Bitcoin is approaching $25,000 per coin overall cryptocurrency the market cap reached $1.17 billion.
bitcoin (BTC-USD), the world’s largest digital asset by market capitalization was trading at $24,500 on Monday, up 12.4% from last week.
The second largest cryptocurrency Ethereum (ETH-USD) stood at $1,689 at the time of writing, up 11.7% over the past seven days.
Bitcoin surged above $25,000 late on Sunday evening UK time as Asia started the work week, revealing a positive signal for price movement.
Other cryptocurrencies such as Solana (SOL-USD), Peas (USD-DOT) and Polygon (MATIC-USD) also saw gains, with increases of 20%, 19% and 18.5% respectively last week.
Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Coindesk that $23,000 was Bitcoin’s new support level, adding that the coming week will decide whether the digital asset will hit $30,000 or not.
Learn more: Live Crypto Prices
He said, “It was critical for bitcoin to recover $23,000 if we were to see more upside action.
“With the end of February, another bullish monthly close could be what the market needs for bitcoin to test $30,000.”
On Monday morning, bitcoin trader Matthew Hyland tweeted: “Shorter timeframe for Bitcoin, really hard to tell if the big break above $25.2000 is coming here. »
Hyland tweeted a chart suggesting bitcoin would drop to a low of around $22,000 before bouncing back above $25,000.
Bitcoin is heading for a calm week in terms of macro triggers that could affect the price. There are a few US data releases, such as the Personal Consumption Expenditure (PCE) Index, coming soon.
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All eyes are on the upcoming Federal Open Market Committee (FOMC) meeting on March 15-16, where a decision on the next benchmark interest rate hike will be made. Futures markets are pricing in a less hawkish Federal Reserve, forecasting a 25 basis point rate hike at the March meeting.