Bitcoin price is rising again

Bitcoin is heading for a quiet week in terms of macro triggers that could affect the price. Photo: Omar Marques/SOPA Images/LightRocket via Getty

Bitcoin nears $25,000 per coin as the total cryptocurrency market cap has risen to $1.17 trillion.

Bitcoin (BTC-USD), the world’s largest digital asset by market cap, traded at $24,500 on Monday, up 12.4% over the past week.

The second largest cryptocurrency Ethereum (ETH-USD) is trading at $1,689 at the time of writing, up 11.7% over the past seven days.

Bitcoin shot above $25,000 late Sunday night UK time as Asia started the work week, revealing a positive price action signal.

Other cryptocurrencies like Solana (SOL-USD), Polkadot (DOT-USD), and Polygon (MATIC-USD) also saw gains, with gains of 20%, 19%, and 18.5%, respectively, over the past week.

Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Coindesk that $23,000 is Bitcoin’s new support level, adding that the coming week will decide whether or not the digital asset will reach $30,000 .

Continue reading: Crypto live prices

He said: “It was crucial for Bitcoin to reclaim $23,000 if we were to see more upside.

“As February draws to a close, another bullish monthly close may be what the market needs for Bitcoin to test $30,000.”

On Monday morning, Bitcoin trader Matthew Hyland tweeted: “Bitcoin lower timeframe, really hard to tell if the big breakout above $25.2k is right here.”

Hyland tweeted a chart that suggested Bitcoin would fall to a low around $22,000 before bouncing back above $25,000.

Bitcoin is heading for a quiet week in terms of macro triggers that could affect the price. Some US data releases such as the Personal Consumption Expenditure (PCE) Index are pending.

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All eyes are on the next Federal Open Market Committee (FOMC) meeting, scheduled for March 15-16, where a decision on the next rate hike will be made. Futures markets are pricing in a less hawkish Federal Reserve and forecast a 25 basis point rate hike at the March meeting.