Bitcoin price rises 7.8%, but blockage at $25,000 persists

The battle for the $25,000 is still in full swing. The bitcoin price tried to break through this in recent days, but the bulls have great difficulty. How is BTC doing right now? You can read it in this market update.

Bitcoin price rose 7.8% this week

Despite the fact that the BTC price encountered major resistance at $25,000, the mother of all cryptocurrencies is currently 7.8% in the plus compared to a week ago. If we look back at the past 24 hours, this increase is less spectacular, namely 1%. Not surprising given the resistance where bitcoin is currently trading nearby.

With the price still below this resistance, the value of the crypto at the time of writing is $24,657 on Coinbase. On the Dutch crypto exchange Bitvavo, the bitcoin price in euros is currently €24,073. A break of the $25,000 is crucial for further continuation of the uptrend that has been forming in recent days.

Bitcoin miners are causing selling pressure

As stated in yesterday morning’s bitcoin update, many bitcoin miners have sold part of their BTC. It therefore appears that they are taking a profit after the recent rise. Miners generally have a hard time due to the falling prices, which has made their company less profitable.

The sale by miners can cause additional sales pressure on the market. Indeed, the graph below shows that there is an increase in the amount of BTC flowing out of miners.

Small bitcoin addresses grow to record

What could also be read yesterday is that the number of bitcoin wallets is growing with at least 1 BTC. The same can be seen at the smaller addresses of at least 0.01 BTC (about €250). Is this a signal that small investors are also entering the market again? The number of wallets with this relatively small amount of bitcoin even reached a all time high (ATH) from 10,638,730.

Bitcoin on weekly chart bullish

Despite the $25,000 still holding out as a resistance zone, bitcoin analyst Dave the Wave bullish on the state of affairs on the weekly chart. He states that “more than enough upward pressure is building at this level of resistance,” adding:

“Weekly MACD is about to cross from an oversold position well below the zero line.”

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