Can Bitcoin (BTC) price break key resistance to hit $18,000?

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As the year 2022 drew to a close, the price of Bitcoin (BTC) largely maintained its horizontal trend without showing any noticeable fluctuation. However, the price of BTC has seen short-term improvements since the start of the new year, although the market value of the cryptocurrency continues to wallow below crucial support levels.

Breaking Key BTC Resistance

Despite the gains, Bitcoin investors are looking for a likely bottom that could lead to a further rise for the first blockchain-powered cryptocurrency. Over the past few weeks, the price of Bitcoin could not overcome the critical resistance located near $17,000. And, since December 17, 2022, the flagship cryptocurrency has been fluctuating widely around the $16,900 level.

In a tweet posted on January 6, crypto trading specialist and analyst Michael van de Poppe indicated that Bitcoin is supportive based on recent price action. He also identified significant long positions to watch, which is particularly important given the announcement of upcoming major macro data such as the Purchasing Managers Index (PMI) and the Consumer Spending Index (CSI). ). De Poppe previously predicted that Bitcoin’s peak price would be between $275,000 and $350,000 during the 2023 bull cycle.

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While talking about macro factors, the decline in the US unemployment rate from 3.7% in November 2022 to 3.5% in December could help support Bitcoin’s likely rally towards $18,000. In addition, the US economy added 223,000 jobs in December, exceeding the 200,000 forecast.

#Bitcoin is in support again, but not too keen at this point.

It needs to hold above $16.6,000 to avoid vomiting at $16,000 and to maintain upward momentum.

In that regard, with today’s data, I would be looking a bit lower for a long time towards $17,000. pic.twitter.com/6VQvjR9IeX

— Michael van de Poppe (@CryptoMichNL) January 6, 2023

Will the price of Bitcoin (BTC) rally?

In this context, a number of significant whale transactions have also surfaced in recent days. This is unexpected given the current state of the crypto market. Data shows that in the first week of January alone, there were four such large asset deals. This supports the possibility of further large transfers in the coming weeks before a brief bull run.

With nearly a week into the new year, cryptocurrency industry players are predicting a mixed 2023 for the price of Bitcoin (BTC); with some predicting further effects of events like the collapse of FTX while others see the 2024 halving event as a driving factor for the leading crypto king.

As it stands, the price of Bitcoin (BTC) is currently trading at $16,954. This represents an increase of 0.58% on the day, compared to a gain of 2.5% on the week according to crypto market tracker CoinMarketCap.

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Pratik has been a crypto evangelist since 2016 and has covered almost everything crypto has to offer. Whether it’s the ICO boom, the bear markets of 2018, the Bitcoin halving so far – he’s seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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