Will Bitcoin Surpass $25K After Its Strong Resistance at $23K?

Bitcoin ($BTC) surpassed the level of $23k this week. And now, ready to move towards $25K. But these all are just assumptions that Bitcoin may surpass $25K. After all, it is the utmost part of the crypto industry that is volatile in nature.

The top cryptocurrency, Bitcoin, is showing strong resistance at $23K that may probably be a healthy prelude to its upcoming pump. That may be taking Bitcoin, “not to the Moon,” but somewhat to the $25K in upcoming weeks.

Meanwhile, the altcoins also seemed in another impressive run with several notable assets up 20% or more. And earlier this week, the price of crypto noted a little resistance.

Bitcoin’s Impressive Price Surge

After almost a year of turmoil with intense negative market sentiment, Bitcoin is following a bullish trend. This week, Bitcoin marked its three month high at $23,722 with a 24 hour trading volume of almost $30 Billion. It is currently trading at a price of $23,048.04 with a 24-hour trading volume of $22.54 Billion. Bitcoin is up 0.14% in the last 24 hours, with a current market cap of $444.24 Billion, according to coinmarketcap.

From its 90 days low at a price of $15,599.05, Bitcoin surged by more than 50% and marked its high at $23,722.10. This price surge of Bitcoin is experienced after many major events in the crypto ecosystem. Whether it was about the crypto hacks, the Terra-LUNA crash, the most-awaited Ethereum transition, lay-off by crypto firms, or the collapse of leading crypto exchanges.

The gentle surge in Bitcoin price since the beginning of 2023 filled the confidence of crypto investors with positivity. And the investors once again started pouring their money into crypto. But how long this confidence of investors would rest.

The reason for the Bitcoin price surge may be due to assumption as the world is leaning into recession and most of the central banks are tightening.

Bitcoin Supporters

Bitcoin did not easily top the list of most-traded cryptocurrency. Behind the craze of this cryptocurrency, there is some push that racked Bitcoin at top. That push is by many popular personalities, who openly supported Bitcoin. The top investors Elon Musk, Barry Silbert, Brian Armstrong or Michael Saylor are the people who generally show their support for Bitcoin. Even after the recent crypto winter their support for Bitcoin did not lessen.

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