Bitcoin is edging closer to $17k as bullish sentiment grows stronger

2022-12-27 11:29

The crypto market is trading in the green zone for the second-consecutive day this week.

Bitcoin is closing in on the $17k resistance level and could cross it a few hours from now.

The total crypto market cap is now close to $815 billion.

Bitcoin closes in on the $17k level

Bitcoin, the world’s leading cryptocurrency by market cap, has been performing positively for the second-consecutive day. The leading cryptocurrency has been struggling below the $17k resistance level over the past few weeks. 

At press time, the price of Bitcoin stands at $16,886, up by less than 1% in the last 24 hours. With the bulls gathering momentum, Bitcoin could soon surge past the $17k resistance level in the near term.

Bitcoin’s positive performance aligns with that of the broader cryptocurrency market. The total crypto market cap stands at $813 billion, up by 0.36% in the last 24 hours. The positive performance comes after the market lost less than 1% of its value yesterday.

Ether, the second-largest cryptocurrency by market cap, is also trading in the green zone. So far today, the price of Ethereum is up by 0.26% and currently stands at $1,223. 

Key levels to watch

The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the last few days. The technical indicators show that Bitcoin could be preparing for a breakout in the near term.

BTC/USD Chart By TradingView

 

The MACD line crossed into the positive zone a few hours ago, a sign that the bulls are currently in control of the Bitcoin market. The 14-day RSI of 51 also shows that Bitcoin is neutral but could head into the overbought region if it embarks on a rally.

If the bullish trend grows stronger, BTC could move past the first major resistance level at $17,178 before the end of the day.

However, Bitcoin would need the support of the broader crypto market to rally toward the $17,982 resistance level over the coming days. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

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The post Bitcoin is edging closer to $17k as bullish sentiment grows stronger appeared first on CoinJournal.

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