After trying many times to regain the psychological level, Bitcoin price rose above $25,000 again today. BTC price reached a record high of $25126 before it began retracing back to low levels.
Traders are closely watching to see if the Bitcoin price can maintain above the critical level to confirm an additional upside. Some analysts believe that the recent rally is a “bulltrap.”

Advertisement

Two key factors will determine the direction of Bitcoin’s upward momentum. The first is whether the price can hold above $25,000. Second, the 200-Weekly moving average (WMA). The 200-WMA is one indicator that traders use to identify long-term changes in Bitcoin’s direction.
Bitcoin price saw a reversal last week right from the 200-WMA. This is a strong resistance. A massive bullish rally could begin if Bitcoin price closes this week higher than the 200WMA. The same level will eliminate bears, and the trend will be dominated by bulls.
The U.S. Federal Reserve’s FOMC Minutes release on February 22nd is another factor to consider. The key event will see Bitcoin prices volatile. Jerome Powell, Fed Chair, previously stated that a deflationary process had begun. This hint suggests that disinflation will be used to eliminate higher rate hikes.
Trending Stories

The Bitcoin price continues to be under pressure due to Fed officials’ hawkish rhetoric about a possible 50 bps rate increase at the FOMC meeting in March. The FOMC Minutes release is a key event that will continue to drive the market over the next few weeks.
However, several on-chain metrics confirm that Bitcoin price is in an early bull market cycle.

BTC prices could rise due to bullish market sentiment and China backing Hong Kong as a crypto hub. There are also several crypto exchanges that plan to expand to Hong Kong.
BTC currently trades in the $24.7K to $25K range. The 24-hour low/high is $24,428 and $25,000.126, respectively.
Also read: Grayscale Claims a Win Against the US SEC. Is a Spot Bitcoin ETF Finally Coming to Market?

About the author
Disclaimer

The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

Crypto Stories
View all