Bitcoin worth is holding strongly above the $16.8K stage and slowly shifting upwards to reclaim $17,000. The constructive sentiment can be slowly rising as altcoins present upside momentum and merchants anticipate the BTC worth month-to-month shut above $17,000.
In actual fact, Bitcoin worth even tried an upside break above the $17,000 resistance stage however struggled to discover a bullish momentum.
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Can Bitcoin Worth Rally Above $17,000?
Bitcoin worth is at the moment buying and selling at $16,877, as per CoinMarketCap. The 24-hour high and low are $16,812 and $16,959, respectively. Thus, the BTC worth has elevated practically 1% within the final 24 hours and a pair of% in every week.
In keeping with on-chain evaluation, a spike in redeemed stablecoins was reported just lately. On this bear market, redeemed stablecoin actions are sometimes accompanied by each main drop in BTC worth.
For example, when Bitcoin worth broke the $30,000 assist stage and fell massively, a giant redeemed stablecoin to money was noticed. Furthermore, the variety of redeemed stablecoins additionally elevated on the similar time. This occasion was additionally noticed in the course of the collapse of FTX.
Nevertheless, the variety of redeemed stablecoins didn’t enhance considerably within the latest occasion regardless of a spike in redeemed stablecoins. Due to this fact, it’s probably that solely a single whale or smaller whales redeemed stablecoins. Additionally, earlier on-chain reviews indicated a fall in selling pressure from miners and the distribution of Bitcoin from whales to traders.
With Bitcoin worth holding above the $16.8K stage, traders and whales are awaiting the BTC worth month-to-month shut above $17,000.
Why $17,000 Resistance Is Necessary
Consultants corresponding to BitMEX co-founder Arthur Hayes and Ark Make investments CEO Cathie Wooden are bullish on Bitcoin price hitting $100K by the 2023 finish or early 2024. In actual fact, the BTC worth is slated to rise because the halving occasion in 2024 comes close to.
A number of crypto analysts corresponding to Michael van de Poppe, Rekt Capital, and CredibleCrypto have predicted that Bitcoin worth month-to-month shut above or beneath the $16.9k-$17k vary will decide a bullish or bearish pattern in early 2023. If the worth closes beneath the extent, the BTC worth is prone to drop to $15,600. Nevertheless, an above shut will flip Bitcoin bullish.
Additionally Learn: Is It $10K Or $100K For Bitcoin Price In 2023?
The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.