The price of Bitcoin fluctuated sideways below the $23400 threshold in 2023 following an enormous gain in the first three weeks of the year. The coin price had a little respite from the intense purchasing during the ensuing consolidation period, which also helped to restore the positive momentum. Today’s prices exhibit an effort at breaking through the $23400 barrier, indicating that buyers are positioning themselves for a further uptrend.
Prices might go 5.2% higher to $2500 if a daily candle closes over the resistance level of $23400. A bullish rebound is more likely to continue if the 20 and 200 EMAs cross in a bullish direction. The $22.2 billion intraday trading volume for Bitcoin indicates a 13% increase.
Bitcoin Price Could Break The $25K Barrier
In the first three weeks of 2023, there was a parabolic recovery in the price of bitcoin. The coin price has increased 42% since its low on January 1 ($16499) throughout this bull run and most recently crossed the $23400 level.
The Bitcoin price, however, fell sideways in the fourth week and displayed a struggle to overcome the $23400 barrier level. Additionally, the daily candles’ high wick rejection on both ends suggested market uncertainty.
In addition to showing evidence of worn-out bullish momentum, the rejection candle also produced a brief deliberation phase between the aforementioned resistance and the $22500 support. Anyhow, the excessive purchasing that occurred during the previous advance was steadied by this consolidation, which was crucial for the price of bitcoin. Additionally, the prices were examined for acceptability above the amounts that had just been stated. The price of Bitcoin, however, had a big influx today and increased by 2.25%.
The lengthy green candle broke over the 23400 overhead barriers, indicating the release of constrained bullish momentum. The daily candle should transform into strong support and support a bullish comeback if it closes above the resistance that has been crossed.
The post-breakout rally will probably push the price of Bitcoin 5.3% higher, over the symbolic $25000 level.
In contrast, the consolidation phase will continue for a few more sessions if the daily candle closes below the $22500 level.
