Leading cryptocurrency Bitcoin ( BTC), December 16for the first time since 17 thousandIt made the bulls hungry by providing a permanence above the dollar.
The market movements of the global economy also affect cryptocurrencies, which are in the risky asset class. Especially USA The economic moves made by the company also affect the entire crypto industry. Having an active period in the first times of the year bitcoin, USAbefore inflation data 17 thousand managed to maintain a permanence above the dollar. 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?
Leading cryptocurrency Bitcoin ( BTC ), continues to revive the cryptocurrency market. Strongly breaking the resistance point BTC, managed to appease the bulls with the bullish signal.
“Why is Bitcoin rising?”When looking at the question, the first noteworthy detail USA has 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 calm crypto market. Breaking the resistance point in unstable market conditions BTCWith the bull support behind it, it managed to maintain a permanence above 17 thousand dollars.
Bitcoin Chart Analysis, Will BTC Continue to Rise?
Bitcoin, which stands out with the definition of digital gold ( BTC), started to form a bullish trend when looking at the current crypto market.
Leading cryptocurrency BTC is preparing for the 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 Chart AnalysisBTC It managed to break the strong resistance at $17,000. It has been rising with green candles since the beginning of the year. BTC surpassed $17,000 before closing last night. The appetite of the bulls and their involvement in the market managed to maintain price persistence above the resistance.
The new support level for the uptrend to continue. 17,000The dollar must not be captured by bears. 17,800prepared for dollar-level resistance BTC, if he breaks this point 18,500 It can target the dollar level. Considering the current market conditions, BTC It is also noteworthy that the bulls are quite appetite. 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 bears dominate the market again, BTCfor 17,000 support is important. If this support is broken, a downward movement may occur. after fracture BTC, 16,900and 16,750will want to get strength from dollar levels. USA negative data may force these support points. In this case BTC, 16,500You may want to visit levels.
It is important to remember that market conditions are dependent on news, events and the global economy. Because 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.
