Bitcoin Price To Enter A New Bull Market If BTC Trades Above This Level

The post Bitcoin Price To Enter A New Bull Market If BTC Trades Above This Level appeared first on Coinpedia Fintech News

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.

We’re likely at start of a new cyclical Bitcoin bull market, inside the volatility circle.

Percent addresses in profit has bounced significantly from 50-70%, a structure which usually sees profit taking, but also marks a regime change.

More here: https://t.co/PFs1tkskgr pic.twitter.com/by3xp6qVaZ

— Charles Edwards (@caprioleio) February 2, 2023

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.

Bitcoin Fear and Greed Index is 60 ~ Greed
Current price: $23,576 pic.twitter.com/NVH8Ai32kG

— Bitcoin Fear and Greed Index (@BitcoinFear) February 2, 2023

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.

$25,212.

That’s the line for $BTC.

A break above would be the first higher high since $69,000 and would technically invalidate the bear thesis.

— The Wolf Of All Streets (@scottmelker) February 2, 2023

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.

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