Bitcoin Tests $25,000, Is BTC Bound For Bullish Continuation?

Ronaldo Marquez

Last Updated: June 11, 2024 2:32 pm

3 mins read

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Bitcoin has rallied over the past week following the release of inflation figures in the United States. With a positive reaction from investors, BTC has consolidated above its yearly high and is currently retesting the next resistance level at $25,000.

With an apparent easing of macroeconomic conditions and investors regaining confidence in the crypto industry, the market’s most prominent cryptocurrency appears poised for bullish continuation in the coming weeks.

At the time of writing, Bitcoin is currently trading at $24,850 with a gain of 0.7% in the last 24 hours, indicating that BTC is forming a range for what appears to be a breakout above $25,000.

Bitcoin continues to post huge gains in the seven-day timeframe, with an increase of 14.3%. And in the last 30 days, Bitcoin has continued to perform positively, with a growth of 9.6%.

Is BTC Poised For A Bullish Breakout?

As BTC spot positions continue to target the $25,000 resistance level, options flows have become active recently, in line with Bitcoin price action.

According to data from crypto market research firm Deribit Insights, options activity is focused on the upside, with a significant amount of net call buyers between the $26,000 and $30,000 area, representing the zone of substantial interest for investors.

With February 24th options expiring in the 25K-30K range, call buying accelerates, and implied volatility (IV) rises as does spot. Deribit Insights says call spreads are “optimal buying structures as call skews and IV increase,” this market structure could support a continuation of the BTC rally.

Both options and spot buying volume are increasing; bullish investor expectations characterize the market sentiment. In addition, BTC capitalization has marked a new 1-month high of $383.4 billion as the price of Bitcoin attempts to break and consolidate above the $25,000 resistance level.

Checkmate For Bears?

While Bulls try another attempt on the next resistance wall around $25,000 after multiple attempts, a “Notorious B.I.D” whale is buying spot price to push the price of Bitcoin up above the resistance zone, according to crypto market analysis firm Material Indicators Co-founder Keith Alan:

Multiple rejections from $25k correlates perfectly with BTC macro TA which is a valid reason to TP at these levels, but Notorious B.I.D. is still trying to push price up. Based on the history, and the potential to rip through upside illiquidity, I’m still scalping longs

In addition, Material Indicators added on a Twitter post that from a technical analysis (TA) perspective, the Bitcoin price made a local top, with ask liquidity spreading from the $25-25.5K range into the active resistance zone.

If Bitcoin breaks above the next obstacle, it could end the bear market for good. A full breakout by Bitcoin could position the largest cryptocurrency for new yearly highs and a possible climb to the $27k level. The current resistance level could be the last hope for the bears.

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

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One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

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Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

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With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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