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Can Bitcoin (BTC), Price Break Key Resistance To Reach The $18,000 Mark

The year 2022 came to an end and the Bitcoin price (BTC) maintained its horizontal trend with little fluctuation. Although the BTC price has seen some slight improvements since the start of the new year’s, the cryptocurrency’s market capitalization continues to fall below critical support levels.
Breaking the BTC’s Key Resistance
Despite the gains, Bitcoin investors are looking for a bottom that could bring about a new rise for the first Blockchain-powered cryptocurrency. The critical resistance of $17,000 has held the Bitcoin price from rising in the last few weeks. The price of Bitcoin has fluctuated around $16,900 since December 17, 2022.

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In a tweet, Michael van de Poppe, crypto trading analyst and specialist, stated that Bitcoin is currently at support due to recent price action. He also highlighted significant long positions to watch out for given the announcements of major macroeconomic data such as the Purchasing Managers’ Index (PMI), and Consumer Spending Index(CSI). De Poppe had previously predicted that Bitcoin’s peak price would be between $275,000 to $350,000 during the bull market of 2023.
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If we are talking about macroeconomic factors, Bitcoin’s likely rise to $18,000 may be supported by the drop in the US unemployment rate from 3.7% in November 2022 down to 3.5% in December. The U.S. economy added 223,000 jobs to December, exceeding the expected 200,000.

#Bitcoin is back in support, but we are not wishing to wait too long.
To avoid a puke at low $16K, it must be above $16.6K in order to maintain upward momentum.
With the data I have today, I would expect to see a bit less for longs, towards $17K. pic.twitter.com/6VQvjR9IeX
— Michael van de Poppe (@CryptoMichNL) January 6, 2023
Bitcoin (BTC), Price To Rally
In this context, there have been a lot of large whale transactions in recent days. This is not expected given the current state of the crypto market. These four transactions were made in the first week of January, according to data. This suggests that there could be other large transfers in coming weeks, before a brief bull market.

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Participants in the cryptocurrency industry have predicted a mixed 2023 for Bitcoin’s price (BTC). Some predict further effects from events such as the FTX collapse, while others see 2024’s halving event being a major driving factor for the crypto king.
The Bitcoin (BTC), price currently traded at $16,954. This is an increase of 0.58% for the day, compared to a gain in price of 2.5% for the week according to CoinMarketCap, a crypto market tracker.
Also read: Solana’s BONK crashes by nearly 40%; is the Bull Run finally over?

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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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