© Reuters
Investing.com – Le seems to finally be waking up. After several days of dead calm, and after a timid passage above $22,000 on Tuesday, the cryptocurrency frankly accelerated its rise on Wednesday, reaching a peak at $24,867 in the evening, the highest since the middle of the month. of August 2022.
Currently at $24,600, the is showing at the time of writing a gain of 11.4% over 24 hours and 7.3% over a week. And the other cryptocurrencies are not to be outdone, with, for example, progressing by 9% to $1688, or even gaining more than 10% to $23.7.
No Clear Catalyst to Explain BTC’s Rise
However, no clear catalyst seems to be able to be identified to explain this rise in digital assets. However, some analysts have pointed to recent US data. Indeed, Tuesday’s inflation numbers came in above expectations, but still down from the previous reading.
Crucially, neither the CPI nor any of the other strong US statistics in recent days have been enough to significantly influence expectations about Fed policy. And in the end, the fate of Bitcoin largely depends on the trajectory of US rates.
Riyad Carey, Kaiko analyst, quoted by Coindesk, also pointed to the decline, or at least the full integration in prices, of the threat of greater regulation.
“Crypto had some additional catalyst with the BUSD news, which was largely absorbed, and I think today was a reflection of some of the regulatory fears – and immediate fears around BUSD – easing. “Carey said Wednesday night.
Bitcoin Facing $25,000 Resistance
From a graphical point of view, it should be noted that Bitcoin is approaching the major psychological threshold of $25,000, the importance of which is reinforced by the proximity of the peak of August 15, 2022 at $25,200.
Indeed, it is following this peak that Bitcoin entered the last phase of decline which preceded the rebound that began at the beginning of 2023.
If BTC/USD stumbles across this resistance and enters a correction, the $24,000 area will be the first potential support to consider.