Claim BonusBitcoin Price Retraces From $25000 Ahead Of US FOMC Minutes Release, Big Fall Coming?
Bitcoin price again rose above $25,000 today, after continuously trying to reclaim the psychological level many times in the last few days. BTC price hit a high of $25,126, before it started retracing to low levels.
Traders are keeping a close eye on whether the Bitcoin price can hold above the crucial level to confirm a further upside. Meanwhile, some analysts believe the recent rally is a “bull trap.”
Bitcoin price upside momentum will depend on two key factors. First, whether it can hold above $25,100 — 200-Weekly Moving Average (WMA). The 200-WMA is one of the most effective indicators that a trader uses to help identify long-term changes in direction of Bitcoin.
Last week, Bitcoin price witnessed a reversal right from the 200-WMA, a strong resistance. If BTC price closes this week above the 200WMA, a massive bullish rally could start. Interestingly, the same level will fully eliminate bears and bulls will take over the trend.
Another factor to consider is the U.S. Federal Reserve‘s FOMC Minutes Release on February 22. The Bitcoin price will remain volatile ahead of this key event. Fed Chair Jerome Powell previously reiterated that a deflationary process has begun, hinting at disinflation to put higher rate hikes off the table.
However, hawkish rhetoric by some Fed officials for a possible 50 bps rate hike in the FOMC meeting in March continues to put pressure on the Bitcoin price. Thus, the FOMC Minutes release a key event that will drive the market in the next few weeks.
On the other hand, several on-chain metric confirms that Bitcoin price is in the early bull market cycle.
Bitcoin Price To Hit $30,000
With market sentiment highly bullish and China reportedly backing Hong Kong to become a crypto hub and several crypto exchanges planning to expand to Hong Kong, BTC prices can likely rally higher.
BTC price currently trades in the $24.7K-$25K range. The 24-hour low and high are $24,428 and $25,126, respectively.
Also Read: Grayscale Strongly Claims Win Against US SEC, Is A Spot Bitcoin ETF Finally Coming?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Market Faces Further Downside as Bank of Japan Hints at More Rate Hikes
- Will XRP Crash or Rally as Glassnode Flags Cost Basis Mirrors 2022 Patterns?
- Why BTC, ETH, XRP, SOL, ADA Prices Could React to Trump’s Davos Speech Tomorrow?
- Trump Tariffs: Trade War Tensions Ease as U.S President Confirms Negotiation Talks in Davos
- Bitcoin Price Crash to $62K Incoming, Analysts & On-Chain Data Signals
- Solana Price Prediction As NYSE Launched Stock Tokenization Platform
- Bitcoin Price Outlook Ahead of Trump’s Davos Speech as Trade War Tensions Ease
- Top 3 Price Prediction for Ethereum, XRP and Bitcoin If Crypto Structure Gets Approved This Month
- Dogecoin Price Eyes a 20% Rebound Ahead of SCOTUS Ruling on Trump’s Tariffs
- Bitcoin Price Prediction Amid US-EU Tariff Tension
- XRP Price Forecast 2026: Is a Rebound Possible After Today’s Crash?
