Bitcoin breaks $25k once again as bullish momentum gains

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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.

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.

Ordinals excitement

Upgrades to Bitcoin, such as Taproot, led the way for innovations such as the Ordinals protocol, allowing Sats to be ‘incsribed’ with information similar to an NFT on other chains. While the technology differs, the outcome is a non-fungible digital asset similar to an NFT on other chains such as Ethereum.

Interest in Bitcoin Ordinals has put the blockchain on the radar of NFT collectors and developers since late 2022, and excitement has continued to grow as on-chain activity spiked. While Ordinals have split the Bitcoin community, there is no argument that it has shone the spotlight on Bitcoin, the flagship cryptocurrency project.