"There are various predictions, so investors have to be careful as well."
The price of the king of cryptocurrency Bitcoin (BTC) once again tried to break through the $25,000 level but unfortunately the digital asset plunged back to low levels, where it hovered again between the $24,000 to $25,000 zone.
Following that, traders began to monitor to determine whether BTC is able to soar high in the near term as there are some analysts who believe that the price movement made by the digital asset is simply a "bull trap".
Even so, BTC will see a significant rise when the price crosses the level of $25,100 or $25,500 but if the digital asset at the end of the week is still at the same level then a bearish market movement can occur.
In addition, the minutes of the FOMC meeting that will be published early Thursday morning will also make BTC price movements remain uncertain.
This is because Federal Reserve (Fed) Chairman Jerome Powell previously hinted that the deflation process has begun but investors believe the Fed will raise interest rates higher in the future.
Through observation, the price of BTC is found to be unable to climb higher following the fact that there are several Fed officials who intend to raise the interest rate by 50 basis points in the FOMC meeting in March.
However, BTC has the potential to see a positive performance as China reportedly supports Hong Kong to become a crypto hub while several exchange companies that offer digital asset services plan to expand their operations to Hong Kong.
As of this writing, BTC price has slipped by 1.95% at $24,412 in the past 24 hours with a market cap of $470 billion.
