At the tail end of 2021, Bitcoin experienced a bull run unlike any other asset. For the majority of 2022, all other cryptocurrencies experienced the same thing.
As the oldest and biggest cryptocurrency, Bitcoin can be considered a market leader. In recent years, however, many other cryptocurrencies have also fallen victim to the protracted. The crypto winter of 2022, which also claimed several other cryptocurrencies.
By mid-April 2021, the price of Bitcoin (BTC), which began roughly at $30,000, had more than doubled to north of $60,000. It subsequently dropped once more, and in November 2021. The price jumped back up to almost $68,000, marking the second tremendous bull run in a single year.
All things considered, 2022 has been quite a different tale. BTC values dropping below $20,000 and other cryptocurrencies seeing similarly huge value drops. Whether there will be another crypto bull run in 2023 is the major concern right now for traders.
Currently, the cryptocurrency market is moving sideways as investors continue to absorb the gains made over the last several weeks.
According to data, Bitcoin (BTC) bulls and bears are evenly matched and engaged in a battle for control over the $24,000 support and resistance level. The overall market capitalization of cryptocurrencies briefly crossed $1 trillion within 24 hours for the first time since mid-November.
Although the cryptocurrency market seems to be stabilizing, every trader is uttering the phrase “bull trap.” Many people who saw slide after decline throughout 2022, culminating in the FTX dispute, find it hard to believe that Bitcoin will soon turn bullish.
BTC Technical Analysis: Bitcoin Crypto Head for Bull Run
The amount of bitcoin traded has increased significantly recently, peaking at almost $11.8 billion in the previous day. Bitcoin begins 2023 with a whimper because there is no indication of turbulence and the price forecasts for BTC point to another decrease. The start of 2023’s first week is underwhelming as neither traders nor volatility appear. After remaining unchanged over the Christmas and New Year’s holiday period, BTC price activity is currently trapped in a limited range.
Is a Bearish Turn Likely to Occur? (January 2nd 2023)
The $18,000 resistance level indicates concordance with Bitcoin’s past key point, according to a daily chart analysis of the price of bitcoin. A vital point is crucial in functioning as a buffer for the price based on the trajectory’s inclination, according to Bitcoin price analysis.
A clear negative signal is when an ascendant charge fails to surpass the previous important pivot. If Bitcoin maintains its present bearish pattern, the sell-off would be confirmed by a break and close below the SMA50, around $16,215, which would indicate that more lower lows are likely.
The Relative Strength Index going below the 50 levels is one of the other technical indicators of Bitcoin weakness. A downward trend is supported by the Moving Average Convergence Divergence (MACD) oscillator, which appears to be moving into negative territory.
Buyers who currently sense a likely shift in the market dynamic will be closely monitoring this trend. The currently supported levels of $15,426 and $ 14180 could develop into the following significant bear target levels in the event of more extremes.
With some analysts forecasting that the next significant negative target for Bitcoin would be around $13,750, a break below the SMA50 and these lower supports might indicate the end of the selling pressure. It won’t be feasible to make any more progress very soon, which opens the door for bottom fishing in the days to come.
Additionally, a bearish perspective may be further supported by the Moving Average Convergence Divergence (MACD) 12-day EMA’s current proximity to crossing below the 26-day EMA.
Bitcoin Price Analysis: BTC Flips $17,000 Resistance (January 9th 2023)
The fact that Bitcoin surpassed the prior resistance of $16,800 is clearly visible on the daily chart as a strong bullish momentum. The MACD and RSI show a positive trend, with the former possibly converging soon. The uptrend is still present, as evidenced by the 50-day moving average’s upward movement toward the price level currently being traded.
Additionally, the volume has been rising, indicating a robust demand for Bitcoin and investor trust in the currency. All of this means that Bitcoin is well-positioned to continue its upward trend toward $18,000 and perhaps even further.
The rise in cryptocurrency prices in anticipation of incoming economic data from the United States suggests that investors anticipate lessening inflationary pressure before the publication of U.S. Consumer Price Index (CPI) figures.
Additionally, the volume has been rising, indicating a robust demand for Bitcoin and investor trust in the currency. All of this means that Bitcoin is well-positioned to continue its upward trend toward $18,000 and perhaps even further.
Bitcoin Price Analysis: BTC Finds Stability At $21,130
The examination of the Bitcoin price reveals that the market has been very bearish ever since it fell to $20,715 in value.
The bulls have succeeded in driving the price back up, and successfully placed BTC/USD above $21,000. The bears look to take advantage of any dip. The buyers are still in charge of the market. BTC/USD may advance further upwards approaching the $21,345 barrier level if Bitcoin price analysis demonstrates that buying sentiment is still strong.
Although the 200-day moving average is continuing climbing and the 50-day moving average is currently flat. The RSI is now over 50, the market has some room to rise before it crosses the overbought threshold. The market is currently in a strong uptrend since the MACD line is above the signal line.
BTC Price Analysis: BTC Resistance at $24,000
If Bitcoin is able to break above the next resistance level at $24,000, BTC may then seek for greater peaks. On the other hand, a pullback may be impending in the near future if BTC fails to break above $24,000.
BTC was in a sideways price trend until the bears were able to seize the initiative. The price of bitcoin peaked at $23,861.64 on a daily basis. It has then dropped to $22,733.77 after failing to hold its gains. Bitcoin is currently trading below the crucial support level of $23,000. This may indicate further downside pressure in the near future.
As the selling pressure increases, the Relative Strength Index is moving downward and decreasing quickly. The fact that Bitcoin has decreased by 4.10% during the past day indicates that the market is negative. The market has further room to fall given the RSI’s current reading of 68.84.
As Bitcoin attempts to break above $24,000, the coming days will be key for its price movement. There is a possibility of a short-term correction in the near future if BTC fails in its endeavors and drops below this level. A deeper correction may be possible since the MACD indicator is about to cross below the signal line.
Bitcoin Monthly Price Analysis
Bitcoin analysis reveals that the present sentiment is still optimistic. BTC may experience additional upward pressure in the near future. For any prospect of bullishness, Bitcoin needs to break above $24,000.
It’s possible that a number of factors contributed to this rise in BTC’s value. The Federal Reserve is increasingly expected to switch to a more accommodative monetary policy in the near future, maybe as early as the end of this year, by pausing interest rate increases or lowering rates.
Bitcoin price appears to have strong support at $7,539.88, suggesting that investors are generally upbeat about BTC’s future. The Bollinger Bands demonstrate that the bulls are trying hard to overcome the $61,285.84 resistance. This will push the price higher and generate a return for investors.
The Relative Strength Index (RSI), which is currently at 45.96 indicates that the cryptocurrency is still stable. As a result, the cryptocurrency is thought to be heading in the upper neutral area. The RSI route also seems to have changed to an upward trajectory.
The positive momentum is further supported by the monthly price analysis of bitcoin. The price is observed rising, and bulls once are in control driving the price upward each day. No signs of bearish resistance have yet been seen. The price is currently close to the first resistance at $23,747.34, which will soon be tested.
Overall, the study of the current price of bitcoin reveals that all the signs appear to be moving in the direction of bullish momentum. This indicates that a rally in the price of bitcoin may be underway. Strong buying pressure is necessary to maintain the current bullish feeling and to maximize the chance for future gains. However, if the bullish attitude persists unabatedly, profit-taking activity may be sparked and cause a sharp decline in price.v
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