Mikael van de Poppe, Global CEO of Eight, tweeted today that BTC could rise if it breaks through the $16, 900 resistance level If BTC breaks through the resistance level, prices could rise by the end of the year.
#Bitcoin needs to break through $16.9k then it could get a strong continuation. #Efirium continues to show great strength. Photo. Twitter. com/HTsaql9ICA
– Michael Van de Poppe (@CryptoMichNL) December 20, 2022
According to CoinMarketCap data, bitcoin is up 1.39% over the past 24 hours, while the exchange rate is down 2.28% over the past week. trading activity in BTC has also increased recently, as the currency is up 1.39% over the past 24 hours, while the exchange rate is down 2.28% over the past week. At the time of writing, daily BTC trading has reached approximately $23.67 billion, a significant increase of 73.87% from previous data.
On the 24-hour chart, technical indicators indicate a prolonged bullish mood. The Bitcoin Relative Strength Index is still “neutral” at the time of writing and market sentiment has not changed recently.
The MACD histogram has recently fallen and is currently hovering near the zero line, indicating a possible bearish reversal; the Bollinger Bands for BTC are very volatile, with the upper band at $16, 818, indicating further bullish signs.
As long as prices remain above the moving averages and bullish candles continue to form, we expect the BTC market to remain positive. The Moving Average Convergence Divergence Indicator (MACD) being above the 12 signal line is another indicator of this uptrend.
If bitcoin does not break above established support levels in today’s session, predictions are that bitcoin could soon return to its previous resistance at $17, 000. BTC surged to $18, 388 on December 14 due to the FOMC.
On a 4-hour scale, the Relative Strength Index is rising, meaning traders are now driving price activity in BTC. The Stochastic RSI is currently bullish, but investors need not be alarmed as it is away from the overbought zone at 14.18.
BTC could soon exceed $16.9k and reach unprecedented amounts. Conversely, if the bulls can keep the momentum going, the bearish could drop below $16, 500 (today’s low).
Overall, bitcoin is consolidating in its current range and could be poised for another push to overcome the $16.9 thousand resistance level.