Bitcoin fails to rally above $25k, resulting in a pullback to support at $24,300

Bitcoin fails to rally above $25k, resulting in a pullback to support at $24,300 Bitcoin BTC Bitcoinprice

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Traditional markets were especially hard hit as data provided by Walmart showed that consumers have begun to reduce their spending in the face of persistent inflation, which has the potential to lead to negatively impact profit margins. At the closing bell, the Dow, S&P and Nasdaq all finished in the red, down 2.0%, 2.06%, and 2.5%, respectively.

For those looking for the opportune time to reenter the market, Eight Global noted that “Aggressive long entries could be sought during retests of the 8EMA and the 0.5 fib retracement level,” but suggested that a “more moderate place for entries is the $22,400 - $22,600 area which has not been tested for support after the latest break above.”

The importance of the $25,000 resistance level was expanded upon in the latest “Ahead of the Curve” newsletter from Arcane Research, which noted that Bitcoin is “trading at its range highs from the trading range that appeared after the 3AC collapse during last year’s summer.”

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