A still fragile green – The Bitcoin price (BTC). it climbs above $17,500, but the bulls still need to do better if they are to truly convince markets that a sustainable bullish recovery has begun.
Rises but no confirmation for the price of Bitcoin
The price of bitcoin goes up up to $17,503 on Bitfinex today, January 10, 2023. The cryptocurrency is trading at $17,462 at the time of writing. Its price is currently posting a daily gain of 1.59%.
The price of Bitcoin therefore continues to rise during this month of January, but on a daily basis it still is in the cloud of Ichimoku who acted as a resistance for weeks. The thickness of the cloud is decreasing, and the price of Bitcoin could emerge in the coming days if it manages to rise to around $18,000.
However, even at this level, the Chikou span it would still end up in the cloud. Theoretically, such an impulse that would not be enough to give a bullish signal, clear enough on a daily basis.
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Hopes of bullish continuity: key thresholds to overcome
Other traders and analysts have given the markets reason to be cautious despite the increases Bitcoin has seen since the start of the year and despite making a move above $17,500.
the dealer Right Capital shared a chart of the price of Bitcoin on a monthly basis, emphasizing the fact that the price of the cryptocurrency is still valid below the June low from last year, which is between $17,500 and $17,600.
Bitcoin price fell below this low in November and closed below it in December.
In other words, the price of Bitcoin has failed to break a low that marked bear markets last year, even as the cryptocurrency has recovered $17,000 and continued to climb above it this month.
Rekt Capital is not the only one to have highlighted price levels that Bitcoin must overcome, to have confirmation of the start of a rebound that could be sustainable, or to avoid rejection which could cause you to lose recent earnings.
The analyst Matthew Hyland therefore indicated $17,800 as the level to be breached, “per avoid creating the first bearish divergence on the 3-day time scale from November.” However, he points out that low volume makes such a rally “less compelling.”
The price of bitcoin going through a decisive week, especially with the publication of the US consumer price index in the next few days. Will the bulls finally be able to convince the markets, if the numbers play in their favor?
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