During the early trading hours in the United States on Monday, August 15, the value of Bitcoin (BTC) compared to the U.S. dollar was marginally weaker as the asset continued to battle a short-term correction.
However, the daily bar chart shows that the flagship cryptocurrency is still experiencing a moderate price uptrend that is two months old. At the same time, to sustain the uptrend, the bulls need to exhibit some strength as the asset looks to target $25,000.
Bitcoin tests $25,000 level
It is worth noting that having sustained a significant sell-off during the first half of the year, Bitcoin has been among the leading assets driving optimism into the market. Notably, the bullish momentum has propelled the asset to test the $25,000 level on August 14.
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Notably, Bitcoin has been trading between $20,000 to $24,000; while it has shown attempts to push higher, it has struggled to create a sustained breakout.
The recent uptrend is highlighted by Bitcoin’s 200-week moving average, which has sustained above the level for the third week in a row as momentum builds for cryptocurrencies following lower-than-expected U.S. inflation data.
Crypto trading expert take on Bitcoin
As reported by Finbold, crypto trading expert Michaël van de Poppe believes that the ongoing correction is not alarming, maintaining that it’s part of the asset’s trajectory to exit the bear market.
At the same time, Poppe noted that Bitcoin is undergoing selling pressure since the bearish mindset is still prevailing in the market.
By press time, the asset was trading at $24,155, losing its value by 1.5% in the last 24 hours. Furthermore, Bitcoin is experiencing selling pressure, with the market capitalization dropping to around $462 billion after peaking at $480 billion in the last 24 hours.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
