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BTC briefly breaks above $25,000!

Binance News Team
2023-02-22 14:46
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  • Last week the market finished off with a bang as BTC soared from $21,000 straight to $25,000 with zero hesitation, coming as a huge surprise for most.
  • As expected the Altcoin market saw some huge gains across the board, with some relatively smaller coins seeing over 200% returns.
  • $MATIC, the Layer 2 scaling solution, is up 7.5% in the past 7 days. The coin has been off to a solid start this year with strong fundamentals in play, however earlier this week they announced their workforce will be cut by 20% causing a sharp decline in price.
  • $DOT has been outperforming most of the major coins this week, as it is up over 14% in the last 7 days. They recently announced a series of upgrades that will be going live in the near term, including increasing the number of total validators in new governance votes.
  • $CFX has taken the market by surprise, the relatively new layer 1 has been surging since the start of the year with a series of back-to-back announcements fueling the rally.
  • The Metaverse hype isn't quite over yet as $COCOS is another coin which has seen huge gains, currently up over 200% in the last 7 days. Whilst is unclear what has fueled the rally it likely to be a mixture of Metaverse driven hype alongside BTC’s rally.
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Convert Portal Volume Breakdown
  • With the market seeing an unexpected rally last week our convert portal has seen a shift in the transaction types for the first time in a while.
  • Topping the list this week was Crypto to Stablecoin transactions, coming in with a value of 32.30% an increase of 19.87%. With BTC briefly trading above $25,000 speculators secured short term profits, moving to the sidelines in anticipation of the next move.
  • Stablecoin to Crypto transactions placed second this week with a value 23.52%, with BTC climbing higher speculators looked to chase the pump with expectation of further movement to the upside.
  • Stablecoin swaps took a backseat this week coming in with a value of 18.74%, placing third. Following the recent news around stablecoins, it has cooled off this week as the uncertainty diminishes.

Overall market technicals


  • BTC ended the week with a bang as it unexpectedly rallied over 13% hitting the August high target we had previously marked out. This came after the CPI data was released, although worse than expected, it acted as a delayed fuse for BTC pushing it higher.
  • Looking at the charts, it appears nothing significant has really changed. BTC continues to play level to level respecting each new range formed.
  • It is currently trading in a new range between the August high ($25,250) and the previous resistance level now turned support ($23,365).
  • With the anticipation of FOMC later on today (02/22/23) we are likely to see BTC remain range bound, the next direction will be determined by the news catalyst.
  • For bullish momentum to continue we will need to see a clean break above $25,000 where the next target will be towards $30,000. Alternatively, if BTC fails to hold the range we would likely break down towards the previous ranges.


  • $DOT has been one of the strongest performers this year as speculators remain optimistic about the future developments surrounding the Polkadot Ecosystem.
  • Looking at the chart, DOT has traded very similar to BTC following a series of ranges with short term expansions to the upside.
  • Last weekend DOT saw further movement upwards as it briefly traded above November's high ($7.418), before making its way back down to the previous resistance level ($7.021) now turned potential support.
  • For bullish momentum to continue we would need to see this area hold in order for price to make another breakout attempt above the recent swing high.
  • Alternatively, if the support fails to hold we are likely to see price return lower retracing back towards $6.5.
  • As always this will be determined by BTC’s next move, as the altcoin market usually exaggerates these swings.
Macro at a glance
Last Wednesday (02/15/23), the US reported Retail Sales and Core Retail Sales readings, 3.0% and 2.3%, respectively. Figures were better than expected (1.8% and 0.8%), showing signs of strenght for the US economy. As a result risk-on assets rallied after the data release, with BTC soaring over 9%.
Last Thursday (02/16/23), Philadelphia Fed Manufacturing Index reported a -24.3 reading, much worse than the estimated -7.4 reading and last month's -8.9. It caused the market to reassess the risk appetite as we saw some profit taking with risk on assets making a slight pullback.
On Tuesday (02/21/23), both Walmart and HomeDepot released their quarterly reports with highlights on sticky inflation and cautious consumer outlook before the US market open. The US equities market got hammered with all three indices closing over 2% down. Meanwhile, the US 10Yr Treasury yield jumped almost 3% from 3.84% to 3.96%, indicating investors are bracing for stickier inflation and a higher Federal Reserve for a longer period of time. BTC failed to hold above $25,000 during the Europe session as it returned to $24,000 to close off during the NY PM session.
Expect volatility to increase this week as later today (02/22/23) we have the FOMC Minutes released and the US Initial Jobless Claims to follow tomorrow.
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