Bitcoin (BTC), Price Reaches Back To $15,000 After Rallying To $22K
After a strong performance on the U.S. stock exchange last week, Bitcoin’s daily trade session closed above $17,000 Sunday for the first-time in almost a month. The flagship cryptocurrency, currently trading at $17,200 per BTC has seen a moderate increase in volatility and daily trading volume on major exchanges. This is a historic low and suggests that the relief rally may not have much staying power.
Time to Sell Bitcoin
According to CryptoQuant’s information, a decreasing number of investors are losing their Bitcoin holdings. This is because the ASOPR (Adjusted output profit ratio) for Bitcoin reached 0.99. The ASOPR value of 1 acts as a significant resistance point in a bear market.
The ASOPR measures how profitable outputs were spent over a specified time period (greater that an hour). As the value rises above 1, the number of investors who sell for a profit increases. If the value is below 1, investors are selling at a loss. This resistance makes it possible to cash in on BTC earnings.
According to Sulivan, a crypto analyst, Bitcoin (BTC), if it reaches $20,000-22,000, it would enter S2F’s green zone (as seen below), which could cause another sell-off. He also said that an increase could occur later in the week if the U.S. CPI statistics prove to be better than the general projections.
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He expressed concern that 2023 could be a worse year than 2022 due to the macroeconomic environment and the possibility of prolonged recessions in the United States, and other countries.
Bitcoin’s (BTC), Key Price Barrier
CryptoGodJohn is a prominent crypto analyst who also trades. He believes that $17,600 is critical to Bitcoin’s price. Bulls will be able pursue the $20,000 mark if the top cryptocurrency breaches the $17600 level. The expert said that failure to break the $17,600 level could lead to the invalidation his bullish thesis and a BTC price rebound below $15,500.
$17,600 is the most important level I have for $BTC
Flip $17,600 I wouldn’t be surprised to see a move toward $20k
Reject likely reconsider $15.5
— Johnny (@CryptoGodJohn), January 9, 2023
The Bitcoin (BTC), price is currently trading at $17.242. This is an increase of 1.73% over the previous day, compared to a gain in the week of 3.26% as per CoinMarketCap.
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.