The leading cryptocurrency Bitcoin (BTC) has made bulls hungry by maintaining a permanence above $ 17 thousand for the first time since December 16.
The market movements of the global economy also affect cryptocurrencies, which are in the risky asset class. Especially the economic moves made by the USA affect the entire crypto industry. Bitcoin, which had a volatile period in the early part of the year, managed to maintain above $ 17 thousand before the US inflation data. The unpredictability of any bad scenario and the recovery process started to appease the bulls. The leading cryptocurrency may be forming bottom zones.
Why Is Bitcoin Rising?
The leading cryptocurrency Bitcoin (BTC) continues to revive the cryptocurrency market. Breaking the resistance point strongly, BTC managed to appease the bulls with the bullish signal.
“Why is Bitcoin rising?” When looking at the question, the first thing that draws attention is the US data. In recent months, the market cycle has been moving in parallel with the economic data coming from the USA. The interest rate policy of the USA and the danger of recession bring the revival of the market to the fore. The revived market offers hope for Bitcoin, the leader in the risky asset class.
On the other hand, BTC managed to take advantage of the volume-free and quiet crypto market. Breaking the resistance point in indecisive market conditions, BTC managed to maintain a permanence above $ 17 thousand with the bull support it received.
Bitcoin Chart Analysis, Will BTC Continue to Rise?
Bitcoin (BTC), which stands out with the definition of digital gold, has started to form a bullish trend when looking at the current crypto market.
Leading cryptocurrency BTC is preparing for US inflation data, which is expected to be released this week. Markets started to price the data to be announced positively. However, the Fed has yet to make any definitive statement that it will slow down.
BTC managed to break the strong resistance at $17,000. BTC, which has been on the rise with green candles since the beginning of the year, exceeded $ 17,000 before the close last night. The appetite of the bulls and their involvement in the market managed to maintain price persistence above the resistance.
For the uptrend to continue, the new support level of $17,000 must not be captured by the bears. Preparing for the $17,800 resistance, BTC could target the $18,500 level if it breaks this point. Looking at the current market conditions, it is noteworthy that BTC bulls are quite voracious. Even moving to these resistance points will be lifeblood for the market. However, the failure to break the resistance points and the correction drop may bring crushing on the altcoin side.
If the bears dominate the market again, the 17,000 support for BTC will be important. If this support is broken, a downward movement may occur. After the breakout, BTC will want to gain strength from the $16,900 and $16,750 levels. The negative US data may push these support points. In this case, BTC may want to visit the 16,500 levels.
It is important to remember that market conditions are dependent on news, events and the global economy. Therefore, BTC may be showing activity in its quest to create a bottom zone. Although it is still early for the bull market, it is noteworthy that the bulls are starting to get hungry.