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Bitcoin value is holding strongly above the $16.8K degree and slowly shifting upwards to reclaim $17,000. The optimistic sentiment can also be slowly rising as altcoins present upside momentum and merchants count on the BTC value month-to-month shut above $17,000.

In reality, Bitcoin value even tried an upside break above the $17,000 resistance degree however struggled to discover a bullish momentum.

Can Bitcoin Price Rally Above $17,000?

Bitcoin value is at the moment buying and selling at $16,877, as per CoinMarketCap. The 24-hour high and low are $16,812 and $16,959, respectively. Thus, the BTC value has elevated practically 1% within the final 24 hours and a pair of% in per week.

According to on-chain evaluation, a spike in redeemed stablecoins was reported not too long ago. In this bear market, redeemed stablecoin actions are sometimes accompanied by each main drop in BTC value.

For occasion, when Bitcoin value broke the $30,000 help degree and fell massively, an enormous redeemed stablecoin to money was noticed. Moreover, the variety of redeemed stablecoins additionally elevated on the identical time. This occasion was additionally noticed throughout the collapse of FTX.

However, the variety of redeemed stablecoins didn’t enhance considerably within the latest occasion regardless of a spike in redeemed stablecoins. Therefore, it’s most certainly that solely a single whale or smaller whales redeemed stablecoins. Also, earlier on-chain studies indicated a fall in selling pressure from miners and the distribution of Bitcoin from whales to buyers.

With Bitcoin value holding above the $16.8K degree, buyers and whales are awaiting the BTC value month-to-month shut above $17,000.

Why $17,000 Resistance Is Important

Experts comparable to BitMEX co-founder Arthur Hayes and Ark Invest CEO Cathie Wood are bullish on Bitcoin price hitting $100K by the 2023 finish or early 2024. In reality, the BTC value is slated to rise because the halving occasion in 2024 comes close to.

Several crypto analysts comparable to Michael van de Poppe, Rekt Capital, and CredibleCrypto have predicted that Bitcoin value month-to-month shut above or under the $16.9k-$17k vary will decide a bullish or bearish development in early 2023. If the worth closes under the extent, the BTC value is prone to drop to $15,600. However, an above shut will flip Bitcoin bullish.

Also Read: Is It $10K Or $100K For Bitcoin Price In 2023?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at the moment masking all the newest updates and developments within the crypto trade.

The offered content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.