The largest cryptocurrency in the world, Bitcoin (BTC), continued its upward trajectory and crossed the $17,200 threshold as market participants continued to react in anticipation of this week’s release of US inflation statistics.
The overall cryptocurrency market is still solid, with Bitcoin and Ether showing a slight increase after yesterday’s significant gain.
The growing value of crypto assets is also being aided by the current good macroeconomic conditions, which may be a long-term encouraging indication for the crypto market.
Today Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 17,423.85 |
Bitcoin Price Prediction
Bitcoin is currently trading at $17,200, with a 24-hour trading volume of $18 billion. After failing to break through the $17,400 resistance level, Bitcoin is displaying a modest bearish reversal.
It is now rapidly gathering support as it approaches the $17,200 target. The next resistance level of $17,400 can be reached by Bitcoin’s price if the $17,200 level is successfully broken.
On the 4-hour time frame, Bitcoin created a bearish engulfing candle, suggesting that the market may go through a bearish correction before showing another buying trend in BTC.
A negative breakout of this barrier can extend the downtrend till the following support levels of $16,800 or $16,650. On the bearish side, the $17,000 level is expected to operate as an immediate support.
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