Bitcoin Price Consolidates After Failing To Break Through Key Resistance Level
Bitcoin price is consolidating after finding strong resistance at the $25,000 level. This year, the primary cryptocurrency’s price resurgence was the main talking point, rising from $16k to $24k in a few weeks.
This trend continued as Bitcoin crossed the $25,000 mark for the first time since August 2022 this week, and some experts predicted that $30,000 could be the next resistance point. However, this was not the case, and Bitcoin was quickly rejected at $25,000.
Bitcoin price experiences slight correction at $25,000
At the time of writing, Bitcoin is trading at $24,478 and has failed to decisively break the $25,000 level. Given the strong rejection at $25K, analysts believe that Bitcoin could enter a period of consolidation before making a new move.
Related Reading: Dollar (DXY) reaches tipping point, critical level for crypto continuation
Technical indicators also support a sideways move in the near term as both arms of the Relative Strength Index (RSI) remain above the 50 midpoint. bitcoin’s network that is near its highest point.
This matches well with some bullish market sentiment and shows that much of the recent rally is based on strong fundamentals. However, given current market conditions, a new narrative may be needed to propel Bitcoin to a new all-time high.
Bitcoin will likely remain in a consolidation phase until more investors take a fresh look at the asset’s potential. This suggests a balance in buying and selling pressures and signals an indecisive market. As such, Bitcoin will likely remain in a tight range, only breaking out when a strong catalyst arrives.
Moving forward, if bitcoin breaches the $25,000 level, it could trigger even greater bullish momentum. On the other hand, if it fails to break out, it could mean that the rally is over and bitcoin is in danger of a correction. Therefore, it is important for traders to monitor the $25,000 resistance for possible breakouts or breaks.
Bitcoin network to experience growth with ordinal NFTs
The Bitcoin network continued to grow with the increasing trend of NFTs minted on its blockchain. Ordinal NFTs began to be marketed through social networks at the beginning of the year.
So far this year, more than 130,000 NFTs, mostly images and text files, have been minted on the Bitcoin network, according to data from Dune. While it is not known how many total sales were made from these NFTs, some documents estimate that collections such as Ordinal Punks have raised millions of dollars. This supposedly takes place through sales organized in private groups.
Related Reading: $212M Released in Crypto Futures as Bitcoin Rises Above $24,000
All this has brought disagreement among some bitcoiners who disapprove of the fact that this type of asset is being uploaded on the network and believe that this could have harmful effects in the future.
-Featured image from Unsplash.com, chart from TradingView.com