Bitcoin (BTC) price is still in the consolidation phase, after it failed to clear the $17,000 resistance level. While the major cryptocurrency is trading sideways, the focus remains on potential positions that could act as anchors for a potential rally.
In this context, cryptocurrency trading expert Michael van de Poppe called the current Bitcoin price action “dull,” noting that the asset has a chance of starting a relief rally if it breaks certain resistance levels, he said in a YouTube video posted on December 27. .
According to Poppe, Bitcoin’s rally to the upside could accelerate even faster if the asset clears the $17,400 and $17,700 levels.
“We are looking at if we do break to the upside, we have some crucial resistance that we can focus on;
At the same time, the analyst warned that if bitcoin falls below $16,600, the scenario could break the overall market. In this line, the focus is on the bulls to help preserve the price from any possible collapse.
In addition, News from Kitco Analyst Jim Wyckoff noted that Bitcoin is likely to end the year on a bumpy road as both bulls and bears show insufficient strength.
“The trade remains sideways and choppy. Neither the bulls nor the bears have a near-term technical advantage, which suggests more of the same near-term sideways action. Look for more active trading as the new year begins.”
Bitcoin price analysis
At press time, Bitcoin is trading at $16,730 with a daily loss of around 0.6%, while the weekly chart shows sideways trading with the asset down around 0.7%. Meanwhile, Bitcoin controls a market capitalization of $321.56 billion.
Elsewhere, a one-day technical analysis summary of about TradingView It is still bearish and recommends a “strong sell” bias at 16. The moving averages are also suggesting a “strong sell” at 14, while the oscillators are suggesting a “sell” at 2.
Bitcoin volatility is stagnating
Notably, with Bitcoin consolidating, a previous Coinphony report indicated that the asset’s volatility had stopped. In fact, volatility increased after the general impact of the collapse of the FTX cryptocurrency exchange.
Interestingly, despite Bitcoin being affected by the FTX disaster, legendary investor Bill Miller indicated that BTC’s performance could be considered outstanding by swinging around the $17,000 position.
Meanwhile, analysts also expected bitcoin to drop as low as $9,000 before rallying again. Notably, the price position served as the basis for the recent bullish path.
Elsewhere, a machine learning algorithm can be run price forecast It indicates that Bitcoin is likely to enter the new year on the path of consolidation. According to the forecast, Bitcoin will trade at $16,722 on the first day of 2023.
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The two key price resistance levels that Bitcoin must break to start a relief rally appeared first on Coinphony.