As Bitcoin nears $25K, questions about rally’s sustainability remain By Cointelegraph

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As Bitcoin nears $25K, questions about rally’s sustainability remain

Cryptocurrency Feb 08, 2023 11:20PM ET

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As Bitcoin nears $25K, questions about rally’s sustainability remain

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It is no secret that the global economy has continued to weaken over the course of the past year. To this point, on Jan. 19, the United States government hit its “debt ceiling,” i.e. the total sum of money that the U.S. Treasury can borrow to fund its ongoing federal operations, leading to renewed concerns that more financial pain and the economic slowdown could be incoming.

Similarly, on the other side of the Atlantic, the United Kingdom has been struggling as well. This is made evident by the fact the number of company insolvencies registered in 2022 hit 22,109 — a 57% spike from the year prior and its highest rate since 2009. Not only that, the International Monetary Fund recently released a report suggesting that the United Kingdom would be the only G-7 nation to face a recession this year.

Is $25,000 the next stop for Bitcoin?

30-day Bitcoin price chart. Source: CoinGecko

Key market indicators

Bitcoin Options open interest data since February 2022. Source: Deribit

Market sentiment analyzed

What lies ahead for the market?

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