In the bear market dominated by bears, BitocinWith the bankruptcy of FTX, it fell to $ 15,500.
However BTCyesterday, the inflation data from the US came in below expectations and rose above $ 18,000.
After this short rally, BTC reached the highest level of recent weeks.
Although this rise is short-lived, while investors are hopeful, bitcoin Expectations that new explosions will occur in the price have also increased.
Evaluating the latest price movements of BTC Kitco News analyst Jim Wycoff He argued that yesterday’s rise of Bitcoin started an upside break.
According to the analyst, bitcoin The bulls gained a short-term technical advantage after a nearly equal battle with the bears.
“Bitcoin and US dollar prices have increased.
Bitcoin hit a four-week high in the early US trading hours on Tuesday.
Today’s price action in BTC has produced what appears to be the start of an upward move from a choppy and sideways trading range on the daily bar chart. And it showed that a price increase trend would develop.
The bulls got the short-term technical advantage.”
Consolidated at $17,000 levels in recent weeks BTCIt is also struggling to stay above the critical resistance at $18,000.
In this context, the analyst stated that with the inflation data from the USA starting to retreat, albeit a small amount, Bitcoin may experience rises, but this will also be related to whether Bitcoin bulls have the power to defeat the bears.
at the time of writing bitcoinIt continues to trade above the $18,000 level.
*Not investment advice.
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