The post Top Reasons Why Is It a Good Time to Buy Bitcoin? first appeared on Coinpedia Fintech News

The Bitcoin price appears towards the end of the correction phase, as the bulls manage to hold above the elevated support levels. While the token has yet to overcome the loss suffered during the FTX fiasco, a couple of positive moves within the financial world have affected the BTC price to some degree. Furthermore, the year 2022 is about to end, signaling one more step towards the Bitcoin halving event.

Bitcoin’s very recent rise was fueled by the latest CPI rates that came in lower than expected. Additionally, Bitcoin’s Fear and Greed Index rose to the pre-FTX level of 30. Also, one major analytical platform, Cryptoquant suggests, Bitcoin is entering a pre-halving accumulation phase after achieving a one year bear market.

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BTC price formed a double pattern top cycle in 2021, and after experiencing sell-offs by whales and miners, BTC price has now reached multi-year support and confluence.

Furthermore, experts still believe that the selling pressure could have been exhausted and therefore only a significant amount of unprotected short positions.

Along with this, the FOMC meeting is underway, where a slight increase of 50bp is expected. Furthermore, Fed Chairman Jeremy Powell’s speech is also expected to be dovish, which seems to be in favorable conditions for the bulls.

Therefore, a paradigm shift may befall Strom for the short contraction which may push BTC price towards the upper resistance around the $19,200 levels, very soon.



This post Main reasons why it is a good time to buy Bitcoin?

was published first on https://coinpedia.org/price-analysis/top-reasons-why-it-is-a-good-time-to-buy-bitcoin/

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