Bitcoin (BTC) Prices had shown a surprising recovery from the recent lows and have succeeded to hold the prices above both the important EMAs which has grabbed the attention of the investors and it seems like $20,000 has become a long term base and downside is limited. Currently, BTC/USDT is trading at $23,235 with an intraday gains of 0.34% and the 24-hour volume to market cap ratio at 0.0341
Recently, the investors are more excited about the Ordinals Bitcoin based NFT which will allow NFT to be stored in the Bitcoin blockchain to bring more security, transparency and traceability.
Will BTC reclimb $25,000 or slip below $20K?
Bitcoin (BTC) prices are in uptrend and rising upward by forming a bullish continuation pattern which shows the confidence of long term investors in the market leader of the crypto currency world.
In the beginning of February, BTC prices formed a short term base of $21,500 and took a sharp bounce back due to the recent rate hikes by Fed which directly impacted the BTC and prices shot up 18% in a short span of time. Later, prices took halt at $25,200 and entered into the narrow range consolidation.
Meanwhile, the BTC prices sustained above the 50 and 200 day shows that the positional trend is still favoring in the direction of bulls and any short term correction will have high probability of bouncing back from the support levels. However, if the price slips below the 200 day EMA then bears might try to drag it down to the $20,000 level which will act as an important demand zone for the long term investors. The technical indicators of BTC like MACD have generated negative crossover but the curve is sloping sideways indicating prices are likely to consolidate with bearish bias but the RSI is exactly at 50 denotes equal level of tug of war between buyers and sellers.
On the other hand, The recent hype regarding Bitcoin based NFT by Ordinals have also grabbed the attention of the investors which might also turn out to be beneficial for the long term investors.
Summary
Bitcoin (BTC) prices attempted to break out of the $25,000 hurdle but unfortunately due to weak global sentiment bulls were unable to hold the higher levels and prices took a downside reversal. However, the technical analysis suggests that the trend is still in the bulls grip and prices have a high probability of bouncing back from the support levels mentioned below.
Technical levels
Resistance levels : $25,200 and $26,700
Support levels : $21,500 and $20,000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/02/26/bitcoin-price-prediction-btc-above-25000-before-march-2023-end/