Bitcoin Price To Enter A New Bull Market If BTC Trades Above This Level
Bitcoin price loses its crucial resistance of $23.5K amidst slight sell off
Analyst predicts a key turning point for BTC price
The crypto market seemed unaffected even after the Federal Reserve raised the interest rate by 25 bps on Feb 1, 2023. However, today the overall crypto market experienced a slight sell off where the lead cryptocurrency, Bitcoin price, has dropped more than 1.5% over the last 24hrs. This impacted Ethereum, Solana, Cardano, XRP among other large cap altcoins.
Currently, Bitcoin is trying to hold on to its $23,000 trade level as the currency has dropped 1.86% in the past day and is now selling at $23,424.
Bitcoin Bulls On The Move
However, one a broader note, Bitcoin bulls are still holding their control and this began in January 2023. Similar is the thought process of Charles Edwards, a Bitcoin trader and Capriole Fund founder. The trader believes that amidst the volatility, Bitcoin has begun its new cyclical bull market. He displays a chart and claims that Bitcoin addresses profit making has spiked from 50% to 70% indicating a turning point ahead.
Meanwhile, when looking at Bitcoin’s Fear and Greed index, the indicator is pointing towards Greed. This suggests that the current Bitcoin price is too high and it’s a good time to sell. If that happens Bitcoin might further face a pull back.
However, another well-known crypto trader and analyst, Scott Melker also known as Wolf of All Streets believes that $25,212 is a key level for Bitcoin. As per the analyst, if Bitcoin moves beyond the said level, this would be the first of its high trade since $69,000.
Hence, it’s very much important for Bitcoin price to hold its trade above the $23,000 area and pass its next crucial resistance of $24,000 mark.