The price of Bitcoin reached its highest point of the day at $ 24,924 while increasing in value by about 3%. Although hawkish Fed remarks and macro indicators have caused the BTC price to dwindle, which had soared beyond $25,000, it appears that the largest crypto money is very keen to advance.
The market attitude is still optimistic, with the Bitcoin Fear and Greed Index at 60, and investors are behaving carefully due to the “material” feeling in the market and wondering if the recent run was a bull trap. Technical traders adhere to a crucial threshold. For BTC, the leader of the cryptocurrency market, this is the level that has to be carefully observed.
Will Bitcoin be Able to Pass Through the Psychological Threshold?
The price of one Bitcoin is $24,561 at the moment. The market will gain momentum if it surpasses the psychological threshold of $25,000, but investors won’t be able to confirm this momentum until the 200-Week Moving Average (WMA) is overtaken. The 200 WMA is one of an investor’s most useful indicators for identifying a shift in the long-term trend of BTC’s price. Let’s not forget that the 200 WMA, which is a little over $25,000, served as resistance during the most recent decline in the price of bitcoin.
A significant increase may be anticipated to follow if Bitcoin gains ground over $25,000 and manages to hold this level. On February 20th at 00:00, the weekly close will provide confirmation of this. It should be highlighted that this level is a powerful barrier and that rising beyond it might not be as simple as anticipated. Yet, the Relative Strength Index (RSI) of around 60 indicates a positive prognosis for the price of bitcoin. The Bollinger Bands are observed to have opened. As a result, the signs suggest that the price of Bitcoin will rise beyond $25,000 in the near future.
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