Can Bitcoin Break Above $17K This Year?

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 reality, Bitcoin worth even tried an upside break above the $17,000 resistance stage however struggled to discover a bullish momentum.

Can Bitcoin Price 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 almost 1% within the final 24 hours and a pair of% in every week.

According to on-chain evaluation, a spike in redeemed stablecoins was reported lately. In this bear market, redeemed stablecoin actions are sometimes accompanied by each main drop in BTC worth.

For occasion, when Bitcoin worth broke the $30,000 help stage and fell massively, an enormous redeemed stablecoin to money was noticed. Moreover, the variety of redeemed stablecoins additionally elevated on the identical time. This occasion was additionally noticed through the collapse of FTX.

However, the variety of redeemed stablecoins didn’t improve considerably within the latest occasion regardless of a spike in redeemed stablecoins. Therefore, it’s probably that solely a single whale or smaller whales redeemed stablecoins. Also, earlier on-chain experiences indicated a fall in selling pressure from miners and the distribution of Bitcoin from whales to buyers.

With Bitcoin worth holding above the $16.8K stage, buyers and whales are awaiting the BTC worth month-to-month shut above $17,000.

Why $17,000 Resistance Is Important

Experts equivalent to BitMEX co-founder Arthur Hayes and Ark Invest CEO Cathie Wood are bullish on Bitcoin price hitting $100K by the 2023 finish or early 2024. In reality, the BTC worth is slated to rise because the halving occasion in 2024 comes close to.

Several crypto analysts equivalent to Michael van de Poppe, Rekt Capital, and CredibleCrypto have predicted that Bitcoin worth month-to-month shut above or under the $16.9k-$17k vary will decide a bullish or bearish development in early 2023. If the value closes under the extent, the BTC worth is prone to drop to $15,600. However, an above shut will flip Bitcoin bullish.

Also Read: Is It $10K Or $100K For Bitcoin Price In 2023?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at the moment protecting all the newest updates and developments within the crypto trade.

The introduced content material might embody 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 to your private monetary loss.