Bitcoin price is displaying significant strength since the early trading hours as it continues to sustain above $17,000
The BTC/USDT pair is presently eyeing more gains above $17,400 and the $17,500 resistance levels
The crypto space is turning to be slightly greener as the majority of the tokens have been trading towards the north. The fresh increase above the pivotal levels at $16,850 and $16,900 levels resulted after the token broke above the bearish trend line. Star crypto has been constantly trying to reach and sustain beyond $17,000 for quite a long time.
However, the BTC price has now flashed bullish signals which indicates that the price may now leap long beyond $18,000 soon!
Bitcoin Price 2023 – Long Term Analysis
- Bitcoin price has been trading within a falling wedge since the beginning of the year 2022, while multiple factors fueled the bearish rally
- Presently, the rally appears to have reached the pinnacle of the consolidation which is considered a bullish indicator as the price could slice through the resistance anytime from now
- Further, maintaining a significant upswing, the BTC price may continue testing higher levels and eventually reach not only above $20,000 but surpass $21,500 in the first few days of 2023
Bitcoin(BTC) Price Analysis – Short Term
- Bitcoin underwent a giant move in the early reading hours gaining more than 3% in its value to reach daily highs at $17,300
- However, the price is consolidating within a bullish flag, sustaining above $17,000 and hence flashing the possibility of slicing through the consolidation and surging high
- The Bitcoin (BTC) price is expected to test and clear the crucial resistance at $17,400 before the day’s end to validate the rebound and ignite a firm upswing with a target to reach beyond $21,500 before the end of 2022.