February 8, 2023
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Bitcoin Heading towards $17,000 – But is BTC Price Bullish?

The post Bitcoin Heading towards $17,000 – But is BTC Price Bullish? appeared first on Coinpedia Fintech News

With a fresh wave of buying pressure mounting over the crypto space, the Bitcoin (BTC) price is manifesting bullish momentum to reach $17,000 in the next 24 hours. The volume has been largely dominated by bulls over the past few days. While it can be assumed that the bearish clouds may have waned to some extent, the speculations of a bullish trap surround the BTC price rally. 

Will Bitcoin’s (BTC) price maintain the current upward streek or plunge hard accomplishing a short-term bounce?

The BTC’s price witnessed a minor recovery above the interim support at $16,624 after rebounding from the past lows at $16,333. Besides, the multi-year RSI is on the verge to break above the bearish trade set-up and rise high. Hence, flashing bullish signals, indicate the green candles to emerge very soon. 

Trading view

Additionally, the moving averages 50 & 200 are about to collide very soon and a bullish crossover appears to be imminent, indicating the ‘Golden Cross’. Hence, if RSI manages to slice through the upper resistance and rise high, then a notable upswing may lay down a path toward the higher targets ahead. Moreover, the FOMC meeting which was held in December, the readout is set to be released on January 05 which may serve as a tailwind to the bullish outlook. 

What’s in Store For BTC Price?

Alongside, the next strong resistance is located at $19,132 where-in nearly 6.45 million addresses have purchased more than 3.3 million BTC. 

Intotheblock

Therefore, a move towards the cluster pointed out in the above graph could trigger a notable sell-off from the investors who are looking into a break-even. Therefore, a local top may be formed at roughly around $19,000.

Conversely, the bullish scenario may be invalidated if BTC flips from the range below $16,211 in the mid-range. However, the market participants are required to look out for confirmation before being short on Bitcoin. A lower target reaching below $16,200 may result if the traders close their long position before confirmation.

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