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Bitcoin Bulls Push Price Above $25,000 in Major Market Milestone

By spoopy_mulder | Mainly Bitcoin | 19 Feb 2023


Bitcoin is making headlines again with its price surpassing the $25,000 mark, its highest value in the last eight months. The bullish run this week has seen Bitcoin's price increase by 18%, breaking through the region's resistance that some analysts consider a "monster of three heads." The surge in Bitcoin's value comes despite the US government's pressure on the cryptocurrency sector and the Federal Reserve's indication that it will continue raising interest rates.

The news of Bitcoin's latest surge is good news for investors who are already reaping the benefits of the cryptocurrency's increasing value. Bitcoin appreciated by 40% in January, and February's gains are already in the range of 8%. The increase in Bitcoin's value also has a positive effect on other cryptocurrencies such as Ethereum (ETH) and Binance Coin (BNB), which are up by 8.8% and 6.9%, respectively.

However, despite the bullish run, it is yet to be seen whether the bulls will have the strength to break the $25,000 barrier or if they need to catch their breath before testing the region's resistance again. Bitcoin hitting its highest price in eight months shows that the market is ready for a second month of growth, but the bears are still putting up a fight. The fight for this region's resistance will be fierce, as expected.

Breaking $25,000 means that the bear market is over, according to Tone Vays, a famous Bitcoin investor. The region, which is now resistance, will be transformed into significant support. Moreover, those who are operating in the short position will need to close their positions, which could trigger a significant increase as Bitcoin firms up above this zone.

This is an essential moment for the market that could determine how the next few months will be for Bitcoin and the entire cryptocurrency market. Bitcoin's surge in value has resulted in a $130 billion market growth this week, right after losing the $1 trillion mark. Despite the US regulatory pressure, Bitcoin is still proving to be a solid investment option for investors.

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spoopy_mulder
spoopy_mulder

Oasis Network and Bitcoin Maxi


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