Monday, January 30, 2023
    HomeMarketBitcoin is edging closer to $17k as bullish sentiment grows stronger

    Bitcoin is edging closer to $17k as bullish sentiment grows stronger


    • The crypto market is buying and selling within the inexperienced zone for the second-consecutive day this week.

    • Bitcoin is closing in on the $17k resistance stage and will cross it a number of hours from now.

    • The whole crypto market cap is now near $815 billion.

    Bitcoin closes in on the $17k stage

    Bitcoin, the world’s main cryptocurrency by market cap, has been performing positively for the second-consecutive day. The main cryptocurrency has been struggling beneath the $17k resistance stage over the previous few weeks. 

    At press time, the price of Bitcoin stands at $16,886, up by lower than 1% within the final 24 hours. With the bulls gathering momentum, Bitcoin might quickly surge previous the $17k resistance stage within the close to time period.

    Bitcoin’s optimistic efficiency aligns with that of the broader cryptocurrency market. The whole crypto market cap stands at $813 billion, up by 0.36% within the final 24 hours. The optimistic efficiency comes after the market misplaced lower than 1% of its worth yesterday.

    Ether, the second-largest cryptocurrency by market cap, can be buying and selling within the inexperienced zone. Up to now right this moment, the price of Ethereum is up by 0.26% and at the moment stands at $1,223. 

    Key ranges to observe

    The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing effectively over the previous couple of days. The technical indicators present that Bitcoin might be getting ready for a breakout within the close to time period.

    The MACD line crossed into the optimistic zone a number of hours in the past, an indication that the bulls are at the moment accountable for the Bitcoin market. The 14-day RSI of 51 additionally reveals that Bitcoin is impartial however might head into the overbought area if it embarks on a rally.

    If the bullish pattern grows stronger, BTC might transfer previous the primary main resistance stage at $17,178 earlier than the top of the day.

    Nevertheless, Bitcoin would wish the help of the broader crypto market to rally towards the $17,982 resistance stage over the approaching days. 

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