Bitcoin is on the greener side of the spectrum on Wednesday, up 3% in the past 24 hours. BTC broke its USD 17,000 resistance levels and briefly touched USD 17,245 during the day’s trading before returning to USD 17100. BTC’s market cap also bounced nearly 3%, indicating it could stay in the green for a while.
The positivity is causing short-term investors to enter the markets with new enthusiasm to make profits. Overall crypto markets also remain in the green as Ethereum spiked nearly 5% in the day’s trading and leads the pack.
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Bitcoin on its way to $18,300 Next?
After falling almost below the USD 16.00 level this week, Bitcoin has been gaining momentum since Wednesday and rising in the indices. The king crypto is showing decent signs of volatility, giving day traders plenty of room to make profits.
Several analysts remain positive, predicting that if Bitcoin breaks the $16,500 mark, the next leg could be $17,500. However, BTC could face resistance at $17.5K, but if it breaks the resistance, the next leg could be $18,300.
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Crypto Analyst Altcoin Sherpa predicted that Bitcoin could then reach $17,500 now that it has passed the $16,500 level. “BTC. Perhaps targeting 17.5k, 200ema at the 4h and S/N level. This current area is resistance, maybe we test 16.5k for the next step up,” he predicted.
Also analyst Michael Pope predicted that BTC will continue from here to $18,300 and face stiff resistance. Both analysts believe that BTC could rise in price this week before hitting resistance at $18.3K.
“So far, so good on Bitcoin. It would be nice to hold the previous resistance level for support (around $16.6K) and then move up to $18.3K for a good run,” Poppe predicted.
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However, we will have to wait and see whether Bitcoin will participate in the highly anticipated ‘Santa Claus Rally’ in December. You can read more details about how Bitcoin and the crypto markets performed each December here.
At the time of writing, Bitcoin was trading at USD 16,934 and is up 2.7% in 24-hour trading. It is down 75.5% from its all-time high of $69,044, which it reached in November 2021.