Bitcoin continues to scare the counters as it rises above $26,000 – The king of cryptocurrencies continues to climb this Tuesday, March 14th. Operators are awaiting the release of inflation data (CPI index) from the US. The publication agreed with the consensus, with inflation falling to 6%. This pushed the price of bitcoin soaring above $26,000.
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Bitcoin price rises 7.5% in 24 hours
Today, Bitcoin (BTC) price is fluctuating between $24,000 and $26,400. Another day for the king of cryptocurrencies:
Bitcoin performance against different currency pairs Source: CoincheckUp
Within 24 hours, BTC was up 7.5% against the USD, and within a week, the price was up 15.5%. In three months, Bitcoin is up 42%, trying to make us forget about the bear market. Currently, Bitcoin is performing slightly better than Ethereum (up 2.85% in a month).
Bitcoin Price Rises, Sellers Are Liquidated
Some market participants use leverage, which should be handled with caution. In fact, some left feathers there, as evidenced by this chart of recovering liquidation amounts:
Bitcoin liquidation source: Coinglass
On March 13, the short side liquidated no less than $80 million in total. Today, the charts show more or less the same amount.After a complicated year, the bulls are getting their revenge
Bitcoin Breaks Resistance at $25,000, $28,500 Next?
In yesterday’s edition, the possibility of a return to $25,000 was mentioned. Bitcoin fared better, it broke resistance:
Bitcoin to USD price (4H)
Now, the next strong resistance is at $28,500. If buyers hold the support at $25,000, the price of Bitcoin may meet this resistance (+14%). Still be careful, it is not ruled out that buyers take profits and the price breaks below the support level. If so, a return to the next support at $23,900 cannot be ruled out. The RSI is at resistance and is in the overbought zone. So far, there are no signs of divergence, but momentum is starting to overheat.
Bitcoin broke through the $25,000 resistance level, and if buyers push the price could eventually reach $28,500. The market liquidated short sellers, with sellers liquidating nearly $160 million in two days.
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The article Bitcoin Breaks Resistance at $25,000, Continues Rise – March 14, 2023 appeared first on Journal du Coin.
Information source: compiled by 0x information from JOURNALDUCOIN.The copyright belongs to the author crpto_me, and shall not be reproduced without permission