BTC Price Rises but Encounters Initial Resistance at $17.4K

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Bitcoin’s Bullish Momentum Returns but Encounters Initial Resistance at $17.4K – January 9, 2022

Bitcoin advances as it starts to trend upward again but encounters initial resistance at $17.4K. The price of BTC has been experiencing a string of higher highs and higher lows. On the upward trend that began on January 9, Bitcoin surged to a high of $17,400 but then fell back above $17,123. The price of BTC has risen again today.

Bitcoin Price Statistics Data:•Bitcoin price now – $17,212.94•Bitcoin market cap – $331,720,260,767•Bitcoin circulating supply – 19,257,543 BTC•Bitcoin total supply – $361,586,057,736•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000

Bitcoin’s (BTC) price is increasing steadily after breaking through the $17,000 resistance. As Bitcoin reached a high of $17,400, buyers maintained the bullish momentum. The bottom line is that it is anticipated that the price of BTC will rise to the next resistance level of $18,391. Buyers are anticipated to break through the $17,000 resistance level, continuing the bullish momentum to the next obstacle.

Since the price drop on November 9, the resistance level at $18,000 has been put to the test twice. The cost of one Bitcoin is $17,400 as of the writing of this article. The largest cryptocurrency is currently trading in the overbought region of the market. Because of this, the upward trend may not continue for very long. Cryptocurrency may rise, but it will be rejected at the next resistance level of $18,000. The price of Bitcoin will start to increase once the resistance at $18,391 is broken. Until the bullish scenario is disproved in the interim, the current range-bound movement will continue.

Analysts Are Divided as Erik Voorhees Predicts That Bitcoin Will Reach $40,000 by June

ShapeShift CEO Erik Voorhees predicts that Bitcoin will hit $40,000 by the summer. In an interview with Bankless on January 2, Erik Voorhees, the founder and CEO of the cryptocurrency exchange ShapeShift, expressed optimism regarding a potential increase in the price of Bitcoin (BTC), saying he “wouldn’t be surprised” if it reached “like $40K” by the “summer.” If Voorhees’ prediction came true, the price would be “2.5X” higher than its current value of $16,666, which he described as a “great return.” The executive in charge of cryptocurrency was unable to predict when the next bull run would occur, only predicting that it would happen “six months to three years from now.” He refuted the notion that it might take up to “10 years,” saying that if that were to occur, the entire “thing […] probably failed.” Whether we are experiencing a bull market or a bear market, according to Voorhees, we are “in the middle of a revolution right now.”

btc/usd – 4 hour chart

Nevertheless, Bitcoin regains bullish vigor but encounters initial resistance at $17.4K. However, as the market entered an overbought zone, the price of BTC began to decline from the most recent high. As buyers attempt to push Bitcoin to its prior highs, the bullish Bitcoin has started today. Bitcoin will break through the initial resistance at $17,400 on the upside.

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