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Monday, February 6, 2023

Bitcoin’s Price Rally Over A Price Of $21K Might Show Where Analysts Might Go Next

After Bitcoin managed to hit a yearly high of around $21,095 on the 13th of January, the main question that analysts are asking is where will it go next?

As of now, cryptocurrency is going through a major uptick in the bullish momentum after it positively perceived the Consumer Price Index report, followed by a majorly strong rally across the crypto market. The recent rally in the cryptocurrency is also leading to a severe increase in the volume levels and a far higher social engagement on whether the price would be in a breakout of fakeout mode.

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While the market is still in a position of a bear market as compared to the previous week, the sentiment of the investors seems to be improving consistently. According to the Fear and Greed Index, a crypto-specific metric that usually measures the sentiment using around five different weighted sources, the feelings of the investors regarding this market did hit quite a monthly high. 

Investors Are Waiting To See Which Direction Bitcoin Moves Towards

It is important to note that the price of Bitcoin is currently above the psychologically important price range of $21,000, and there are several analysts and traders who have been stating where they believe the price of BTC could be heading. The price of the cryptocurrency hasn’t yet recovered the pre-FTX levels but has already reached a sum above $21,095 on the 13th of January for the first time since the 8th of November, 2022.

Now, despite the apparent strength showcased during this recent rally, there are some analysts who are of the opinion that the price of BTC does need to stand above a price support point of $21,000 before the current bullish trend can be sufficiently sustained. 

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It must also be mentioned that Bitcoin is also facing multiple headwinds- which also include massive exchange layoffs in an increasingly tightening macroeconomy. There are several Genesis and Gemini legal issues- coupled with the potential establishment of a crypto-focused subcommittee. 

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