. The historical price level on August 15, 2022, is the present resistance level. BTC/USD continued to decrease in the prior year after being rejected at the most recent high. The largest cryptocurrency asset fell from a high of $25,000 to a low barely above $16,000 support. At the time of writing, the price of one Bitcoin is $24,472.

The CEO of Galaxy Digital said he “wouldn’t be surprised” if Bitcoin reached $30,000

According to Michael Novogratz, the recent increases in the price of Bitcoin have been linked to a slowdown in US inflation. The price boost may last through the end of March. Michael Novogratz, CEO of Galaxy Digital Holdings, predicts that Bitcoin might reach $30,000 or more before the end of March. Novogratz said he would have been the “happiest guy” if BTC had reached $30,000 at the end of 2022, but added: “When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter.” This is according to a Feb. 15 Bloomberg report. The forecast is far lower than the previous ones Novogratz has made. The CEO of Galaxy once predicted that if the US Federal Reserve kept raising interest rates, Bitcoin might reach $500,000 by the end of 2027.

Meanwhile, Bitcoin is currently moving sideways as it challenges the $25K mark. Before dropping below the 21-day line SMA on the 4-hour chart, the BTC price retested the resistance level twice. The price of the cryptocurrency has surpassed the 21-day line SMA as it tries to retest the barrier at $25,000. Bitcoin’s rising trend would resume if the current barrier level were to be breached.

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