Sign Up on MEXCBitcoin Price Prediction: Crypto And On-Chain Analysts Dismiss Santa Claus Rally
Bitcoin (BTC) price rallied today after the U.S. Dollar Index fell sharply in response to the Bank of Japan’s raising their upper band limit for 10-year yields to 50 basis points. The BTC price rebounded after hitting a low of $16,398 on Monday and extended gains on Tuesday to hit almost $17,000.
The Bitcoin price soars nearly 2% in the last 24 hours, with the price currently trading at $16,933. The 24-hour low and high for Bitcoin are $16,398 and $17,028. The resistance near $17,150 remains crucial for the BTC price. Bitcoin will be bullish in 2023 if the BTC monthly close breaks above the resistance level.
Bitcoin On-Chain Data Indicates Selloff
While the bear market rally supported by the weak U.S. dollar amid Bank of Japan monetary policy changes pushes Bitcoin price upwards, the upcoming rally will likely be weak.
On-chain data indicates short-term Bitcoin holders, especially 3-6 months, are selling their Bitcoin holdings continuously. In fact, the decline in BTC price observed on Monday was due to a selloff by 3-6 month Bitcoin holders.
Historically, the Spent Output Age Bands rise for 3-6 months holders is followed by massive downward movements. In fact, a sharp move occurred just before the FTX crisis. Therefore, traders must keep an eye on the Spent Output of 3-6 month Bitcoin holders to help predict an upcoming Bitcoin price fall.
Also Read: Is $19K Still Possible Or Bitcoin (BTC) To Fall Below $15K?
Crypto Analysts’ Bitcoin Predictions
Crypto analyst Michael van de Poppe predicts that BTC could have a strong continuation if it breaks the $16,900 level. Moreover, Bitcoin holding the $16.5K support level remains key for the price rally toward $18K.
Rekt Capital earlier suggested that Bitcoin price holding the $17,150 level will be crucial for Bitcoin and altcoins. If Bitcoin closed the month below the support level, a move toward $13,900 can be seen. Moreover, Bitcoin has strong resistance at $18K and a strong rally is possible only if BTC price breaks the $18K-$19K level.
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
