SNEAK PEEK
- After hovering around $16,000 for the last three weeks, Bitcoin (BTC) just broke $17,000.
- If bulls maintain their momentum, prices might rise.
- Bitcoin’s price may climb in the near future, according to technical indications.
Bitcoin (BTC) briefly surpassed $17,000 on Friday after data showed that U.S. services businesses were slowing, which traders in both digital-asset and traditional markets interpreted as a sign that the Federal Reserve would raise interest rates.
Bitcoin bulls obligated two more days to overcome a psychological barrier that had been impeding gains since mid-December. On Sunday, Bitcoin (BTC) surpassed $17,000 for the first time in three weeks. Bullish dominance drove prices up by 1.63% to $17,241.96 as of press time.
Buyers are expected to enter the market as the Bollinger Bands widen on the 24-hour price chart, raising the likelihood of a price spike. The range’s top and lower band values, $17155.42 and $16440.50, respectively, reflect the shift in direction. Traders may use the rising level of interest in the market as a warning to keep their heads on a swivel for openings.
A green candlestick formed above the top Bollinger band is an indication of purchasing pressure in the market. Price increases may follow the initial surge caused by the increased demand for bitcoin.
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With a MACD value of 19.88 (bullish), the blue line has crossed over the signal line suggesting bull power is growing. Supporting this optimistic view, the histogram is now in the positive sector, suggesting that prices may continue to increase and challenge the $17,268.19 resistance level.
The widening of the Bollinger Bands on the 2-hour price chart, with the upper band at $17283.68 and the lower band at $16781.55, is more confirmation of the recent break out to a 3-week high. Near-term resistance and support levels are established at these points.
The MACD line is trending north, which indicates that bulls are making a concerted attempt to breach $17,268.19 resistance, with $17,420 being the next potential barrier. Price gains are possible if bulls keep up the pressure, and a breakout over $17,420 might spark more buying that pushes prices to the next major barrier at $17,500.
If bulls can keep control of the market, technical indications for the Bitcoin market point to further gains.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.