Bitcoin (BTC) recently saw a price surge but failed to maintain its position above the critical $25,000 resistance level. The cryptocurrency rose to $25,234 but encountered significant selling pressure. However, positive momentum is returning as buyers show interest in today’s $25,000 resistance level.
Previous Bitcoin Analysis
BTC/USD Chart Analysis: Source Tradingview.com
In the previous analysis, Bitcoin was in two scenario outcomes. However, the possibility of a bounce back from $21900 support was inevitable. If the 200-day moving average (MA) acts as strong support and bullish investors dominate, Bitcoin could surge to $24,000.
The buying pressure looked substantial enough even to surpass the local resistance level established at this point. This showed the possibility of buyers propelling the price toward the $31,000 to $32,000 range. Once Bitcoin breaches the $24,000 mark, there is minimal resistance to impede its climb until it reaches the range above.
Bitcoin Analysis: Bulls Rejected at the $25,000 Resistance
BTC/USD Chart Analysis. Source Tradingview.com
The bulls have been unable to sustain it beyond the $25,000 resistance level. The cryptocurrency hit a high of $25,235, but faced selling pressure, causing its value to drop. However, positive momentum is regained as buyers return to the $25,000 resistance level. If BTC’s price surpasses the $25,000 barrier level, its upward trend will likely continue in the $31,000 and $32,000 range.
The next target is to break the next resistance level of $25,235, with the ultimate goal of reaching the psychological price barrier of $30,000. As of writing, the current value of Bitcoin stands at $23,758.00. The double top pattern might result in a further bearish move to the $22000 support.
The war on stablecoins by the SEC can deliver a fatal wound to crypto. Binance CEO, CZ, is now considering adopting algorithmic stablecoins to avoid interference by U.S regulators. This week, Binance whitelisted Terra USD Classic (USTC) for trading on Binance, which raised the defamed asset. Will the war on stablecoins drive BTC lower? Only time will tell. One thing, however, remains questionable: Why is Bitcoin rising in price, despite all the negative news? Take a guess.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.