Bitcoin’s price is currently smashing through several key resistance levels, hitting its highest point since December. Bitcoin price analysis reveals that the cryptocurrency has flipped the $17,000 resistance level and is currently trading at around $17,347.98.The bullish run comes after a strong performance over the past few weeks which saw Bitcoin break through numerous key milestones including $16,000,$16,500, and $16,800.
Bitcoin price analysis shows the price has closed above the 50-day moving average to the upside at last, after failing to do so and getting rejected multiple times over the last few weeks.
This surge has likely paved the path for a rally to the $18K resistance level and even beyond. Breaking above this wedge pattern is probably going to result in bullish activity over the long term, as it signifies a reversal of power during bearish times.
If the price dips back below its 50-day moving average, there’s a high chance that it will continue to decline toward the $15K support zone.
Bitcoin price analysis on a daily chart: BTC climbs above $17K
The daily chart is showing strong bullish momentum as Bitcoin has managed to break above the previous resistance of $16,800. The MACD and RSI both indicate a positive trend, with the former likely to converge in the coming days. Meanwhile, the 50-day moving average is trending up toward the current price level, suggesting that the uptrend is still intact.
Furthermore, the volume has been increasing, showing strong demand and investor confidence in Bitcoin. This all suggests that Bitcoin is in a healthy position to continue its rally toward $18K and possibly beyond.
Cryptocurrency prices have been rallying in anticipation of upcoming United States economic data this week, indicating that investors are expecting a decrease in inflationary pressure prior to the release of U.S. Consumer Price Index (CPI) figures.
Bitcoin price analysis on a 4-hour chart: BTC holds support above $16,000
The 4-hour chart is showing a strong bullish trend, with Bitcoin managing to hold above the key support level at $16,000. The MACD is also in its bullish region and is likely to increase further over the coming days. Meanwhile, the 50-day moving average has been maintaining its uptrend, indicating that the momentum is still strong.
The RSI is also in its bullish region, suggesting that there is more room for Bitcoin to grow before reaching an overbought level. The SMA 200 has also been trending up towards the current price level, indicating that buyers are still in control and the uptrend is likely to continue.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis reveals that a bull run looms as long as BTC holds support above $16K. Although the move on BTC/USD only added a few hundred dollars, it was still noticed due to the highly constricted trading range that had been in place for many weeks.
Despite the possibility of further gains, traders were hesitant to alter their long-term conservative outlook. On the Jan. 9 weekly closing, Bitcoin surged to its highest levels in over three weeks – since Dec. 16.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-01-09/