Price Analysis

Crypto Markets may Remain Highly Volatile This Week-Will Bitcoin (BTC) Price Make it or Break it?

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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  • Bitcoin price underwent a slight upswing during the early trading hours and hence believed to surpass $17,000 at the earliest

  • Meanwhile, price variations are also believed to get intensified as multiple events may compel the price to remain highly volatile

The crypto markets are greener as the positive market sentiments pile up ahead of the FOMC’s MoM. The FOMC meeting has been impacting the crypto space positively in recent times and hence the markets tend to rise expecting better rates. Previously, Bitcoin prices have been responding positively as they surged to some extent but again fall into the same bearish trap or maintain a stagnant consolidation. 

After the gigantic fall in the second week of December 2022, the BTC price is maintaining a stagnant trend without being volatile. In the meantime, the fears of a minor pullback also haunt the rally as the price is failing to reach beyond $16,900. The price is constantly trading within a parallel channel, unable to break above the resistance of the pattern. 

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Presently, the selling volume has been intensifying due to which the price may witness an interim pullback, below the middle bands of the channel. In such cases, the BTC price is feared to drop back to $16,600 to $16,400 levels. On the contrary, if the BTC price manages to break above the channel, then the price may witness a new high for the day. 

However, the uncertainty within the markets is believed to hinder the progress of the rally. The upcoming FOMC MoM is expected to uplift the markets to some extent, however, the bearish influence shall prevail. Only if the buyers intensify their grip over the Bitcoin (BTC) price, the token may rise high and surpass $17,000, else may continue to remain consolidated below $16,900. 

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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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