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Recommendations for Bitcoin Trading


Bitcoin (BTC) began 2023 at a high level maintaining short-term gains, although the flagship cryptocurrency continues to trade below important support levels. Obviously, the value of Bitcoin in the first week of 2023 can be attributed to the good macroeconomic data about the US employment report. Going into the second week of 2023, it should be noted that the price of Bitcoin will be influenced by another macroeconomic report, the consumer price index (CPI) and inflation data for December will be published.

In this line, crypto trading expert and researcher Michaël van de Poppe said that the possibility of Btc explosion has increased while explaining what traders planning to trade in BTC next week should know. . . However, according to Poppe, despite the great possibility of a break, Bitcoin may try to trade sideways for some time, noting that the goal of $ 17,000 is still possible.

Overall, he said BTC should continue to rally. “We found a clear resistance at $16,950, and we have a support zone here around $16,760. So it seems clear that we will be a little bit sideways before we can start because the possibility of a breakout has increased because we test resistance many times,” he said.

However, with the CPI data expected to be positive, the analyst says that Bitcoin will continue to move at a high speed to support $17,800 while noting that the increase can start with increasing pressure to buy. Obviously, the data will affect the Federal Reserve’s next monetary policy, with Poppe warning that a weaker economy will lead to higher interest rates.

Bitcoin Price Analysis

At press time, Btc was trading at $16,949, posting a daily gain of around 0.1%. On the weekly chart, Bitcoin is up 2.5%. In fact, the small weekly gains helped Bitcoin to break out of the sideways trading pattern that characterized the asset at the end of 2022.

In this line, BTC tried to break the $17,000 barrier, focusing and $18,000. The continued recovery was evident when the US unemployment rate reached 3.5% in December, from 3.7% in November 2022. Also, the US economy added 223,000 jobs in December, exceeding the estimate of 200,000. Elsewhere, Bitcoin technical analysis on TradingView is mixed.

The summary of the one-day view suggests a “neutral” sentiment at 7 while the moving average is for “buy” at 8. Oscillators are for the “tongue” effect and 4.

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What is the Future for Bitcoin?

Meanwhile, as Bitcoin tries to support the recent session, it should be noted that PricePredictions’ machine learning algorithm indicates that BTC may end the first month of 2023 on a bearish note. Based on the 30-day forecast, Btc could trade at $15,532 on January 31, 2023. In general, investors expect that Bitcoin has found the bottom to recover by 2022.

Interestingly, despite the bear market, Bitcoin’s blockchain managed to record more than $8 trillion in transactions and 2022. In addition, there is always a fear that a fall from events such as the failure of FTX could affect the market.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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