•The price of Bitcoin (BTC) is consolidating near the $25K resistance level as bulls continue to retest the area.
•On February 20, the BTC price made another attempt to cross the resistance zone, but it was unsuccessful.
•Bitcoin has reached a new high for the year despite macroeconomic headwinds and regulatory crackdowns on cryptocurrencies.
Current Bitcoin Price Statistics
The current price of Bitcoin (BTC) is $24,102.49 with a market cap of $465,248,872,105 and a circulating supply of 19,298,687 BTC. The total supply stands at 505,478,733,067 BTC and its Coinmarketcap rank is #1.
Resistance and Support Levels
The major resistance levels for Bitcoin are set at $50,000, $55 000 and $60 000 while support levels are set at $25 000,$20 000 and $15 000 respectively.
Recent Attempt to Cross Resistance Level
On February 20th ,the BTC attempted to cross the resistance level again but failed due to significant bearish pressure. Currently Bitcoin is trading in a constrained range above the support level of $24 000 while still being in an uptrend zone based on RSI (Relative Strength Index).
New 2023 High Achieved
Despite macroeconomic headwinds and regulatory issues surrounding cryptocurrencies ,Bitcoin has achieved a new high for 2023 by reaching 25000 USD . This is quite impressive considering that during middle June 2020 ,the last time this height was achieved ,it dropped from 19000 -21000 USD before stabilizing there .
If bulls break through the 25000 USD resistance level then they will likely surge past 25200 USD with no significant resistance ahead up until 30000 USD . However if neither side dominates then we can expect further consolidation around 24000 USD until further developments arise .