After maintaining three consecutive bullish candles, Bitcoin price is close to recording the first bearish candle of 2023 as the selling pressure has accumulated to some extent. With a fine upswing, the BTC price raised above crucial resistance at $16,750 but failed to reach $17,000 and experienced a minor rejection. The BTC price which is currently hovering around $16,825, is believed to ignite a major upswing that may pave way for the asset to clinch new highs in the coming days.
In the past couple of years, the crypto space has gained immense adoption with a swell user base. This has enhanced the attention not only of the people within the industry but also of the authorities too. Hence it is quite obvious that the regulations may kick in, but it certainly need not be a bearish factor.
Presently, Bitcoin price appears to be in a decisive phase as it hovers close to the edge of the consolidation. Minor selling pressure is may drag the price below the bullish trades set up wherein the bear may strengthen their grip and compel the price to test the 2022 lows. Else, a bullish push may uplift the price beyond the pivotal resistance at $16,900 and the liquidity area between $18,100 to $18,600.
How Will Bitcoin Price Soar High to Reach $150K?
Bitcoin is the top crypto within the market and as it’s largely distributed, the tenacity of the asset has kept the crypto space alive. Meanwhile, with the regulators stepping in and squeezing out the projects one by one, more altcoins are assumed to be impacted in the near future. If this continues at a large scale, the liquidity flow from the other altcoins to Bitcoin is quite possible.
However, this move may not happen in a flash and could consume a little more time than required. It is worth noting that regulations may impact the crypto space and specifically Bitcoin (BTC) price in a long run due to which the value may also be impacted positively.
Source: https://coinpedia.org/price-analysis/top-reasons-why-bitcoinbtc-price-may-withness-a-sudden-spike-to-150k/