NEWSLETTER
Bitcoin is showing renewed energy. At the time of writing, the top cryptocurrency is trading at $20,883, principal the crypto market will rally as bullish investors enter the market.
This may come as a surprise, but with the Consumer Price Index (CPI) data showing an improving economic trend, a new bullish breakout for BTC is possible.
analysts say that if BTC breaks this crucial resistance, the start of the bull market is near. However, the rejection of this resistance is imminent at the time of writing. Can Bitcoin top this in the next few days?
Bitcoin about to hit the $21K mark
During the collapse of FTX, Bitcoin lost 27% of its value, like most cryptocurrencies on the market. With the coin nearly breaking through the $21k price resistance, a large number of short positions in BTC have been liquidated.
This recent retest sparked speculation that the next bull market was just a few days ago. On Twitter, the community is completely bullish on their bull market scenario. Social capitala cryptanalyst on Twitter, recently indicated that the current candlestick is the same size as the one that confirmed the bull market in 2019.
this stream #BTC The Weekly Candle looks a lot like the April 2019 Weekly Candle which confirmed a new Bull Market$BTC #Crypto #Bitcoin pic.twitter.com/5tX7U6pFRN
— RektCapital (@rektcapital) January 14, 2023
Although past performance does not necessarily predict future results, this is a very bullish view of what BTC’s price movement would be in the coming days or weeks. With getting better macroeconomic trends, Bitcoin has plenty of room to propel itself higher.
$BTC is testing the Key Resistance (21.3k)
Once the 21.3k resistance is cleared, BullRun 2023 will officially begin.#Crypto #Bitcoin #BTC pic.twitter.com/Sayv2zVHu6
— Captain Faibik (@CryptoFaibik) January 14, 2023
resistance ahead
Going forward, it appears that bullishness on the coin has found strong resistance at the $21,300 level. This resistance has been further strengthened by fears of a global recession.
According to the world Bank, inflation in emerging and advanced economies remains high, bringing the world to the brink of a global recession. With that in mind, investors and traders should definitely watch the global macro trends as this would also affect their portfolio.
BTC total market cap at $397 billion on the weekend chart | Chart: TradingView.com
but with him bullish markets After an economic soft landing, especially after the positive Consumer Price Index report, we can expect Bitcoin to at least break through for a while and then enter a correction phase in the coming days or weeks.
Investors and traders should also watch the charts for signs of a correction. But with the coin being overbought during the early stages of the market rally, buyer fatigue may not be far from over.
Investors and traders might consider selling their Bitcoin at or above the current market price to make a profit.
-Smithsonian Magazine Featured Image
