Bitcoin Price Gears Up For Another Rally After Testing $25,000


Bitcoin price has been bouncing up and down over the past two weeks, but the digital asset has finally found its direction. With this latest recovery, bitcoin price has made its way to comfortably sitting above $24,000 currently. Digital Origin had tested one of the most sought after sites on Sunday but unfortunately it was rejected. But that did not stop it, as Bitcoin is preparing for another rally towards $25,000.

$25,000 for the price of bitcoin

After touching $25,000 on Sunday, the price of Bitcoin dropped rapidly. This has led to an inevitable slump to below $24,000, but it will prove to only last a short time. After being pushed lower, Bitcoin managed to find support just below $24,000 and used it as a rebound point to regain strength above the technical level.

Even with the dip, it was able to hold above the 50-day moving average, thus keeping its uptrend on track. What this shows is that Bitcoin is not ready to give up the $25,000 fight just yet. Instead, another test of this resistance level is expected on Monday.

All of this is happening before US trading hours, so it is expected that once this side of the world starts trading activity, there will be another push up. In addition, Bitcoin’s ability to recover quickly above $24,000 is showing significant strength on the 24-hour chart.

Bitcoin price chart from TradingView.com

The next resistance for Bitcoin price is currently at $24765. However, at this point, there is not much support for the bears, so the price will likely have an easy breakout here. The key level to beat is still $25,000.

Investors are optimistic

Bullish sentiment among investors in cryptocurrencies such as Bitcoin is still on the rise. The Fear and Greed Index The record high of 47 on Sunday shows just as much. Translating this into Bitcoin’s performance over time shows that the rally is far from over.

These trends continue until the indicator reads well into the area of ​​extreme greed before seeing a reversal. So, if there are any historical moves to pass, it could take a couple of weeks for investor sentiment to peak, and by that time, the probability of Bitcoin approaching $30K remains high.

Also seen in Net exchange flows for the past day. Bitcoin saw more inflows, but that turned around on Friday when outflows outnumbered inflows, indicating that investors were in fact accumulating digital assets.

If this accumulation trend continues, Bitcoin will likely gather enough strength to balance well above $25,000. Once this point is overcome, the next important technical level lies at $28,000, given that this was the cycle low of 2021.

Featured image from CNBC, chart from TradingView.com

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