Why Bitcoin Has The Momentum To Run Beyond 23,000

2023-1-24 23:00

The price of Bitcoin keeps smashing resistance levels while reclaiming previously lost territory. Unlike other rallies into the current area, this price action might suggest a persistent trend and a new dawn for the industry following months of collapsing companies and bankruptcies. 

As of this writing, Bitcoin (BTC) trades at $22,800 with sideways movement in the last 24 hours. In the previous week, the cryptocurrency records a 10% profit. Other cryptocurrencies in the top 10 by market capitalization are experiencing similar price action with substantial profits over this period. 

Is Bitcoin Finally At Bottom Levels?

According to an analyst at Jarvis Labs, the current Bitcoin rally results from a long period of consolidation below the 200-Day Moving Average (MA). This moving average is one of BTC’s most important levels operating as critical support during the bearish cycles. 

As Bitcoin reclaims the 200-day MA at around $19,520, the analyst wants to see a consolidation above this level. The rally might extend if the cryptocurrency can hold above it, pushing BTC into further highs, solidifying “a flip of the 200-day MA from resistance to support.” 

As seen in the chart below, during the 2019 bear market, BTC saw a long consolidation below its 200-day MA before reclaiming these levels later in the year. According to the analyst, the longer the consolidation, the better the improvement for BTC’s overall market structure as other moving averages rise. 

The above does not imply that Bitcoin will continuously trend to the upside, back to its all-time high of $69,000. Instead, it suggests that BTC’s market health is improving, with the foundation for further gains increasing. 

This new status quo makes any potential decline an opportunity for optimistic investors. The Jarvis Labs analyst wrote: 

(…) And while there is still a reasonably high probability that early January price levels will be revisited again at some point in 2023, there is also a strong piece of data which suggests any such retest would present a prime buying opportunity.

Accumulation Levels Hint At 2019 Like BTC Bottom

In addition to this period of consolidation below the 200-day MA, which hints at a 2019-like bottom, BTC has seen “persistent accumulation.” The image below shows that Bitcoin investors have been “moderately accumulating” (Blue dots in the chart below) more of the cryptocurrency. 

Similar to the 2018-2019 bear market, this accumulation period preceded market rallies. In the coming months, Bitcoin should see more aggressive accumulation (Red dots in the chart below) to support another bullish season. 

The US Federal Reserve (Fed) remains the biggest obstacle to a Bitcoin rally. The financial institution is hiking interest rates to reduce inflation while hurting financial markets.

Market participants expect the Fed to pivot its monetary policy, but gains in stocks and crypto, combined with sticky inflation, could trigger the opposite. If this happens, optimistic investors might see the buying opportunity presented by the Jarvis Labs analyst. 

origin »

Bitcoin (BTC) на Currencies.ru

$ 116861.97 (-0.23%)
Объем 24H $95.699b
Изменеия 24h: -2.44 %, 7d: 7.19 %
Cегодня L: $116029.57 - H: $120234.41
Капитализация $2324.716b Rank 1
Цена в час новости $ 23103.21 (405.83%)

price bitcoin suggest persistent trend might action

price bitcoin → Результатов: 126


Фото:

Bitcoin Briefly Dips Below $100,000 – Experts Share Shocking Price Predictions

Bitcoin (BTC) price hit $99,000 over the weekend, catching most traders unawares. The drop saw the price fall as global tensions rose following U. S. airstrikes against Iranian nuclear sites. With the crypto market panicking with fear, most of the investors questioned whether this was the ‘beginning of the end’ for a bigger correction.

2025-6-23 17:00


Bitcoin Set for “Mega Expansion” as Chart Signals Parabolic Price Spike

According to CryptoCon, Bitcoin is setting up for what he calls a “mega expansion” phase, one that could lead to faster and more dramatic price increases heading into the end of 2025. After carefully mapping out BTC price action throughout Cycle 4, CryptoCon suggests that most of this cycle has been about slow, sideways movement, […] The post Bitcoin Set for “Mega Expansion” as Chart Signals Parabolic Price Spike appeared first on CaptainAltcoin.

2025-5-14 23:00


Bitcoin (BTC)’s price swings shake confidence while BinoFi (BINO) investors enjoy 1200% price appreciation

Bitcoin has captured headlines once again with its notorious price volatility, leaving traders uncertain about its next move. Recent fluctuations saw the leading cryptocurrency plunge from pivotal resistance levels, fueling debates about whether Bitcoin can sustain its dominance amidst shifting market dynamics.

2025-4-4 01:00


Bitcoin Price Holds Above $96,000 — Analyst Explains This Level’s Significance

The Bitcoin price appears to have settled within the $92,000 – $102,000 consolidation range, sparking discussions about the coin’s future trajectory. While it remains unclear whether the premier cryptocurrency has enough momentum to forge new all-time highs soon, it would take significant bearish pressure to pull down the BTC price.

2025-2-9 16:00


Bitcoin Price Struggles With Liquidity Blocks From $86,000 To $104,000, Analyst Reveals The Logical Thing To Do

The Bitcoin price has spent the majority of the past seven days consolidating around the $94,000 mark with signs of a break to either side. According to a crypto analyst, Bitcoin’s recent price movements have led to the creation of liquidity blocks observed between the $86,000 to $104,000 range, which raises an equal likelihood of a bounce towards $104,000 or a downside break to $86,000 from the current price.

2025-1-13 14:00


Bitcoin price analysis: economic headwinds push price lower

Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes Bitcoin’s price has fallen from a high […] The post Bitcoin price analysis: economic headwinds push price lower appeared first on CoinJournal.

2025-1-11 17:48