Despite regulatory uncertainty in the U.S, Bitcoin's price has rebounded and is gaining momentum towards $25K. The BTC price surged by 12% in the last 24 hours, reaching a 6-month high of $24,769, and is currently hovering near $24.7K. Ethereum's price also saw a significant increase of 10% in the last 24 hours, trading at $1,694 and peaking at $1,700. The broader crypto market has also rebounded, with other top altcoins like BNB, Polygon, Solana, and XRP also rallying higher.
WikiBit had predicted the significant price increase of Bitcoin to $25K when it was trading at $21.7K, citing whale activity, cooling inflation, and decreasing U.S. Treasury yields and oil prices as the main driving factors.
Investors in derivatives markets have also shown optimism towards Bitcoin and Ethereum, building long positions. However, there is some evidence of profit-taking as the prices continue to rise, although the overall sentiment remains bullish.
The demand for Bitcoin is on the rise in the U.S. with the 30-day SMA Bitcoin Coinbase premium index showing the highest increase in recent days. There has also been a significant increase in the ETH Coinbase premium, which is the largest premium seen since August 2022.
The MVRV ratio for Bitcoin is currently at 1.2, which indicates a buying opportunity at a relatively low level. An MVRV ratio of below 1 is generally considered the best time to make a long-term investment.
Crypto analyst Michael van de Poppe previously recommended buying the dip at $21K to minimize short-term investment risks and optimize long-term returns. However, he now considers $25K a strong resistance level, and traders should be prepared for potential pullbacks.
Another popular trader, Skew, noted that there is a significant supply of Bitcoin available on Coinbase and Binance spot, with asking prices in the $24.9K-$25K range. He advises traders to monitor sell pressure and watch for stalling momentum, which could trigger a retracement.
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