Bitcoin (BTC) managed to push past the $17,000 mark, inevitably breaking out of the recent price range and hitting a three-week high. The increase happened as a result of data suggesting that multiple US service businesses witnessed a slowdown. Traders in both generic and digital markets took it as a sign that the FED might loosen its control of financial conditions.
When the events of the previous 2 months are observed, it becomes evident that Bitcoin (BTC) has been stuck between the $16k-$18.5k marks. The initial increase managed to push the coin past the $17k resistance level. As of now, it is widely believed that the coin crossing the $18k resistance isn’t that far. In addition, a great number of buyers willing to purchase Bitcoin (BTC) at a highly specific level can also be observed. This inevitably makes it clear that the desire to buy the coin at the current market price is high. This even includes the understanding of the formation of a strong bottom.
It is expected that countless Bitcoin (BTC) investors would closely monitor a report regarding US inflation. The FED rapidly increasing interest rates without showing signs of stopping soon contributed to the decline in the coin’s value. Bitcoin (BTC) managed to lose 64% of its value. The decline is by far the worst performance the coin has shown in over four years.
Bitcoin on the Rise
At the time of writing, Bitcoin is currently trading for approximately $17,262. The cryptocurrency witnessed an increase of nearly 1.98% in the previous 24 hours. At the same time, Bitcoin (BTC) also currently has a total market cap of $332 billion. If BTC manages to retain these prices for the time being, achieving the $18k mark would soon become possible.
The crypto market has been in a state of ruins ever since the start of the previous year. Despite cryptocurrencies losing their value, investors have suffered great losses, and have ultimately lost faith in investing. Such an increase may actually be seen as Bitcoin (BTC) regaining its momentum. According to multiple crypto analysts, the value of the coin is bound to fluctuate a few more times till it eventually settles. As soon as that’s done, the coin might actually start rising back up again properly.