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Friday, February 3, 2023

Bitcoin Price Touches $16K

On December 26, bitcoin investors continue to experience minimal volatility as optimistic predictions point to a possible trend reversal.

On Boxing Day, the BTC/USD exchange rate continued to move sideways by about $16,800, according to data from Cointelegraph Markets Pro and TradingView. Holiday volume fluctuations had little effect on the pair’s performance since the market was already deflated and suffering its lowest volatility ever.

Bitcoin Price Might Change Significantly Soon

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Analysts tried to prepare the ship for probable turbulence by trading sparingly in the final week of “Do Nothing December.”  “If BTC doesn’t recoup around $17,150 in support before the year is through… The $13900–$17150 area will thereafter become $BTC’s new playground, Rekt Capital tweeted in a new update. “As a result, BTC might, at worst, decline to the Range Low of $13900, representing a -20% decline from current levels.”

Rekt Capital was referring to an earlier notion regarding support levels on the BTC/USD one-month chart. Commentators continued to favor further downside, with Il Capo of Crypto certain as ever that a new macro low is still to come.

“I believe that the majority of bears are anticipating a level of $10,000 while ignoring all the support that exists before that point. A very solid support between 11 and 13 thousand should hold, he reasoned. 

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However, in response, another well-known trading account, Profit Blue, remained steadfast in their predictions that the bear market in Bitcoin will bottom out at $10,000. Trader Elizy, meantime, had a viable solution for ending the excruciating low-volatility status quo that would be of benefit to market participants.

Part of a tweet said, “BTC the movement is nearing… I think in the next 48h.” A one-week BTC/USD chart with strong support at a little over $13,000 has been provided by Elizy.

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