Price Analysis

Bitcoin (BTC) Price Gains Some Strength, But Will It Make It Above $17,500?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • Bitcoin price has been rebounding firmly from the lows a couple of times, displaying its objective to reclaim the levels above $17,500

  • Meanwhile, the broader market sentiments have not turned completely bearish which may raise the possibility of a bear trap

Bitcoin has been performing well since the beginning of the monthly trade as it reclaimed levels above $21,500 for a while. Altcoins also gained bullish momentum, due to which the market cap has regained levels above $1 trillion. Ever since Binance announced the liquidation of its FTT holdings, the entire crypto space, including Bitcoin & major altcoins, has been fighting to survive within the bullish range. 

After losing the key support holding off the price, it’s now challenging for the BTC price to reach $17,000. However, the 4-hour chart shows the asset is in a favourable condition after bouncing off of the support below $16,000 a couple of times, displaying the asset losing its demand zone for the bears. 

Presently, it is very important for the asset to hover close to $17,000 and surpass these levels, given an opportunity. Meanwhile, the price may certainly not pull a leg up to surpass the crucial resistance which falls along the neckline of the double-bottom pattern. But it may certainly lay down a slow yet steady upswing, to reduce the impact of the bearish influence. 

The Bitcoin (BTC) price needs to break the resistance at $18,500, slicing through $17,500, to witness more upticks in the coming days. On the contrary, a breakdown below these regions would be a bear trap as the prices may further go lower. The daily resistance presently is at around $17,434 while the support levels are at around $16,567 at the moment. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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