Bitcoin has picked up bullish momentum pushing past the $17,000 mark, and breaking out of a three-week tight range. It has established new support at the $16,800 level.
At the time of writing this article, Bitcoin gained 1.73% in the last 24 hours and was trading at $17,240. Ether gained nearly 4% and held onto $1,310 as per data from CoinMarketCap. The altcoins are seeing significant gains. Solana is up by 23.14%, Cardano 19.90%, Litecoin 8.43%, Tron 7.14%, Polygon 7.31% and Polkadot 6.44%. The broader crypto market is splashed in green.
Analysts believe the US Federal Reserve might soon be able to ease up on its push to tighten financial conditions. But Bitcoin took a couple of days to make a move past a threshold that had capped rallies since mid-December. Charts are still showing tilting bearish. The successful thrush past the $17,100 mark puts the popular cryptocurrency on track toward the next technical level around $17,800.
Sean Farrell, analyst at FundStrat, said blockchain data suggests there are many ready buyers with appetite to buy Bitcoin at the very specific level of $16,000 – $17,200. He believes this is a great move for a strong buy wall at current market prices. It shows a strong bottom is forming.
However, as the week gains momentum, Bitcoin traders will monitor the US inflation. It should be noted that the US central bank’s monetary tightening last week was a big factor in Bitcoin 64% price decline in 2022.
