- Bitcoin (BTC) has surged close to $25,000 in its third attempt to break above the $25.2k resistance since February 16th.
- BTC has gained 15.1% since February 13th to move its year-to-date gains to 48.9%.
- Flipping the $25.2k resistance to support will see the price of Bitcoin rally to $30k before its next resistance.
The price of Bitcoin (BTC) has surged near the $25k level for the third time in the last five days in a continued attempt to flip the $25,200 resistance to support before proceeding on an uptrend.
Bitcoin Attacks the $25k Resistance
Since surging past $25k on Thursday, February 16th, the price of Bitcoin (BTC) has made three attempts to break above the critical $25,200 level before it can continue on a significant uptrend.
In the early hours of Tuesday, February 16th, the price of Bitcoin shot up by 2.3%, hitting $25,126.85. However, like its attempt on February 19th and 16th, the price of Bitcoin has been rejected by the $25.2k level.
The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Following the rejection, BTC now exchanges hands at $24,780. However, Bitcoin is still massively in the green zone, gaining 15.1% since February 13th to push its year-to-date gains to 48.9%.
The seven days price chart for Bitcoin (BTC). Source: CoinMarketCap
Why is the $25.2k Level Significant?
Bitcoin traded under $18,000 40 days ago, and its rally to $25k mirrors the start of the last major Bitcoin rally. The 2017 rally saw the price of Bitcoin explode from $900 and make a run close to $20,000.
Investors and traders alike are ecstatic about the price of bitcoin rallying above the $25.2k level because if this resistance is successfully flipped to a support zone, Bitcoin could rally to $30k.
What Bitcoin Needs to Do To Break Above $25.2k
Rallying to $30k after breaking the critical level is possible because, above the $25,200 level, there is no significant resistance for Bitcoin until $30k.
For Bitcoin to break above this level, there needs to be a strong bullish momentum to drive the demand for BTC, which is already being seen in the market. Chart analyzer and trading signals provider, Material Indicators explained:
If this momentum proves insufficient to support the drive above this region, BTC could remain consolidated around the $23.5k and $24.8k region as it has in the last five days. Consolidation could help buyers gather more momentum to rally above the critical $25.2k level.
On the Flipside
- However, if this fails, Bitcoin could retest its support at the $22,500 level before building new momentum for a swing.
Why You Should Care
The $25.2k is a critical level for Bitcoin, and gaining momentum to break above this level could end doubts about the start of a new bull cycle.
Read more on the Bitcoin rally below
Bitcoin Eyes 25K Summit, Ethereum Climbs the Peak Too
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