Bears or Bulls to Win in BTC?
Bitocin, which had a hard time in the bear market dominated by the bears, fell to $ 15,500 with the bankruptcy of FTX. However, BTC surged yesterday as inflation data from the US came in below expectations and rose above $18,000. After this short rally, BTC reached the highest level of recent weeks. Although this rise was short-lived, investors were hopeful, while expectations for new explosions in Bitcoin price increased.
Evaluating the latest price movements of BTC, Kitco News analyst Jim Wycoff argued that Bitcoin’s rise yesterday started an upside break. According to the analyst, Bitcoin bulls gained a short-term technical advantage after a nearly equal battle with the bears.
“Bitcoin and US dollar prices have been bullish. Bitcoin hit a four-week high in the early US trading hours on Tuesday. Today’s price action in BTC has produced what appears to be the beginning of an uptrend from a choppy and sideways trading range on the daily bar chart. And showed that a price uptrend would develop. The bulls gained short-term technical advantage.”
Consolidating at the $17,000 level in recent weeks, BTC is also struggling to stay above the critical resistance level at $18,000. In this context, the analyst stated that with the inflation data from the USA starting to withdraw, albeit a small amount, Bitcoin may experience rises, but this will also be related to whether Bitcoin bulls have the power to defeat the bears.
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