BTC finally broke free from its tight trading range and crossed $17000.
The crypto industry heaved a sigh of relief as the long-awaited rally in Bitcoin was observed in the previous 24 hours. BTC was stuck amidst low volatility for a long time, and analysts had predicted a slow road for the crypto market. Though it moved steadily, BTC has finally breached the $17000 mark. Crypto proponents would eagerly await a positive trigger in the markets, now that hopes for a further rally have been renewed.
The next resistance for BTC would probably be $17500 as the crypto aims to maintain the present momentum. It has broken free from its tight range after three weeks of stagnancy. The latest rally indicates several long-term investors willing to buy Bitcoin at the $16500-$17000 range. Good news on the inflation reports would further help induce positive sentiments in the crypto markets. Analysts expect BTC to further ignite a rally on crossing $17500.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17200 on January 9, 2023, with BTC/USD down by 0.47% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,922.29). Though it was still too early to predict anything, analysts have maintained a positive outlook with a cautious approach.