Bitcoin breaks $25k once again as bullish momentum builds
Bitcoin has breached above $25,000 on Binance for the third time in three days, defying broader market trends and continuing its bullish run into 2023.”
Bitcoin hit a local high of $2,050 over the weekend before retreating slightly to $24,880, after a 7.28% gain since Friday’s low of $23,332.
The core psychological resistance of $25,000 was also tested on February 17 and 18, with the leading cryptocurrency by market cap failing to break through in a convincing manner. Every time Bitcoin has passed $25,000 throughout 2023, it has fallen back within an hour.
However, the move follows Bitcoin’s strong performance since early January, which has seen it rise 50% year-to-date. Bitcoin started the year at around $16,000, but rose steadily in the first couple of months.
Bitcoin also spearheaded an increase in the total crypto market cap, which has crossed $1 trillion and currently stands at $1.14 trillion. The only top 10 project with a better seven-day performance is Polygon which is up 18.83% in the last week compared to 13.4% for Bitcoin.
Over the past 24 hours, Cardano and Dogecoin have gained 1.95% and 1.77% respectively, leading the top 10, with Bitcoin up 0.74% at press time. However, Bitcoin is also up 2% in the past four hours as it recovered from previous lows of $24,600 on Sunday.
CryptoSlate analysis showed that Futures Open Interest remained unchanged over the weekend while 7k BTC was withdrawn from exchanges, suggesting that the move was spot trading driven.
Ordinal tense
Upgrades to Bitcoin, such as Taproot, led the way for innovations such as the Ordinals protocol, which allowed Sats to be ‘inscribed’ with information similar to an NFT on other chains. While the technology is different, the result is a non-fungible digital asset similar to an NFT on other chains such as Ethereum.
Interest in Bitcoin Ordinals has put the blockchain on the radar of NFT collectors and developers since late 2022, and excitement has continued to grow as activity on the chain increased. While Ordinals has divided the Bitcoin community, there is no arguing that it has put a spotlight on Bitcoin, the flagship cryptocurrency project.
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