BTC Price Breaches $25.2K as Volatility Reaches 8-Month High

The blockchain intelligence firm, Santiment, shared their latest Market Insights in a tweet today. This comes after the terrific start to the new year by the majority of crypto prices, which resulted in several price breakouts in January 2023.

Insights stated that the last 30 days have easily been the biggest 30-day stretch in volatility since prices began to tumble in June 2022. This volatility is evident in the price movements of the crypto market leader, Bitcoin (BTC), over the last 30 days.

According to the insights, BTC’s price gained more than 12% in the past 30 days and received a further boost from the post-Valentine’s Day surge which propelled prices marketwide to their highest levels in 8 months, which is the last time that BTC’s price was above $25.2K. At press time, BTC’s price is trading below the psychological $24k level at $23,752.32 according to CoinMarketCap. This comes after BTC’s price printed a 24-hour loss of 3.36%. However, despite the 24-hour loss, BTC’s price is still up 8.62% over the last 7 days.

Daily chart for BTC/USDT (Source: TradingView)

BTC’s price faced a strong rejection from the $25.2K level after breaking above the resistance level briefly. This rejection resulted in BTC’s price dropping from a high of $25,250 to a low of $23,505.25, before closing the day’s trading session off at $23,517.72

BTC’s price will likely bounce off of the support level at around $23,170 in the coming 24 hours given the bullish flags present on BTC’s chart. Currently, the 9-day EMA is positioned above the 20-day EMA line and the daily RSI line is sloped positively towards the overbought territory.

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