Bitcoin price makes a comeback, hits six-month high of $25,000

Bitcoin price rose by more than 13% in the last 24 hours to trade at $25,218.
The last time BTC was above the $25,000 mark was back in August 2022.
The cryptocurrency could face some corrections before rising further as the RSI is in the overbought zone.

Bitcoin price crosses $25,000

Bitcoin price at the time of writing broke a six-month-long barrier as the king rallied to trade at $25,218. The psychological support level has been eyed for a very long time by investors because the last time BTC was around this price was back in August 2022, crashing by 40% following crypto market contagion.

As for what can be expected out of Bitcoin price going forward, traders should look out for potential corrections that could hit as BTC is currently overbought. The Relative Strength Index (RSI) crossing above the 70.0 mark is indicative of the same, which suggests a minor decline in price.

BTC/USD 1-day chart

This could result in Bitcoin price testing the immediate support at $23,782. If BTC manages to bounce off of this support floor, a rise toward breaching the barrier at $25,419 is on the cards. Flipping this level into support would set the cryptocurrency up for a rally to tag the critical resistance at $26,978.

However, a breakdown from this support level would bring Bitcoin price down to test the critical support at $21,410. A daily candlestick close below this level would invalidate all bullish thesis and send BTC falling below $20,000.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.