Bitcoin Price Soars To $25,300 - Will We See $26k This Week?

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Things have started to look up for Bitcoin this week. After last week’s earth-shattering price crash down to the level of $19,600, the frontrunner of the cryptocurrency now seems to have gained some momentum. Earlier this week, Bitcoin touched a level of around $22,500 and surged, even more, earlier today.

Bitcoin Is On Stable Grounds Now?

The last 24 hours have been extremely positive for Bitcoin. After experiencing tumultuous fluctuations towards the end of last week, Bitcoin seems to be on stable ground now. This time yesterday, the king of cryptocurrency Bitcoin was trading around at $22,320 per coin. However today, at the time of writing this article, the price of one Bitcoin was around $24,366.2. This indicates a whooping $2000 surge in its price in just over 24 hours.

This price action came as an assurance for cryptocurrency investors who had been on shaky grounds over the weekend. There has been a hike in BTC’s price by around 8.4%. This indicates that the support Bitcoin gained around the $22,000 level has pushed its value up by the heavy concentration of demands. The bullish run we see today is a direct result of this phenomenon.

Bitcoin’s current resistance levels are around the $24,850 and $24,560 marks. While its current support levels are formed around $23,900, $24,000, and $22,500. The 24-hour high was achieved at around $24,900, while the 24-hour low was around $21,800.

Bitcoin’s Price Performance In The Last 30 Days

The cryptocurrency market had faced some of its worst volatile movements in the last 30 days. From the collapse of FTX, and tightening monetary policy implemented by US Federals to greater PMI indexes, everything left the crypto industry a bit battered. Major currencies like Bitcoin and Ethereum took major blows because of these macroeconomic indexes. Bitcoin is down by almost 42% from its last year’s valuation. Its price has not been able to be anywhere near its all-time high value of around $68,991.

This indicates that the market is volatile and involves a higher risk of trading, while also providing a higher return from long-term investment. This is why despite its volatility investors are enthusiastic about Bitcoin and have great expectations from it.

In the last 30 days, Bitcoin’s price has surged by around 11.2%. Around the middle of February Bitcoin was trading at around $21,820, whereas, it is trading at around $24,366 today. BTC’s last month’s graph mostly shows green for the majority of this timeline and indicates red for mostly around last weekend. The 30-day high was achieved at around $24,945 on the 16th of February. This high of $24,945 was also the highest the coin has surged in the last 3 months.

The coin showed a lot of resilience at that time and it struggled with the heavy resistance level formed around the $25,000 mark. Despite all the positive speculation, Bitcoin could not break out to the $25,00 mark and started dwindling to the $23,600 level. Its price then fluctuated within the range of $24,400 to $23,378 thorough out February.

Silvergate News Caused Wild Volatility In The Cryptocurrency Market

The announcement of Silvergate’s voluntary liquidation and their plans of stopping all their businesses and operations took the entire financial market by surprise. Silvergate was on shaky grounds ever since the news of the collapse of, one of its biggest clients, FTX came out. The loss from this amounted to over $1 billion for Silvergate. Ever since then, there have been some speculations of Silvergate being on the brink of bankruptcy.

Silvergate is one of the few institutions to provide banking services to cryptocurrency exchanges. Silvergate’s downfall just reinforced the statements made over and over by US regulatory bodies that financial institutions offering banking services to crypto exchanges and companies are exposed to a higher risk of incurring losses. That the high demand and volatility from the crypto industry pose great threats to traditional financial bodies.

This current undoing of Silvergate caused havoc in the cryptocurrency market and some major currencies experienced wild price fluctuations. Bitcoin with more than 43% dominance over the entire cryptocurrency market was hit the most because of this volatility.

Its price experienced bearish movement at the start of March when the coin price came down within the range of $22,300 to $23,000. However, the most major blow over last weekend was because the Silvergate news slumped its price below the $21,000 level.

Will Bitcoin See $25,200 This Week?

After Silvergate, the news about Silicon Valley Bank emerged and captured the entire financial industry including the cryptocurrency market. SVB fall, which has already been dubbed as the second worst banking hit in the history of the US economy, made the cryptocurrency prices drop further down. This could have caused some major damage to Bitcoin’s price trend.

Fortunately, banking regulators in the US swooped in at the right time and implemented some emergency measures. Biden promised that all the funds in SVB will be protected and accessible to the customers soon. Regulators also announced that they will put in extra backstops in the banks to avoid such calamities in the future.

This action by the US government and regulators assured the investors and the faith in BTC were restored. As a result, Bitcoin has shown significant improvements since then and has been able to recover most of its losses. Its current rally above $24,000 is sparking new debates regarding any possibility for the coin to surpass its February high.

Bitcoin’s current market capitalization is the largest in the industry with over $471.5 billion in worth. Its total circulating supply is around $19.3 million. Bitcoin’s year-to-date matrix has seen an increase of around 47%. In the last 24 hours alone, the price of one coin has surged by $2,330. The coin’s 52-week high level was around the $49,200 mark, while its 52-week low has been established at around the $15,480 level.

Bitcoin’s current price trend indicates the coin’s strength against the resistance levels. This could mean a further upward trend moving towards the $25,200 level. If it climbs beyond the current resistance levels at 24,850 and $24,560, then it could embark on a sharp upturn and could even creep up to the $26,000 level within a month. As of now, the coin is enjoying a stable higher boundary at over $24,300. This indicates a clear bullish signal.

However, if it could not overcome the resistance levels, then it may lose the current momentum and take an u-turn. This may cause its price to drop below its critical level of the 9-day moving average and the 21-day moving average.

Bitcoin’s current market volatility is high with a score above 5%. However, the market sentiment is bullish which suggests that although the coin involves higher risk, it is set for an upward price trend. Bitcoins’ 50-day SMA is around $22,610 and it is 200-day SMA is around $22,230. Its current price of $25,895 is rallying above its 50-day and 200-day SMAs. This again indicates a bullish signal. The coin’s 14-day RSI is over 70 which is signalling BUY.

Final Words

Bitcoin’s bullish stance signals that the cryptocurrency market has started to recover from its 2022 winter. This will have a trickle-down positive effect on other strong contenders in the market like Ethereum and Tether. So investing in these cryptos now could be proved profitable in the long run. If however, one wants to consider other top alternatives to Bitcoin then one can consider new currencies like FGHT or CCGH. Both of these are gaining tremendous popularity day by day.