Bitcoin (BTC) crossed the strong resistance around $17K in the second week of January, forming bullish candles on the daily chart that suggests a positive momentum at the beginning of 2023. BTC is trading around $17,202, which is a short-term resistance below $17,500.
BTC is struggling around the $17K level and has been consolidating in the last few months. Will Bitcoin break the level in 2023? Click here to know the answer and our long-term Bitcoin price prediction.
On the lower side, $16,500 will be a key support, and the price might come to this level for a downside correction. If it sustains over the level, we can consider it short-term bullish. However, $18k will be a strong resistance of BTC. In the last three months, it has formed a higher low on the daily chart, and we have to wait for confirmation until it crosses the level of $18K.
If Bitcoin forms higher highs and higher low patterns, we can consider it long-term bullish. Otherwise, it will be a loose grip of bears at the beginning of a new year, or many crypto enthusiasts are considering it as a festival rally.
However, on the technical side, candlesticks are forming in the upper BB with strong support in the lower bands. Other popular technical indicators, such as MACD and RSI, are also bullish on the daily chart, which suggests a positive sentiment in the market.
Though the last two weekly candles are bullish, the BTC price might consolidate within a range of $18,000 to $16,500. We think it is the right time to invest in Bitcoin as long as the price sustains over $17K. However, it might consolidate within the above range for a few more months because a few technical indicators are still bearish.
Most cryptocurrencies fall from their recent lows in the first week of November after the declaration of the FTX liquidity crisis. Some of them have recovered to the previous level, but many altcoins, including Bitcoin, are still struggling at a lower level.
The crypto markets will be volatile in 2023, and it will affect the price of Bitcoin. The lower range can be around $10K, but most Bitcoin experts are not confident about the bull rally in 2023; rather, BTC price will consolidate within a range of $10K and $30K.
