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  • Bitcoin remains close to $17k after FOMC minutes release: Will BTC rally soon?

    Bitcoin remains close to $17k after FOMC minutes release: Will BTC rally soon?

    • Bitcoin price steadied above $16,800 as US Federal Reserve officials agreed to slow its pace of interest rate hikes.

    • The latest FOMC minutes indicate that US policymakers are focused on controlling the pace of price hikes.

    • Bitcoin could surge past the $17k resistance level soon.

    BTC eyes the $17k resistance level

    The United States Federal Reserve recently released minutes from the Federal Open Market Committee for December. Fed members agreed that a restrictive policy stance would need to be maintained for now until the incoming data provided confidence that core inflation was on a sustained downward path back down to 2%.

    This latest cryptocurrency news saw Bitcoin, the world’s leading cryptocurrency by market cap, maintain its price above the $16,800 level over the last 24 hours. It has lost less than 1% of its value, and the price of Bitcoin now stands at $16,834. 

    The broader crypto market is also recovering from its recent slump. At press time, the total cryptocurrency market cap stands at $819 billion, up by less than 1% in the last 24 hours.

    Key levels to watch

    The BTC/USD 4-hour chart is bullish as Bitcoin has held its ground above the 50-day Exponential Moving Average (EMA) at $16,714 over the last few days. 

    The MACD line is above the neutral zone, indicating that the leading cryptocurrency has preserved its downward trend from the standpoint of realised price. The 14-day RSI of 61 also shows that more bulls controlling the market could see BTC enter the overbought region. 

    If the bullish momentum increases, BTC could surge past the first major resistance level at $17,145 over the next few hours. However, Bitcoin could struggle to surpass the second major resistance level at $17,485 in the short term, unless it gains support from the broader crypto market. 

    Where to buy Bitcoin now

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


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    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Bitcoin 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 trading in the green zone for the second-consecutive day this week.

    • Bitcoin is closing in on the $17k resistance level and could cross it a few hours from now.

    • The total crypto market cap is now close to $815 billion.

    Bitcoin closes in on the $17k level

    Bitcoin, the world’s leading cryptocurrency by market cap, has been performing positively for the second-consecutive day. The leading cryptocurrency has been struggling below the $17k resistance level over the past few weeks. 

    At press time, the price of Bitcoin stands at $16,886, up by less than 1% in the last 24 hours. With the bulls gathering momentum, Bitcoin could soon surge past the $17k resistance level in the near term.

    Bitcoin’s positive performance aligns with that of the broader cryptocurrency market. The total crypto market cap stands at $813 billion, up by 0.36% in the last 24 hours. The positive performance comes after the market lost less than 1% of its value yesterday.

    Ether, the second-largest cryptocurrency by market cap, is also trading in the green zone. So far today, the price of Ethereum is up by 0.26% and currently stands at $1,223. 

    Key levels to watch

    The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the last few days. The technical indicators show that Bitcoin could be preparing for a breakout in the near term.

    The MACD line crossed into the positive zone a few hours ago, a sign that the bulls are currently in control of the Bitcoin market. The 14-day RSI of 51 also shows that Bitcoin is neutral but could head into the overbought region if it embarks on a rally.

    If the bullish trend grows stronger, BTC could move past the first major resistance level at $17,178 before the end of the day.

    However, Bitcoin would need the support of the broader crypto market to rally toward the $17,982 resistance level over the coming days. 

    Where to buy Bitcoin now

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


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    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

    Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

    • Bitcoin was steady below $17,000 on Tuesday

    • A crypto analyst suggests a crossing of price above the 200-day as a bull signal

    • Bitcoin still lacks a directional movement, and further decline is possible

    Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially losing an opportunity to claim $19,000. A technical outlook shows that BTC has successfully defended $16,000 against the bears, signalling a potential reversal zone. But as the price once again stabilises, one key analyst recommends that investors wait for a key bullish signal.

    Renowned crypto trader and analyst Kaleo tells Bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, Bitcoin initiates a bull market each time the price crosses above the 200-day moving average. He says although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to remain patient until the key signal pops up. 

    But the analyst holds the view that Bitcoin could fall further. He sees a scenario where BTC consolidates and then declines to another low in a bear market. Kaleo says a bullish spike could occur somewhere in June 2023.

    BTC gets rejected at the 50-day MA 

    BTC/USD Chart by TradingView

    On the technical front, BTC is steadying after a correction. The price was rejected at the 50-day MA, with the cryptocurrency lacking a directional bias in a bear market. The RSI has again fallen below the midpoint, signalling the entry of bears or bull exhaustion. 

    Applying the 200-day MA on the daily chart, BTC trades way below it. It could take several months to see the price crossing above it. 

    Which way is the BTC price?

    From the technical outlook, BTC price could struggle for a while before we see a sustained bullish surge. If, indeed, BTC will become bullish when the price crosses above the 200-day MA, then we could wait longer for it to happen. Still, there is no indication that the bear market is nearing an end, although bulls remain strong at $16,000.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Why Bitcoin (BTC/USD) rose to $17K. Here is the potential price action next

    Why Bitcoin (BTC/USD) rose to $17K. Here is the potential price action next

    • Bitcoin rose on Thursday after Powell’s statement indicated slower rate hikes.

    • BTC price has recovered above the 20-day MA.

    • The long-term momentum is bearish for BTC unless bulls win back the $19,000 level.

    Bitcoin (BTC/USD) saw increased buyer interest on Thursday, rising to over $17,100. The price increase reflected renewed optimism in all markets after a soft statement by the US Fed.

    A Wednesday statement by Fed Chair Jerome Powell showed that the central bank might slow rate hikes. According to Powell, smaller rate increases could be pursued starting in December. The suggestion raised hopes of slower economic tightening, which has been hitting markets. However, Powell still warned that monetary policy could remain restrictive until real progress to contain inflation is made.

    Powell’s statement may boost prices of cryptocurrencies for some time, led by Bitcoin after the FTX-inspired selloff. Nonetheless, DFD Partners President Bilal Little shared insights from the gains. Little says that any time markets undergo periods of distress, they tend to oversell. As markets regain clarity again, the prices look up again. However, the DFD Chief warned that the rally would be hard to sustain.

    According to Little, Bitcoin would likely touch the $12,000 to $13,000 level. He warns of other contagion impacts of the FTX collapse amid liquidity risks grappling crypto firms. As such, Little says many crypto firms may be unable to meet liquidity demands or counter the risk concerns.

    BTC is recovering above the 20-day moving average

    BTC/USD Chart by TradingView

    Technically, BTC bulls are pushing the cryptocurrency above the 20-day moving average ($16,586). The cryptocurrency is breaking above a consolidation zone at $16,000. 

    The RSI is slightly below the midpoint, indicating that demand is catching up with the supply. Still, BTC sellers have the upper hand.

    Should you buy BTC?

    Despite the latest gains, BTC remains largely bearish. The price recovery above the 20-day MA may offer optimism that BTC price may rise in the short term. However, bears may try to exert their influence at the 50-day MA. The $19,000 resistance may also counter the upside.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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