Bitcoin Price On Winning Streak Soars Another 4%; Will It Continue For Coming Week?

The Bitcoin price has witnessed exponential growth since the beginning of 2023. Thus, the coin price registered 25% growth over the past two weeks and reached a current price of $20702. This bullish upswing has recently breached a long-coming resistance trendline of a falling wedge pattern, increasing the possibility of further recovery for coin holders.

Key points:

• The Bitcoin price has been rising for the past seven consecutive days
• A bullish breakout from the long-coming trendline hints at the end of selling on rallies sentiment to buy on the dip.
• The intraday trading volume in Bitcoin is $16.2 Billion, indicating a 1.5% loss

Source-Tradingview

The Bitcoins 3-day Technical Chart showcases that the second half of 2022 downfall had strictly followed a falling wedge pattern. Thus, under the influence of this pattern, the BTC price marked 2022 low at $15600.

However, Amid the recent new year recovery in the crypto market and the release of CPI data, the Bitcoin price experienced significant growth within a fortnight. The US Bureau of labor statistics showcased December’s CPI data to 6.5%, which is down from 7.1% presented in November 2022. Thus, the US inflation easing fueled the ongoing recovery in the crypto market.

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On January 12th, the coin price gave a bullish breakout from the overhead trendline, triggering the mentioned bullish pattern. In theory, this pattern’s technical setup will lead a post-breakout rally to the highest swing top, which for Bitcoin is $32000.By the press time, the BTC price currently trades at $20884 and approaches the near resistance of $21500. 

However, after such a sudden recovery, the Bitcoin price will likely pull back to stabilize the excess gains. This potential correction may revisit the $19100 to check for price sustainability at the reclaimed high levels. Thus, if the prices witness a pullback, the coin holders should look for a support zone from $19100 to $18400 for entry opportunities.

Conversely, a breakdown below $18400 will weaken the bullish momentum.

Technical indicator

The RSI(3-day) slope is on the verge of crossing above the midline, offering additional confirmation of improving market sentiment. Moreover, with the recent price jump, the Bitcoin buyers reclaimed the 20 EMA slope, which could provide significant support during the possible pullback.

Bitcoin Price Intraday Levels

• Spot rate: 20844
• Trend: Bullish
• Volatility: Medium
• Resistancevels- $21600 and $22600
• Support levels- $20000 and $19100