Bitcoin January 25, 2023 – Strong bullish impulse

Boarding – the Bitcoin price (BTC) It approached $24,000 when it appeared to show signs of weakness. The cryptocurrency broke a major resistance, and it will eventually close the day in the green.

Bitcoin rose again above $23,000, contradicting bearish expectations

Bitcoin price fell as low as $22,334 on Bitfinex today, January 25, 2023, before rising as high as $23,812, which corresponds to a new high in just over four months. Cryptocurrency is traded in $23,426 At the time of writing this article. Its price is currently recording a daily gain of 3.53%.

Before Bitcoin quickly regained $23,000, traders and analysts tried to explain the red candles, which gradually pushed the cryptocurrency towards levels close to $22,000.

Founder of Eight Trading Company Michael Van de PoppeSo put Parallel to Bitcoin’s declines with a decline S&P500. And he is not the only one who has brought the cryptocurrency price closer to the stock price.

Bloomberg reported earlier today published an item Expect the first fall éventuelle de deux days du prix du Bitcoin en 2023. The article reporte les analyses de Tony Sycamore, analyste de marché chez IG Australia Pty, qui souligne l’impact des prévisions decevantes de Microsoft sur les cryptos like Bitcoin, dont le cours serait Is enough threaded The values ​​of the tech giants.

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With $23,400 thrown away, a new hurdle looms

Bitcoin managed to cross a range $23,400 from the merchant Rekt Capital Considered a major resistance for cryptocurrency, on a weekly basis. It now needs to consolidate above this level, to confirm the real breach, which will increase the possibility of the continuation of the bullish trend.

Bitcoin price: the main resistance is at $23,400
Rekt Capital version – Source: Twitter

The bulls halted their rally at $23,812 today. The Bitcoin price chart on a weekly basis below shows that this level has acted as a major hitch For cryptocurrencies, during the weeks of July 24 and August 7 last year (blue circle).

BTC/USD in weekly units
BTC/USD in weekly units

Hence, today’s strong bullish impulse has allowed bitcoin price to pull back A breach of the $23,100-$23,400 area, as the sales wall seemed to go up. The bulls’ ability to defend $23,400 will give clues to a possible recovery of $24,000, or a downside correction in the coming days.

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