Bitcoin Dilemma: $25K or $30K Coming First? (BTC Price Analysis)

Bitcoin's price has recently rebounded from $25K support, but it is currently facing rejection from a key resistance zone. Technical Analysis By Edris The Daily Chart On the daily timeframe, the price has been rising after finding support near $25K.

Timeline of Bitcoin

On September 22, 2023, Arkham Intelligence unveiled that it has identified addresses tied to a staggering $25 billion from Coinbase's bitcoin (BTC) holdings. This cache represents the most substantial BTC reserve on Arkham. The firm points out that this trove is nearly on par with Satoshi Nakamoto's legendary 1 million coins.

Blockchain analytical firm Arkham Intelligence revealed that Coinbase holds nearly 1 million units of Bitcoin. This means the exchange holds around 5% of all BTC, almost as much as Satoshi Nakamoto, the network founder.

Binance and El Salvador are joining hands to boost the nation's long-running bitcoin agenda. The digital currency exchange – the biggest and most popular in the world – is garnering two separate licenses to operate in the Central American nation, thus bringing its total world licenses to 18.

Coinbase, the renowned crypto exchange, has achieved a significant milestone in its global expansion. The Bank of Spain officially recognized and approved Coinbase as a cryptocurrency exchange and custodial wallet provider.

In the past years, it has been possible to observe a gradual, but constant trend of fewer Bitcoin (BTC) mining pools dominating the majority of the global network hashrate and block discovery. In this report, Finbold uses a data-based approach to analyze the decentralization state of the leading cryptocurrency network and explains why it is important.

Bitcoin's (BTC) future price predictions continue to captivate the crypto community, especially since the asset has primarily traded in a consolidated phase throughout 2024. The prospect of Bitcoin reaching its next all-time high has gained prominence recently, buoyed by significant factors like the upcoming halving event and regulatory changes.

Even though the FED chose not to increase interest rates, the price of Bitcoin didn't change much this week. Bitcoin has been staying in a price range of $25,000 to $30,000 for quite a while now.

Since the inception of Bitcoin to the financial landscape and its underlying Blockchain technology, there has been a lot of controversy surrounding the industry. Voices from environmental activists raising their concerns over the effects of the new assets on the environment have often controlled the narrative around the subject.

SkyBridge Capital founder Anthony Scaramucci is detailing how one catalyst could have a bullish impact on Bitcoin (BTC) and other crypto assets. In an interview with The Wolf of All Streets' Scott Melker, Scaramucci says that a spot Bitcoin exchange-traded fund (ETF) could be approved in the first quarter of 2024.

Bitcoin (BTC) price has gone through a rough patch in the past two years. After peaking near $68,000 in 2022, Bitcoin has plunged by ~61% to the current ~$26,000. Other cryptocurrencies like Avalanche, Solana, and Algorand have performed worse. Still, a case for investing in Bitcoin in 2023 can still be made.