- Bitcoin reached highs of $25,230 across major exchanges, its highest price level in over six months.
- BTC price moved above its 200-week moving average’
- Analysts say bulls could target fresh gains as a bullish signal flashes.
Bitcoin broke above $25,000 as the momentum that pushed the flagship cryptocurrency higher on Wednesday continued into Thursday.
At around 11:15 am ET, the price of Bitcoin against the US dollar was up 10.7%, with BTC trading at $25,093 after briefly touching highs of $25,230 across major exchanges. Despite shedding some of the gains, BTC looks poised for further upside action should bulls successfully retest and hold prices above the critical $25,100 level.
Bitcoin price update: bulls eye new 2023 high
Today’s rally comes on the back of decent gains though, and crypto analyst Mohit Sorout earlier pointed to what he calls “the mother of all bullish signals.” Just before BTC hit the new year-to-date highs, the analyst wrote:
“The mother of all $btc bullish signals has flashed – DCA indicator. Historically, it has flashed only thrice in btc’s existence & each occurence led to massive rallies of 7400% (2015), 160% (2019) [and] 640% (2020). Today marks the 4th time this signal is suggesting a raging bullmarket.”
The mother of all $btc bullish signals has flashed – DCA indicator
Historically, it has flashed only thrice in btc's existence & each occurence led to massive rallies of
7400% (2015)
160% (2019)
640% (2020)Today marks the 4th time this signal is suggesting a raging bullmarket pic.twitter.com/suMVlWFrzc
— MS📈 (@singhsoro) February 16, 2023
PlanB, the creator of the stock-to-flow price model, shared the chart below showing Bitcoin’s rally on Thursday came as BTC price broke above the 200-week moving average.
What could happen next for Bitcoin? Well, a retreat to support above $24k or lower to $22.5k is possible before a slow grind pushes it up again. But according to pseudonymous analyst Moustache, $28k is very much achievable.
#Bitcoin (W)
As long as $BTC holds the 0.236 line🔴, things look good.
I expect a GOD-Candle to ~$28.000, IF $BTC breaks the black line.
There is nothing but air, between 24k-28k.That would hurt most bears out there tbh.🎯 pic.twitter.com/4TKqqNv7FC
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) February 15, 2023
BTC spike sees $230 million in liquidations
Bitcoin’s gains pushed its market capitalization to $526 billion, while a 7.9% jump in the total crypto market cap had the top altcoin Ethereum trading above $1,730 with double digit gains. Among the top ten cryptocurrencies, Polygon and OKB were also up more than 10%.
As prices rallied, traders who’d bet on broader declines were caught unawares, with over $230 in shorts liquidated. Liquidation data showed Bitcoin-tracked futures led with over $99.6 million in liquidations while Ethereum saw more than $64 million in liquidations in 24 hours.