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Bitcoin Might Skyrocket Once It Breaks the $16.9K Resistance Level


coinedition.com 21 December 2022 08:57, UTC
Reading time: ~2 m

Today, Eight global CEO Michaël van de Poppe tweeted that BTC might skyrocket once it surpasses the $16.9k resistance level. If BTC breaks through the resistance level, the price might experience a bull run before the end of the year.

CoinMarketCap data shows that Bitcoin’s value has increased by 1.39% in the last 24 hours, yet its rate has dropped by 2.28% in the past week. Trading activity for BTC is also on the rise in recent days.s. At the time of writing, the daily trade traffic for BTC had hit an estimated $23.67 billion, exhibiting a tremendous 73.87% jump from the previous data.

Source:Trading view

On the 24-hour chart, the technical indicators indicate prolonged bullishness. The Relative Strength Index for Bitcoin is still in the ‘neutral’ zone at the time of writing, meaning there has been no recent change in market sentiment.

The MACD’s histogram has been decreasing recently and is currently hovering around the zero line, indicating a possible bearish reversal. The Bollinger Bands for BTC have been quite volatile with the upper band at $16,818 and showing further signs of bullishness.

The BTC market is expected to maintain its positive trend as long as price action remains above the moving average and bullish candlestick formations continue to emerge. The movement of the Moving Average Convergence Divergence (MACD) indicator above the signal line at 12 is more evidence of this upward trend.

If Bitcoin fails to stay above the established support level in today’s session, projections suggest it could drop back to its prior resistance at $17,000 soon. Notably, following a steady uptrend since late November, BTC skyrocketed to $18,388 on December 14 due to FOMC.

Source:Trading view

On the 4-hour timeline, the Relative Strength Index is increasing, implying that traders are presently directing BTC cost activity. Although the Stochastic RSI is currently bullish, investors ought not to be apprehensive since it is far from the overbought area at 14.18.

If BTC can overcome $16.9K soon, it might reach unprecedented sums. Conversely, if bulls can maintain their momentum, bears could lead rates below $16.5K (the lowest point of the day).

Overall, it looks like Bitcoin is consolidating within the current range and may be preparing to make another push toward breaking the $16.9K resistance level.

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