Opinion: The $25,000 level is key for Bitcoin’s rally to continue

Adam Farthing of B2C2 said that for the rally to continue, Bitcoin must clear the important level at $25,000, according to The Block.

“The bulls are wondering whether the current momentum could start a new cycle. The resistance around $25,000 is likely the key. This will be a tough nut to crack,” the expert said.

He said that once the marked threshold is crossed, interest from outsiders who want to return to the market will resume.

Bernstein analysts Gautam Chhugani and Manas Agrawal are not as optimistic. They are convinced that the probability of continuing the rally is small, as there are no signs of any new inflows into the industry.

“We believe that institutional capital will begin positioning itself in cryptocurrency in 2023 as it becomes a more regulated asset class,” the experts forecast.

Over the last seven days, Bitcoin’s price has risen 9.4%, over 30 days — 37.5%, according to CoinGecko. At the time of writing the asset was trading around $23,100. As noted, in recent days digital gold surpassed the $23,000 level for the first time since August 2022.

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