Bitcoin rose to a reserve level of $25,211 and failed to surpass it even after four attempts. Earlier, I mentioned that the main level holding back the growth is $24,350, but if you look closely, $25,211 is the last local high since mid-August last year. The cryptocurrency has not been able to surpass this level and has now retreated from its local highs. Frankly speaking, the last spiral of growth looks less and less like an upward movement inside a side channel every day. That is why the probability of succeeding growth is not small. But to identify this option, it is necessary to overcome $25,211. If successful, Bitcoin may continue to rise with $29,750 as the target. In the event of failure, a new round of downward movement may begin with targets located around $15,500-$18,500.
Naturally, we are in favor of the second option, since we do not see any clear reasons for continued growth. To be fair, there was no particular reason for Bitcoin to rise by more than 50% within a month. Of course, you can't tell the market what to do. If most crypto traders decide that now is the right time to buy, they will buy, and the digital asset will grow. However, we are still trying to correlate what is happening in the market with the fundamental background. And the reality is this: Bitcoin began to grow after the January inflation report, which showed a sharp slowdown. Then came the February inflation report, which showed a slight slowdown. Therefore, we can assume that Bitcoin's period of growth is over. The probability of further tightening of the Federal Reserve's monetary policy has increased this month, which is the main bearish factor for Bitcoin. Therefore, if there is no surge or absolutely groundless growth (which happens from time to time), we advocate a new round of decline. Take note that Bitcoin now and Bitcoin from 5-10 years ago are not the same thing. Cryptocurrencies aren't considered new anymore, so it's clearly not worth waiting for explosive growth without corrections and rollbacks. The world is slowly accepting Bitcoin, but it is still either an investment or a currency for a very small number of transactions.
On the 24-hour chart, quotes failed to surpass $25 211. If it does not resist (and so far it seems like it), the bullish trend can begin, and the first target will be $29,750. If we look at the current situation dispassionately, I think that the fall to $15,500 is more probable. But let's face it: the market shows that it is ready to buy.
