Why Bitcoin Price is Up Today? Is it Heading to $25K? What is Triggering BTC Price Rise?
Bitcoin witnessed yet another bullish weekend, that raised the price beyond the crucial levels of around $23,500. With the recent upswing, the star crypto is closer to recording the most bullish candle for the first time since October 2021. Moreover, the indicators are flashing extremely bullish signals that may ignite a notable upswing in the coming months.
But How Long Will the BTC Price Rally Sustain? Will the Rally Face Rejection After Reaching $25,000?
A big week for the crypto space is approaching ahead with multiple events lined up to impact the BTC price. Moreover, the traders and the investors presently, appear to be in profit and the upcoming events may witness acute withdrawals due to a further increase in profits.
As per the report from Glassnode, an on-chain data provider, Bitcoin price is now back in profit as the market price has surged above the realized price which is collected year on year since 2017.
The average acquisition price for Bitcoin is tracked by average exchange withdrawals which are displayed in the above chart. The average withdrawal price has now surged above 2019 levels which clearly suggests that the BTC price is back in profit. To be precise, all exchange average withdrawal price is around $16.7K while for Binance and Coinbase, the levels are around $21K. Hence, the two largest exchanges also appear to be back in profit.
The extended price rally also carries the fear of a sell-off as a 40% gain in the crypto markets does not certify the revival of a firm upswing, while a bull run could remain quite distinct. Presently, Bitcoin is also not facing miners’ selling pressure as they are recording very low transactions to the exchanges. However, it doesn’t validate the end of the miner’s capitulation phase as they continue to sell small amounts of Bitcoin as the prices go higher.
Collectively, Bitcoin price is flashing acute bullish signals as the rally is approaching the crucial 200-week MA levels. A rise beyond these levels may validate a notable upswing in the coming days that may achieve $25,000 quickly, but if the bulls get weak at this juncture, a notable rejection may occur.