Bitcoin price broke above the $18,000 mark today after strong gains yesterday. The resistance at $17,000 has finally fallen and further increases are certainly possible in the coming weeks. Can the rise now continue to $20,000 in the next few days?
How has the price of Bitcoin evolved in the last few hours?
Bitcoin price saw a significant rise above the $17,000 mark yesterday Tuesday. In the days and weeks prior, bitcoin made several attempts to breach resistance at $17,000. The cryptocurrency has failed multiple times over the past 2-3 weeks.
Yesterday it went well above this mark for the first time and it became clear that Bitcoin resistance had been broken. After rallying to $17,900, we saw a slight decline to $17,650. After that, the price rose only slightly before breaking above $18,000 in the last few hours.
What Triggered the BTC Price Rise?
Bitcoin’s surge above $17,000 was long overdue. After the FTX crash, we saw the price stabilize between $16,000 and $17,000 for several weeks. The price initially traded around $16,000 before stabilizing above the $16,500 level. It then scratched resistance at $17,000 several times before breaking out over the past two days.
A sign of the upside may have been the drop in the Consumer Price Index (CPI) in November. This one fell more than expected. This suggests that inflation is falling faster than expected, especially in the United States. This may have been the final signal that pushed bitcoin above resistance.
Is bitcoin price rapidly recovering to $20,000 now?
The price of Bitcoin fell from $20,000 to below $16,000 with the crash of FTX. While many journalists have proclaimed the crypto apocalypse, objectively this drop is not that big at all. We may soon be back to where Bitcoin was before the crash, $20,000.
Things could go fast now with a break of the $17,000 resistance. We could see a rally to the $20,000 level later this week. This mark would then be the next most likely resistance for the Bitcoin price.. It will be necessary to see in the next few days if resistance will not be established against it.
Is an investment in Bitcoin worth it?
Although it is likely that the price of Bitcoin will only rise in the coming weeks and months, Bitcoin could still see a new low. It is a short term risk. If you want to invest for the medium to long term, you should always consider the current bear market as an opportunity to invest at a lower cost.
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