Bitcoin has managed to climb to $17,000 level after dipping to a more-than-two-year low below $15,700 yesterday. The popular cryptocurrency has gained 6.32% in the last 24 hours and is trading at $17,189.
Ethereum, the second-most popular cryptocurrency, is up by 9.58% and changing hands at $1,251. The major altcoins have also seen gains. Polygon is up by 27.21%, Solana 21.23%, Dogecoin 14%, XRP 11.72%, and Cardano by 8.74%.
BTC price is bullish and there has been a strong reaction at the $16,000 support plus, a swift swing to the upside. It’s like to touch $18,000 in the next couple of hours. Moreover, Bitcoin saw strong selling pressure over the past few days. Last weekend, it nearly touched $22,000 but then quickly made its way back to the $20,000 level. Bitcoin’s decline on November 9 was its 10th-largest decrease since 2015, but the second-largest decline for 2022.
Material Indicators, an analysis firm, says Bitcoin’s nearest resistance hurdle is at $18,500. It said the bear market rally is still alive. IncomeSharks, a trading account, argues that $20,000 may return as part of the risk asset rebound. It outlined that Bitcoin has an easy path back to $20,000 as stocks push up and positive CPI numbers.
An official statement said all items less food and energy index rose 6.3% over the last 12 months. It highlighted that the energy index increased 17.6% for the 12 months ending October. The food index rose 10.9% over the last year, but the increases were smaller than for the period ending September.
John Wick, a popular analyst, advised caution. He said the dollar is falling out of the up-channel because of the CPI numbers. However, Wick says it doesn’t mean a sustained downtrend always happens. He believes another channel may form at a slower rate of assent, or jump back to the original channel.