Wednesday, February 28, 2024

Market Watch Dec 22: Bitcoin Sees Bullish Trend, Good Support From Traders.

Bitcoin has entered a tighter range just below the crucial $17,000 level after having gained 0.26% in the last 24 hours. There was a lack of consensus among popular traders, some called for a breakout to the upside while others want the popular cryptocurrency to fall down to $10,000.

Michael van de Poppe, founder, and CEO of Eight, wants Bitcoin to hold at $16,700 for a much-needed continuation. He says that for now, it is fine. The topmost digital asset could see sideways consolidation before breaking $17,000 mark for further continuation to $17,500 – $17,700. Elizy, the crypto trader and analyst, believes there is potential for a rethink once $17,500 hits. Crypto Tony regards this zone as a line in the sand. He outlined that holding that EQ would present a good opportunity for traders to pump to the supply zone around $17,300 – $17,600.

However, Il Capo of Crypto warned a downside move would take market participants by surprise. He said many traders are not prepared and some altcoins are leading the drop already, breaking key supports and most of them are making new lows.

At the time of writing this article, Bitcoin was trading at $16, 858 as per data from CoinMarketCap, while Ethereum up by 0.50% in the last 24 hours was holding at $1,214. For BTC price, $17,012 is the next resistance level. This is slightly higher than the prevailing price. On the downside, the popular crypto has support at $16,763. But if this level is breached, Bitcoin could see a further price drop.

As for now, there has been a sharp increment and BTC has recovered up to $16,846.

All for the test.

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