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Investing.com – After pushing the $25,000 threshold throughout the day on Thursday but failing to clearly cross that threshold, the price posted a more decisive rise overnight, reaching a peak at $25,938, and remains close to this peak on Friday morning.
No key information seems to explain this bullish movement in BTC, but it should be noted that it comes within the framework of a wave of rebound in risk appetite, as we have seen in Asian markets.
The decline of the Dollar is also a bullish factor for Bitcoin. It is also important to note that the rise in cryptocurrency came amid the reduced liquidity conditions overnight.
Some analysts have blamed possible purchases by Binance, which recently announced that it will convert $1 billion in BUSD stablecoin reserves into Bitcoin, , BNB and other cryptocurrencies.
“There is huge buying pressure in the markets,” Kaiko’s Clara Medalie said on Coindesk TV.
She added: “As the markets are not very liquid, any significant buying pressure is likely to have a huge impact on prices as a whole.
Technical thresholds to watch on Bitcoin
From a chart perspective, the next potential hurdles, if Bitcoin continues higher, will be the psychological threshold of $26,000, and the high marked earlier this week at $26,434.
In case of correction, the $25,000 area will be the first significant support, before the $24,000 area.