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Bitcoin price is holding strongly above the $16.8K level and slowly moving upwards to reclaim $17,000. The positive sentiment is also slowly rising as altcoins show upside momentum and traders expect the BTC price monthly close above $17,000.
In fact, Bitcoin price even attempted an upside break above the $17,000 resistance level but struggled to find a bullish momentum.
Can Bitcoin Price Rally Above $17,000?
Bitcoin price is currently trading at $16,877, as per CoinMarketCap. The 24-hour low and high are $16,812 and $16,959, respectively. Thus, the BTC price has increased nearly 1% in the last 24 hours and 2% in a week.
According to on-chain analysis, a spike in redeemed stablecoins was reported recently. In this bear market, redeemed stablecoin movements are often accompanied by every major drop in BTC price.
For instance, when Bitcoin price broke the $30,000 support level and fell massively, a big redeemed stablecoin to cash was observed. Moreover, the number of redeemed stablecoins also increased at the same time. This event was also observed during the collapse of FTX.
However, the number of redeemed stablecoins didn’t increase significantly in the recent event despite a spike in redeemed stablecoins. Therefore, it’s most likely that only a single whale or smaller whales redeemed stablecoins. Also, earlier on-chain reports indicated a fall in selling pressure from miners and the distribution of Bitcoin from whales to investors.
With Bitcoin price holding above the $16.8K level, investors and whales are awaiting the BTC price monthly close above $17,000.
Why $17,000 Resistance Is Important
Experts such as BitMEX co-founder Arthur Hayes and Ark Invest CEO Cathie Wood are bullish on Bitcoin price hitting $100K by the 2023 end or early 2024. In fact, the BTC price is slated to rise as the halving event in 2024 comes near.
Several crypto analysts such as Michael van de Poppe, Rekt Capital, and CredibleCrypto have predicted that Bitcoin price monthly close above or below the $16.9k-$17k range will determine a bullish or bearish trend in early 2023. If the price closes below the level, the BTC price is likely to drop to $15,600. However, an above close will turn Bitcoin bullish.
Also Read: Is It $10K Or $100K For Bitcoin Price In 2023?
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