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.
Read CRYPTONEWSLAND onEven 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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