Bitcoin Recovers And Approaches The Next Hurdle Of $25,212

Feb 16, 2023 at 10:32 // Price
Coin Idol
The value of Bitcoin rose above its previous high

The price of Bitcoin (BTC) is rising as it crosses the barriers of $23,000 and $24,000.

Bitcoin price long-term forecast: bullish

The largest cryptocurrency rose to a high of $24,895 today as it approached the next resistance level. The value of the cryptocurrency rose above its previous high. Bitcoin rose to a high of $24,240 on February 2, but was stopped. Bulls bought the dips as the decline deepened to a low of $21,354.

The recent uptrend was halted today after stumbling below the $24,800 resistance level. If the BTC price recovers, the current resistance above $24,800 will be broken and a jump above $25,000 is expected. Once the positive momentum is maintained above the $25,000 support, Bitcoin will resume its uptrend. Once the next resistance at $25,212 is overcome, Bitcoin will head towards the psychological price threshold of $30,000. At the time of writing, the cryptocurrency asset is trading for $24,658.

Bitcoin indicator display

With the recent surge, Bitcoin has risen to the Relative Strength Index of 69 for the 14 period. The cryptocurrency market is overbought. The current upward momentum could change. As long as the price bars are above the moving average lines, the largest cryptocurrency will rise. The daily stochastic indicates overbought conditions for bitcoin. It is above the stochastic value of 80 on the daily basis.

BTCUSD(Daily Chart) - February 16.23.jpg

Technical indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

As the price of Bitcoin (BTC) has crossed the resistance level of around $24,000, the positive trend has resumed. The market is currently overbought where the bitcoin value is trading. Bitcoin is expected to decline in the overbought area as it faces rejection there. However, the overbought area might not last in a market that is in an active trend.

BTCUSD( 4 Hour Chart) - February 16.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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