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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Euphoria Turns Into Fear, Bitcoin Retraces From $25,000 High

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read

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Bitcoin began the week climbing to its highest level in 2023. Against all odds, the largest cryptocurrency on the market reclaimed the $25,000 level for the first time since August 2022, only to be rejected hours after reaching the milestone.

What looked like a full-throttle run to $27,000 has turned into fear. Coinglass data shows that investors experienced Fear of Missing Out (FOMO) liquidations in the last 24 hours, with $69 million liquidated in Bitcoin alone.

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Can Bitcoin Continue Its Bull Run And Reach New Yearly Highs?

With the Federal Reserve’s (Fed) efforts to control the pace of inflation not entirely successful, its policies could lead to another 50 basis points (bps) interest rate hikes and an extended period of the hawkish policy, which would hurt the crypto market. 

This could freeze Bitcoin’s uptrend price action and form a range at the $23,500 support line or a significant drop down to the $19,000 support for a retest of the level. 

Bitcoin
Bitcoin price gets rejected on the 1-hour chart. Source: BTCUSDT TradingView.

Bitcoin is consolidating at the $23,500 level, representing a 2.5% drop in price over the past 24 hours. However, Bitcoin has remained in the green over the last seven days, with a gain of 9.2% after the recent spike to $25,000.

The billionaire and Co-founder of the Gemini exchange Cameron Winklevoss, addressed the recent Bitcoin price performance and the spike to $25,000, well above the levels last seen when FTX collapsed.

For Winklevoss, this signals that the crypto industry has moved beyond the painful chapter of the 2022 bear market and that the crypto space will “not be defined by it.”

What Has Caused the Spike In The BTC Price?

The recently increased Securities Exchange Commission (SEC) regulatory actions towards the crypto industry and the exchanges providing services in the U.S. jurisdiction caused capital to flee from the stablecoins into the top cryptocurrencies in the market.

According to Bitazu Capital Co-founder Mohit Sorout, Bitcoin has triggered the Dollar Cost Average (DCA) indicator, which measures the performance of Bitcoin when investing on a dollar-cost averaging basis. Sorout states that this indicator has only flashed three times in the BTC market’s history.

Bitcoin
Bitcoin DCA indicator signals for the 4th time. Source: Mohit Sorout

Each time this indicator signal flashed, the price of Bitcoin displayed massive rallies. In 2015, the price of Bitcoin jumped 7400%, in 2019 to 160%, and the last time this indicator flashed, the price of Bitcoin reached its new all-time high of $69,000 with a 640% rally. February 16 marked the 4th time this indicator signaled a possible start of a newly formed bull market.

Some investors attribute the recent rally to a “short squeeze” and the fact that investors are regaining confidence in the crypto industry and the opportunities to make profits amid the current macroeconomic conditions.

Related Reading

Bitcoin at $25,000

Bitcoin Price Gets Rejected At $25,000, But Is This The End?

1 year ago

Bitcoin is trading at $23,800 at press time, testing the $23,500 support line; if it holds, the price action can retest the resistance level at $25,000. Despite the challenges the crypto industry has been experiencing, investors seem optimistic and hungry to gain exposure to risk assets. 

Featured Image from Unsplash, chart from TradingView. 

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Ronaldo Marquez
Ronaldo Marquez

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.

Read more

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

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

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.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

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.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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