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Bitcoin has broken above $25,000 on Binance for the third time in three days, defying broader market trends and continuing its bullish run into 2023.”
Bitcoin reached a local high of $2,050 over the weekend before retracing slightly to $24,880, following a gain of 7.28% since Friday’s low of $23,332.
The core psychological resistance of $25,000 was also tested on Feb. 17 and 18, with the leading cryptocurrency by market cap unable to break through convincingly. Each time Bitcoin has passed $25,000 throughout 2023, it has fallen back below within the hour.
However, the move follows Bitcoin’s strong performance since the start of January, seeing it climb 50% year to date. Bitcoin started the year at around $16,000 but rose steadily in the first couple of months.
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Bitcoin also spearheaded an increase in the overall crypto market cap, which has surpassed the $1 trillion mark and currently sits at $1.14 trillion. The only top 10 project with a better seven-day performance is Polygon which is up 18.83% in the last week compared to 13.4% for Bitcoin.
Over the past 24 hours, Cardano and Dogecoin saw a 1.95% and 1.77% gain, respectively, leading the top 10, with Bitcoin rising 0.74% as of press time. Bitcoin, however, is also up 2% in the past four hours as it recovered from earlier lows of $24,600 on Sunday.
CryptoSlate analysis showed that Futures Open Interest remained flat throughout the weekend while 7k BTC was pulled off exchanges suggesting the move was spot trading driven.
