Bitcoin Taps $25K On General Sentiment Boost
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The flagship cryptocurrency jumped by over 2% earlier today to paint a new multi-week high at exactly $25,030. However, BTC has since lost momentum and has fallen close to the $24K figure. The recent bullish sentiment was fueled by a lower-than-expected US consumer-price index.
Ethereum also painted a multi-month high of $2,031, surpassing the $2,000 round figure for the first time since May, after the development team announced an official launch date for the highly-anticipated Merge upgrade.
Sean Farrell, a digital asset strategist at Fundstrat said in a note on Friday that: “The next CPI print will be released a mere two days before the Merge, at which point we expect a lot of pre-event momentum to be baked into the market,” said Fundstrat digital-asset strategist Sean Farrell, in a note Friday. “Long and medium-term investors should look to use any dips as buying opportunities.”
The crypto market struggled in the first half of 2022 as the US Federal Reserve aggressively raised its interest rates and tightened its monetary policy to combat rising inflation, which caused the entire market valuation to plunge by over 60%. As inflation data from the US begins to ease, analysts and traders believe the US Fed could take its leg off the throttle and ease its monetary policy in the coming months.
Key Bitcoin Levels to Watch — August 14
As mentioned earlier, Bitcoin briefly tapped the $25K top before retreating near the $24K low. The cryptocurrency currently sits atop my bullish trendline, the only thing holding BTC from dropping to the $24K mark and lower at this point.
While this is a welcome correction for the primary cryptocurrency as it eases the overheated conditions, it could spiral out of control on a sustained fall below $24K.
Meanwhile, my resistance levels are at $25,000, $26,000, and $27,000, and my key support levels are at $24,000, $23,000, and $22,000.
Total Market Capitalization: $1.16 trillion
Bitcoin Market Capitalization: $464.9billion
Bitcoin Dominance: 40%
Market Rank: #1
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