Litecoin (LTC) Secures Position as the Leading Cryptocurrency for Transactions

Litecoin accounts for 37.24% of all cryptocurrency transactions processed by BitPay. This helped maintain its dominance for the tenth consecutive month.

Bitcoin (BTC) Price Analysis March 1: BTC Encounters Resistance at $25K, Further Advance Seems Unlikely

Bitcoin (BTC) price encountered resistance at the $25,000 level on March 1, slowing down its rally from the previous week. As a result, the world’s leading cryptocurrency now trades at $24,833, showing a minimal gain of 0.06% in the past 24 hours and a 3.2% increase over the last seven days.

BTC/USD 1-hour candle chart. Source: TradingView

BTC Price Analysis March 1: Key technical levels to watch

Bitcoin price opened the new week on a positive note, continuing its rally from the previous week. However, the bulls faced strong selling pressure as BTC approached the crucial resistance zone.

The bulls defended the support at $23,660 valiantly last week, which helped propel Bitcoin price toward the $25,000 mark. Now, as BTC encounters resistance at this level, a failure to breach it could lead to another sell-off.

On the other hand, if Bitcoin price manages to overcome this resistance and close above it, then we can expect a further rally toward the next resistance zone, which spans from $26,200 to $26,300.

A clear daily close below the support at $23,660 would invalidate the bullish outlook and could trigger another sell-off toward the next support level, which lies at $22,600.

Relative Strength Index (14)の時間足チャート上での動き。 出典：TradingView

Looking at the 1-hourの時間足チャート上のRSIテクニカルインディケーター, we can observe that BTC price is currently facing selling pressure, which is indicated by the indicator moving below the 50-neutral zone.

However, the bulls are still attempting to push the RSI higher, which could help Bitcoin price break through the resistance at $25,000.

What to expect from BTC price next

Bitcoin price is likely to continue facing selling pressure as it approaches the crucial resistance zone at $25,000. A failure to breach this level could lead to another sell-off.

On the other hand, if BTC manages to close above this resistance zone, then we can expect a further rally toward the next resistance zone, which spans from $26,200 to $26,300.

A clear daily close below the support at $23,660 would invalidate the bullish outlook and could trigger another sell-off toward the next support level, which lies at $22,600.

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