2022-8-15 20:00 |
Bitcoin price has been bouncing up and down over the last couple of weeks, but the digital asset has finally found its direction. With this recent recovery, the price of bitcoin has made its way to sit comfortably above $24,000 presently. The digital asset had tested one of the most coveted spots on Sunday but had sadly been rejected. That has not stopped it, though, as bitcoin is gearing up for another rally towards $25,000.
$25,000 For Bitcoin PriceAfter touching $25,000 on Sunday, the bitcoin price had taken a swift beating down. This led to an inevitable slump below $24,000 but would prove to only last for a short time. After being pushed back down, bitcoin was able to find support just below $24,000 and used that as a bounce-off point to regain strength above the technical level.
Even with the decline, it had been able to hold well above the 50-day moving average, thereby keeping its bullish trend on track. What this shows is that bitcoin is not ready to give up the fight at $25,000 just yet. Instead, it is expected that another test of this resistance level will happen on Monday.
This is all happening ahead of the US trading hours, so it is expected that once this side of the world begins trading activities, then there will be another push upward. Additionally, bitcoin’s ability to quickly recover above $24,000 shows significant strength on the 24-hour chart.
The next resistance for bitcoin’s price is currently sitting at $24,765. However, at this point, there is not much support for the bears, so the price is likely to have an easy breakthrough here. The main level to beat still remains $25,000.
Investors Are BullishThe bullish sentiment among investors in cryptocurrencies such as bitcoin remains on the rise. The Fear & Greed Index hitting its highest level of 47 on Sunday shows as much. Translating this to the performance of bitcoin over time, shows that the rally is far from over.
Such trends run till the index reads well into the extreme greed territory before a reversal is seen. So if historical movements are anything to go by, it could take a couple of weeks for investors’ sentiment to peak, and by then, the possibility of bitcoin getting close to $30,000 remains high.
It is also seen in the exchange net flows for the past day. Bitcoin had seen more inflows, but this had turned on Friday when outflows had surpassed inflows, indicating that investors were actually accumulating the digital asset.
If this accumulation trend continues, bitcoin is likely to gather enough strength to balance well above $25,000. Once this point is beaten, the next important technical level lies at $28,000, given that this was the cycle low for 2021.
Featured image from CNBC, chart from TradingView.comFollow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
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