Will Bitcoin break above $25,000 after strong resistance at $23,000?

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Bitcoin ($BTC) broke above the $23,000 level this week. And now ready to step up to $25,000. But these are just speculations that Bitcoin could rise above $25,000. After all, it is the most important part of the crypto industry that is volatile in nature.

Major cryptocurrency Bitcoin is showing strong resistance at $23,000, which could likely be a healthy prelude to its next pump. This may take Bitcoin, not to the Moon, but a bit to $25,000 in the coming weeks.

Meanwhile, altcoins also seemed in for another impressive run with several notable assets up 20% or more. And at the start of the week, the crypto price noted a small resistance.

Impressive increase in bitcoin prices

After almost a year of turmoil with intense and negative market sentiment, Bitcoin is on a bullish trend. This week, Bitcoin hit its three-month high of $23,722 with a 24-hour trading volume of nearly $30 billion. It is currently trading at a price of $23,048.04 with a 24-hour trading volume of $22.54 billion. Bitcoin is up 0.14% in the past 24 hours, with a current market capitalization of $444.24 billion, according to coinmarketcap.

Source: BTC by CoinMarketCap

Since its 90-day low at a price of $15,599.05, Bitcoin has jumped over 50% and hit its high of $23,722.10. This surge in Bitcoin prices is experienced after many major events in the crypto ecosystem. Be it crypto hacks, the Terra-LUNA crash, the most anticipated Ethereum transition, layoffs by crypto firms, or the collapse of major crypto exchanges.

The slight increase in the price of Bitcoin since the start of 2023 has filled the confidence of crypto investors with positivity. And investors have started pouring their money into crypto again. But how long would this investor confidence rest.

The reason for the surge in Bitcoin prices may be due to speculation as the world leans into recession and most central banks tighten.

Bitcoin supporters

Bitcoin has not easily topped the list of most traded cryptocurrencies. Behind the craze for this cryptocurrency, there is a surge that has pushed Bitcoin to the top. This push came from many popular figures, who have openly supported Bitcoin. The best investors Elon Musk, Barry Silbert, Brian Armstrong or Michael Saylor are the ones who usually show their support for Bitcoin. Even after the recent crypto winter, their support for Bitcoin has not diminished.

Andrew is a blockchain developer who developed his interest in cryptocurrencies during his post-grad studies. He is a fine observer of details and shares his passion for writing while being a developer. His backend blockchain knowledge helps him bring a unique perspective to his writing

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