Bitcoin price makes a comeback, hits six-month high of $25,000
- Bitcoin price rose by more than 13% in the last 24 hours to trade at $25,218.
- The last time BTC was above the $25,000 mark was back in August 2022.
- The cryptocurrency could face some corrections before rising further as the RSI is in the overbought zone.
Bitcoin price crosses $25,000
Bitcoin price at the time of writing broke a six-month-long barrier as the king rallied to trade at $25,218. The psychological support level has been eyed for a very long time by investors because the last time BTC was around this price was back in August 2022, crashing by 40% following crypto market contagion.
As for what can be expected out of Bitcoin price going forward, traders should look out for potential corrections that could hit as BTC is currently overbought. The Relative Strength Index (RSI) crossing above the 70.0 mark is indicative of the same, which suggests a minor decline in price.
BTC/USD 1-day chart
This could result in Bitcoin price testing the immediate support at $23,782. If BTC manages to bounce off of this support floor, a rise toward breaching the barrier at $25,419 is on the cards. Flipping this level into support would set the cryptocurrency up for a rally to tag the critical resistance at $26,978.
However, a breakdown from this support level would bring Bitcoin price down to test the critical support at $21,410. A daily candlestick close below this level would invalidate all bullish thesis and send BTC falling below $20,000.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
