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Bitcoin Technical Analysis: Breaking Through the 25K Resistance Barrier

Maxwell Williamson by Maxwell Williamson
February 16, 2023
in Crypto
Reading Time: 2 mins read
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The rise experienced on the Bitcoin side yesterday afternoon quite surprised the investors who were waiting for the fall and left the investors who were staying in a short position in a difficult situation. The total liquidation of short positions opened for Bitcoin has increased to $ 85 million.

Bitcoin, which started the day at $ 22199, increased by more than 10% in a few hours and rose to $ 24380. Later, it experienced a slight pullback and closed the day with a rise of 9.57% at $24324.

blockdag 70m

Especially striking in this latest rise is that Bitcoin has reached these levels for the first time in 6 months. The fact that prices have risen above $ 24200 for the first time after August 14, 2022, has increased the optimism in the market.

At the time of writing, Bitcoin is trading at 24612, with a daily increase of 1.19%.

Bitcoin Technical Analysis: Breaking Through the 25K Resistance Barrier

Bitcoin Chart Analysis

The rise in Bitcoin yesterday seems to continue to make people smile. When the chart above is examined, it is seen that the downtrend that started on August 14 ended with yesterday’s rise. If this rise continues, 25k resistance appears first. In case of possible retracements, if we go below the red line on the chart again, this rise may remain as a “Bull Trap.” Investors should pay attention at this point.

What is the latest situation in Altcoin?

We see that the positive mood in Bitcoin has spread to all alcoins, 

Bitcoin Chart Analysis

The latest situation in some altcoins;

  • Ethereum: up 1.02% at $1692,
  • Solano: up 0.17% at $23.90,
  • Avax: down 0.10% at $19.92,
  • Ripple: up 0.45% at $0.4007,
  • BNB: It is trading at $322,5, up 1.61% at the time of writing.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

To continue reading content that may be of interest to you: A Closer Look at the Post-US Inflation Data Analysis in Bitcoin

Tags: Bitcoinbitcoin chartsupport and resistance points
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Maxwell Williamson

Maxwell Williamson

I am Maxwell - my friends call me Maxy, graduated from Pomona College in Economics. I have a highly quantitative and analytical background with work experience in corporate finance, valuations, and strategic advisory services. My diverse background has allowed me to gain experiences in various industries geographies and enabled me to acquire an international and comprehensive perspective. Through my experiences in work, school, extracurricular activities, and sports; I gained essential leadership and collaborative skills that helped me to grow strong interpersonal and problem-solving skills. In addition to the analytical areas such as finance and data science, I love being creative and I learned JavaScript to design my own website and some web applications in order to use my deep learning models. Currently, by sharing financial analyzes in different news channels, I guide readers on how to make conscious investment strategies.

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Vitalik Buterin Donates 100 ETH to the Turkish Aid Organization "Ahbap" After the Earthquake Disaster

Vitalik Buterin Donates 100 ETH to the Turkish Aid Organization "Ahbap" After the Earthquake Disaster

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