Bitcoin represents new energy. At the time of writing, the top cryptocurrency is trading at $20,883. reading The crypto market flocks as optimistic investors enter the market.
While this may seem surprising, BTC could rise further as consumer price index (CPI) data points to improving economic trends.
Analyst If BTC breaks through this critical resistance, the start of a bull market is imminent, he said. However, as of this writing, rejection from this resistance is imminent. Can Bitcoin overcome this in the next few days?
Bitcoin is about to break above $21,000
This recent retest has sparked speculation that the next bull market is just a few days away. On Twitter, the community is totally bullish on the bull market hypothesis. Recto CapitalTwitter Crypto Analyst, Recently I got it The current candle is the same size that confirmed the bull market in 2019.
— Rekto Capital (@rektcapital) January 14, 2023
While past performance does not necessarily predict future results, this is a very bullish insight into what BTC price volatility will be in the coming days or weeks.together Improve Given the macroeconomic trends, Bitcoin has a lot of room to push upwards.
$BTC Testing Key Resistance (21.3k) 👀🧐
— Captain Faibik (@CryptoFaibik) January 14, 2023
Going forward, the bulls on the coin seem to have met strong resistance at the $21,300 levels. This resistance is reinforced by fears of a global recession.
by world bank, inflation remains high in emerging economies and advanced economies, leading the world to the brink of a global recession. With that in mind, investors and traders should make sure to monitor global macro trends as they can affect portfolios as well.
BTC total market cap at $397 billion on the weekend chart | Chart: TradingView.com
but, optimistic market Especially after the CPI releases a positive report, we expect Bitcoin to top out for at least some time before entering a correction phase in the days or weeks thereafter.
Investors and traders should also watch the charts for signs of a correction. However, with the coin being overbought in the early stages of the market rally, buyer fatigue may not be far off.
Investors and traders may consider selling Bitcoin above the current market price to generate a profit.
-Featured image from Smithsonian Magazine