Bitcoin is showing a strong resurgence in recent days, as the asset is being supported by tailwinds from equities and a weaker US Dollar. This has helped to counter the bearish sentiment that weighed on the cryptocurrency recently and could push BTC prices even higher. Analysis suggests that $17,000 could be reached by the end of the week, as the asset continues to slowly move higher.
It is worth noting, however, that the cryptocurrency market remains incredibly volatile and unpredictable. Despite the current bullish sentiment, a sharp correction could easily occur if investor sentiment shifts. As such, it is important to be cautious when taking a position in the market and ensure that any trades are made with the utmost care.
BTC technical outlook?
This positive outlook comes off the back of a strong month for Bitcoin, as the asset has seen significant gains since the beginning of November. In addition to being supported by external markets, traders have been drawn to Bitcoin due to its potential as a hedge against volatile global markets. With further gains expected, investors may look to take advantage of this potentially profitable opportunity.
SMA 50 is currently providing strong support for Bitcoin, and the 50-day moving average could be an important indicator when looking at technical analysis. As long as BTC remains above this price point, it is likely that the asset will continue to attract bullish traders. Other technical indicators, such as the RSI and MACD, are also indicating that the cryptocurrency market could be ready for further gains. As such, traders should take these signals into account when making trading decisions.
Overall, these tailwinds could help Bitcoin continue its climb towards new highs, and it is likely that the asset will reach $17,000 before the end of the week. With further gains expected in the near term, now could be a good time to enter the market. However, investors should always be cautious and ensure that they take into account any potential risks before making trading decisions.
Bitcoin price has been on a roller coaster ride for the past several months, with investors and traders alike being left guessing as to its next move. However, it looks like the cryptocurrency could be getting some tailwinds from the traditional markets.
Conclusion
At this point, it is important to keep in mind that anything can happen and there are no guarantees when it comes to the price of Bitcoin. Investors should ensure that they do their own research and make informed decisions before investing in cryptocurrency. With that being said, it looks like BTC could be in for a good week. We’ll have to wait and see how the markets play out over the coming days.
