The Bitcoin price has been trading in a tight range recently, following a sharp drop due to the collapse of the FTX exchange. Volatility and volume have remained low, causing the price to remain bearish. However, there have been some price spikes.
In the past few days, there have been several events in the crypto space that have had a significant impact on the BTC price. One of the most recent was a record withdrawal of over $3 billion from Binance, causing the price to rise above $18,000. However, recent CPI and Fed rates have also affected the price.
Overall, despite these various events, the BTC price has shown some bullish signs, although the bears are still in control.
The recent rise in BTC beyond $18,000 was caused by a variety of factors, including market buying of Binance tokens, algorithmic buying, speculation above the pivot, and investors jumping for fear of missing out (FOMO). . However, despite the Federal Reserve’s interest rate hike, economic tightening is expected to continue, which could push prices lower.
As a result, the possibility of Bitcoin forming a bottom is still on the table, with lower targets holding around $15,000 and $13,000 for the current bear cycle. Technical analysis on the daily and weekly time frames is neutral, and the BTC price appears to have been rejected from the 50-day moving average (MA) levels. This level acts as a major resistance, and in order for the BTC price to remain bearish, it must remain below these levels. If it breaks above, the bulls can take control of the rally.
This post Bitcoin funds can be discarded! The price of BTC should reach these levels in the first quarter of 2023
was published first on https://coinpedia.org/price-analysis/bitcoin-bottoms-may-be-dismissed-btc-price-needs-to-make-out-to-these-levels-in-q1-2023/