“Bitcoin Price Stalls at $23 Despite Multiple Spikes in Recent Weeks”
The price of Bitcoin (BTC) has hit important levels of liquidity for the third time in the past week, reaching a high of $24,498 on the Bitstamp exchange. Despite this, the price of Bitcoin has struggled to maintain new support levels and remains trading just below $23,250.
Resistance levels for Bitcoin are currently stacked at $23,200, $24,500, and $25,000, with the latter being a potential target for traders. Cryptocurrency commentators remain divided on the future of the market, with some bullish about a potential move higher, while others remain cautious on the longer-term outlook.
One metric, the ratio of BTC to stablecoins across exchanges, has hit multi-year highs and is seen as a positive sign for the market. High stablecoin liquidity indicates a bullish continuation, with funds waiting to enter the market.
The current month has been a profitable one for Bitcoin, with gains of 39.8% and making January the most profitable since 2013. The upcoming week could also bring new market triggers with the Federal Reserve deciding on interest rate hikes in the United States.
The Hash Ribbons metric, which uses hash rate to determine miner stress, shows that the Bitcoin mining sector has exited a period of decline. This has historically coincided with corrections in the price of Bitcoin, according to Wakem Capital Management.
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