- Bitcoin reached a high of $25,230 on major exchanges, its highest price level in six months.
- BTC price moved above its 200-week moving average.
- Analysts say the bulls may target fresh gains as bullish signs flash.
Bitcoin It broke above $25,000 as the momentum that pushed the flagship cryptocurrency on Wednesday continued on Thursday.
At around 11:15 AM, bitcoin price was up 10.7% against the US Dollar, with BTC trading at $25,093 after touching a high of $25,230 on major exchanges. Despite paring some gains, BTC looks set for further action if the bulls successfully retest it and keep the price above the crucial $25,100 level.
Bitcoin Price Update: Bulls Eye New 2023 High
Today’s rally however comes on the back of nice gains, and crypto analyst Mohit Sorout previously pointed out what he calls the “mother of all bullish signals”. Just Before BTC Hits New Year-To-Date High, Analyst wrote,
,The mother of all $btc bullish signals is flashing – the DCA indicator. Historically, it has rallied only three times in btc’s existence and each event has led to massive rallies of 7400% (2015), 160% (2019). [and] 640% (2020). This is the fourth time today that the signal is indicating a fiery bullmarkTea.”
mother of all $BTC Bullish signals have flashed – DCA Indicator
Historically, it has flashed only three times in BTC’s existence and each event caused massive rallies.
This signal is indicating a raging bull market for the fourth time today pic.twitter.com/suMVlWFrzc
— Mohit Sorout 📈 (@singhsoro) February 16, 2023
PlanB, the creator of the stock-to-flow price model, shared the chart below showing bitcoin’s rally on Thursday as BTC’s price climbed above its 200-week moving average.
What could be next for bitcoin? Well, a move to support above $24k or below $22.5k is possible before a slow grind pushes it higher again. But according to the pseudonymous analyst Mustache, $28k is much more achievable.
as long as $BTC Holds the 0.236 line🔴, things look good.
I expect a god-candle ~ $ 28.000, if $BTC Breaks the black line.
Between 24k-28k there is nothing but air.
This would hurt most bears out there tbh.🎯 pic.twitter.com/4TKqqNv7FC
– 🧲 (@el_crypto_prof) February 15, 2023
BTC Spike Sees $230 Million In Liquidations
Bitcoin’s gains pushed its market capitalization to $526 billion, while top altcoin Ethereum was trading with double-digit gains above $1,730, with a 7.9% jump in total crypto market cap. Among the top 10 cryptocurrencies, Polygon and OKB are also up more than 10%.
As prices rose, traders betting on a wider decline were caught unaware, liquidating over $230 in shorts. liquidation data Has shown Bitcoin-tracked futures led more than $99.6 million in liquidations, while Ethereum saw more than $64 million in liquidations in 24 hours.