- Bitcoin hits $25,000 level for the first time in nine weeks.
- The largest cryptocurrency retested $25k thrice before staying at 24k level.
- Yesterday’s increase has received mixed comments from financial analysts.
On late Saturday, Bitcoin hit the $25,000 level for the first time since June 13. The largest cryptocurrency by market capitalization retested the $25,000 resistance level three times after drawing back to $24,000 level. This means that $25,000 is the new key resistance level for BTC.
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Even though Bitcoin has slowly walked up from the 20,000 level to 24,000, the largest cryptocurrency is still down 64% from its November 2021 all-time-high.
Peter Schiff, an American stockbroker, and CEO of broker-dealer Euro Pacific Capital has brought to Twitter his perspective in regards to the recent Bitcoin rally based on the charts. He said:
The pattern remains very bearish. There’s both a double top and a head and shoulders top. There’s a rising wedge forming below the neckline. At a minimum support will be tested below $10K. Look out below!
Schiff’s comment was eventually slammed by a Twitter user named @invest_answers. He compared Gold, which was down 53% in 11 years, with Bitcoin’s 210,000% increase in the same time frame.
After yesterday’s increase, some analysts confirmed that Bitcoin is still valid to reach the $28,000 level. In a tweet, technical analyst @AltstreetBet said “As long as we stay above 24k on daily, we should reach for 28k CME gap.”
Bitcoin’s trading volume jumped to more than $27 billion, up to 33.13% in the last 24 hours. At the time of writing, Bitcoin was down 0.08% in the last 24 hours and currently trading at $24,597.90 according to CoinMarketCap.
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