Crypto Technical Analysis

Bitcoin’s price has been struggling to break above a significant resistance level and it’s currently experiencing a correction, following the recent red days on Wall Street. Is it just a short-term correction or a beginning of a new bearish leg?

Bitcoin (BTC/USD) maintained strong upward momentum following a consolidation and pullback phase. It is currently testing a key resistance level, and its reaction will likely determine the short-term future of the market.

Bitcoin has been holding up well, and a long-term move higher in the new cycle is becoming more likely now. A whole lot of progression here to the bullish side and let’s hope, it will lead to a right translated cycle.

Bitcoin price recent spike took a slight knock as the market has been consolidating within a significant range for days. While there are some worrying technical signs in the short term, a very bullish signal is developing in both BTC/usd and Ethereum/usd pairs for the medium and long term.

Bitcoin and other top altcoins continue to consolidate near their recent highs, increasing the possibility of an upside breakout. The leading cryptocurrency (BTC) managed to add around 9% this week and is now battling for the important level at $23,000.

Overall, the market has been in a significant uptrend, as Bitcoin price has risen almost 40% to $23,000 this month, the steepest gain since October 2021.
As the market cools off, traders have another decision to make. Will they add to their positions, or is it time to call an end to the surging rally?

Bitcoin prices (BTC) have made a remarkable recovery over the past seven days, driving it above $20k. Despite growing concerns of a global recession, BTC/USD has risen over 26% this month, pushing prices to another barrier of resistance at the November high of $21,473.

Bitcoin and some key altcoins are showing signs of starting a sustained recovery and over the next few days will determine if this can establish an uptrend.

Bitcoin price has been oscillating in a very tight range heading into the new year’s holidays, offering little clue on the direction of the next significant move. Nevertheless, the market remains in a very decisive area, demand for cryptocurrencies wanes and the outflows continue; its fate could be decided in January.

Bitcoin’s short-term outlook looks neutral as BTC has been stabilized in recent weeks, more work needs to be done before concluding that the worst for the cryptocurrency is over. Bullish crypto momentum fizzled after Fed Chair Powell poured cold water on investors’ hopes but higher time frames remain interesting.