•Bitcoin advances as it starts to trend upward again but encounters initial resistance at $17.4K.
•The price of BTC has been experiencing a string of higher highs and higher lows.
•The largest cryptocurrency is currently trading at $17,400.
The cryptocurrency market has seen a resurgence of bullish momentum over the past two weeks after a brief period of uncertainty. Bitcoin (BTC) has been leading the charge and has consistently been reaching new all-time highs. On January 9, the price of BTC surged to a high of $17,400 but then fell back above $17,123. Despite the pullback, buyers have maintained the bullish momentum and the digital currency is likely to break the $18,000 resistance level.
The digital asset has gained more than 53% in the last month alone, and it seems that it is still far from reaching its peak. Since the market sell-off on November 9, the resistance level at $18,000 has been put to the test twice. However, it was only when Bitcoin surpassed the $17,000 mark that it was able to hold that level.
The bullish momentum that Bitcoin has been experiencing over the past two weeks has been driven by several factors. One of them is the institutional investments into the cryptocurrency. Institutional investors have been pouring money into Bitcoin, with some of the world’s largest companies such as Tesla, Square, and MicroStrategy now holding BTC in their treasuries.
Another factor driving Bitcoin’s price is the potential for wider adoption. With more companies and governments starting to recognize the potential of blockchain technology, the number of people using the digital currency could increase significantly over the coming months.
The current market conditions are giving investors the confidence to invest in Bitcoin. With the price of the digital asset continuing to rise, it is likely to reach the next resistance level of $18,391. If Bitcoin is able to break through the $18,000 resistance level, it could potentially see a much bigger surge in its price.
At the moment, the price of one Bitcoin is $17,400 and the digital asset has a total market cap of $331,720,260,767. There are 19,257,543 BTC in circulation and the cryptocurrency is currently ranked #1 on Coinmarketcap. The primary resistance levels for Bitcoin are $50,000, $55,000, and $60,000 while the support levels are $25,000, $20,000, and $15,000.
Overall, Bitcoin’s bullish momentum has returned and it is likely to reach the next resistance level of $18,391. If the digital asset is able to break through the resistance level, it could potentially see a much bigger surge in its price. With increasing institutional investments and wider adoption, the future of Bitcoin looks brighter than ever before.