As Bitcoin hit $25000, traders and investors likely booked profits, and the crypto market stabilized after slowing down moderately.
The crypto market witnessed a long-awaited rally as Bitcoin hit $25000, and other cryptos like Ethereum also rose 0.62% to above $1700. After the rally, the market witnessed profit booking by traders and investors as it slid slightly and stabilized. Sentiments across the market were upbeat as analysts expect Bitcoin to cross $30000 within March.
The market-wide rally comes just before the expected launch of the Federal Open Market Committee (FOMC) minutes on February 22, which could have an immediate effect on the crypto market. While the quantum of the interest rate hikes is uncertain, market participants are hopeful for a moderate increase in place of a hawkish stance.
As Bitcoin hit $25000 and slid back, its trading range continued to be between $23700 and $25200. The immediate support for BTC is at $25200. Analysts expect the next wave of a rally to commence once Bitcoin crosses its present trading range while going below $23750 could make the markets slide even more.
With Bitcoin hitting $25000, its market capitalization rose to around $481 billion while that of the crypto market was comfortably settled above $1 trillion. BNB, XRP, Cardano, Polygon, and other altcoins were trading higher than earlier, registering gains on consecutive gains.
BTC/USD 1 month price chart
After Bitcoin hit $25000 and faced a minor downward trend, it is currently trading at around $24700 on February 21, 2023, with BTC/USD down by 0.36% in the previous 24 hours. Almost all other cryptos registered rallies in the last 24 hours. BTC/USD is also trading higher than its 20-day EMA (23,259.52).