Bitcoin Breaks $23K Resistance, Eyes $25K High
• Bitcoin continues its upward trajectory as it revisits $23K.
• Buyers have attempted to break through the $23,000 resistance level twice without success.
• The high of $25,212 is Bitcoin’s next stop on the climb.
Bitcoin is back on the move as the largest cryptocurrency continues its upward trajectory and revisits the $23K level. After reaching a high of $25,212 on January 21, Bitcoin experienced selling pressure and was rejected twice at the $23,000 resistance level. As a result, the asset has been forced to fluctuate between $22,300 and $23,000 for the last five days.
The recent price action has caused buyers to attempt to break through the $23,000 resistance level two times in the last few days. The first attempt occurred on January 21 when the asset reached a high of $23,353, however, buyers were unable to keep the momentum and Bitcoin dropped to a low of $22,300. The second attempt was more successful as the asset climbed to a high of $23,178, however, buyers were again unable to maintain the upward trajectory and the asset has since returned to its range-bound behavior.
At the time of writing, the Bitcoin price today is $22,679.43 and has a market cap of $437,325,437,116. It has a circulating supply of 19,271,812 BTC and a total supply of $476,441,890,599. Its Coinmarketcap ranking is #1.
The Bitcoin asset is currently in a horizontal trend and the resistance level of $23,000 will be tested once more as the market continues its journey. If buyers can successfully break through the resistance level, the price of Bitcoin could reach a high of $25,212. On the other hand, if the resistance holds, a support level of $25,000, $20,000 and $15,000 will be tested.
Despite the recent price action, market sentiment still remains bullish. Analysts are confident that Bitcoin will eventually break through the $23,000 resistance level and reach its next stop of $25,212. If Bitcoin can close above $23,000, it could be a sign of further bullish momentum and the asset could continue its climb.