Bitcoin price nears $25,000 as crypto market reaches $1.17tn
Bitcoin is closing in on $25,000 per coin as the entire cryptocurrency market capitalisation rose to $1.17tn.
Bitcoin (BTC-USD), the world's largest digital asset by market capitalisation was trading at $24,500 on Monday, up 12.4% in the past week.
The second largest cryptocurrency ethereum (ETH-USD) stood at $1,689 as of the time of writing, up 11.7% in the last seven days.
Bitcoin shot above $25,000 late on Sunday evening UK time as Asia began the working week, revealing a positive price-movement signal.
Other cryptocurrencies such as Solana (SOL-USD), Polkadot (DOT-USD), and Polygon (MATIC-USD) also experienced gains, with increases of 20%, 19%, and 18.5% in the past week respectively.
Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Coindesk that $23,000 was bitcoin’s new support level, adding that the coming week would decide whether the digital asset would hit $30,000 or not.
Read more: Crypto live prices
He said: “It was critical for bitcoin to reclaim $23,000 if we were to see more upside action.
“With February coming to an end, another bullish monthly close may be what the market needs for bitcoin to test $30,000.”
On Monday morning bitcoin trader Matthew Hyland tweeted: "Bitcoin lower time frame, really hard to tell if the big breakout above $25.2k comes right here."
Hyland tweeted a chart that suggested bitcoin would drop to a low of around $22,000 before rebounding above $25,000.
#Bitcoin lower time frame, really hard to tell if the big breakout above $25.2k comes right here...
Something like this wouldn't surprise me: pic.twitter.com/drfqU10KDW
— Matthew Hyland (@MatthewHyland_) February 20, 2023
Bitcoin is heading into a quiet week in terms of macroeconomic triggers that could affect the price. There are a few US data releases, such as the Personal Consumption Expenditures (PCE) Index, coming up.
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All eyes are on the next Federal Open Market Committee (FOMC) meeting being held on 15 and 16 March where a decision for the next benchmark interest rate hike will be made. Futures markets are pricing in a less hawkish Federal Reserve, forecasting a 25 basis point rate hike at the meeting in March.