Elena R
The crypto market seemed unaffected even after the Federal Reserve raised the interest rate by 25 bps on Feb 1, 2023. However, today the overall crypto market experienced a slight sell off where the lead cryptocurrency, Bitcoin price, has dropped more than 1.5% over the last 24hrs. This impacted Ethereum, Solana, Cardano, XRP among other large cap altcoins.
Currently, Bitcoin is trying to hold on to its $23,000 trade level as the currency has dropped 1.86% in the past day and is now selling at $23,424.
Bitcoin Bulls On The Move
However, one a broader note, Bitcoin bulls are still holding their control and this began in January 2023. Similar is the thought process of Charles Edwards, a Bitcoin trader and Capriole Fund founder. The trader believes that amidst the volatility, Bitcoin has begun its new cyclical bull market. He displays a chart and claims that Bitcoin addresses profit making has spiked from 50% to 70% indicating a turning point ahead.
Meanwhile, when looking at Bitcoin’s Fear and Greed index, the indicator is pointing towards Greed. This suggests that the current Bitcoin price is too high and it’s a good time to sell. If that happens Bitcoin might further face a pull back.
However, another well-known crypto trader and analyst, Scott Melker also known as Wolf of All Streets believes that $25,212 is a key level for Bitcoin. As per the analyst, if Bitcoin moves beyond the said level, this would be the first of its high trade since $69,000.
Hence, it’s very much important for Bitcoin price to hold its trade above the $23,000 area and pass its next crucial resistance of $24,000 mark.
