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Bitcoin Outlook: BTC/USD Bullish Breakout Drives Crypto Recovery


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Bitcoin Outlook: BTC/USD Bullish Breakout Drives Crypto Recovery

Jan 16, 2023 | DailyFX
Tammy Da Costa, Analyst

BITCOIN (BTC) PRICE ANALYSIS:

  • Bitcoin prices hold steady after 26% rally drives prices towards levels last tested before the collapse of FTX.
  • BTC/USD gains after bulls break $20,000.
  • Cryptocurrency market capitalization eagerly approaches $1 Trillion mark.

BITCOIN (BTC/USD) FORECAST:

Bitcoin prices (BTC) have made an incredible recovery over the past seven days, driving the major cryptocurrency above $20,000. Despite growing concerns of a global recession, BTC/USD has risen over 26% this month, pushing prices to another barrier of resistance at the November high of $21,473.

BTC+Price.png

Source: Refinitiv

With the recent move and a break of the December 2017 high of $19,666 providing a glimmer of hope for bulls, the total crypto market cap is nearing $1 Trillion.

Following the collapse of FTX in early November, an increase in bearish momentum fueled the decline that drove Bitcoin to low of $15,479 (2022 low) that same month.

Although shifts in sentiment and rising interest rates continue to threaten risk assets, technical levels have provided an additional catalyst for price action.

Bitcoin (BTC/USD) Technical Analysis

On the daily chart, BTC/USD is trading above the 200-day MA (moving average) for the first time in over a year at $19,525. With the $19,666 support forming at the 2017 high, a move below $18,000 and a resumption of bearish momentum could drive price action back towards longer-term support at $17,792. Full Technical Analysis

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Bitcoin Technical Outlook: BTC/USD Turns Bullish

Jan 18, 2023 | DailyFX
Manish Jaradi, Strategist

BITCOIN, BTC/USD - TECHNICAL OUTLOOK:

  • Bitcoin’s short-term trend has turned bullish.
  • The case for a broader base-building in cryptocurrencies remains intact.
  • What’s next for BTC/USD and what are the key levels to watch?

BITCOIN SHORT-TERM TECHNICAL OUTLOOK - BULLISH

Bitcoin’s break above key resistance in recent days has changed the trend bias to bullish from range.

After months of sideways price action characterized by low realized volatility, the momentum in Bitcoin appears to have finally picked up. BTC/USD has broken above key converged resistance on the 89-day moving average (a significant barrier since mid-2022), coinciding with another ceiling at the mid-December high of 18370. The break above the combined ceiling has paved way for the 200-day moving average and importantly implies that the short-term trend has turned bullish, as the previous update highlighted.

Full technical analysis

Bitcoin Technical Outlook: BTC/USD Turns Bullish

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