Bitcoin started the year 2023 with a huge increase of almost 40 percent in January and is struggling to follow that up in February. The month is almost over and there is no significant plus on the signs. Every time the bulls hit $25,000, it’s not long before they give it away.
$25,000 is going to be tough
If you give it to Katie Stockton of Fairlead Strategies asks, it will be difficult for Bitcoin to regain the $ 25,000 price. “Bitcoin looks overbought right now,” said Stockton. That generally means that the bulls have shot their powder and that the bears are currently taking control again or we are moving sideways for a while.
Ethereum is also not escaping the general malaise, according to Stockton. “Ethereum looks exactly like Bitcoin, but there is resistance there at $1,670,” Stockton continues. Joe DiPasquale, the CEO of BitBull Capital, adds that Bitcoin is currently looking for support on the chart.
“If Bitcoin stays in this price range, we will probably see $25,000 return and then $30,000. A rejection from here could put a $20,000 price on the boards and then even a Bitcoin price of $18,000,” DiPasquale wrote in an email to CoinDesk.