Denys Serhiichuk
Has Bitcoin (BTC) Gained Enough Momentum to Push $17,000?
The bulls appear to have run out of energy as their rally can’t seem to last two days in a row.
BTC/USD
Bitcoin (BTC) is feeling a lot better than other coins, up 0.18%.
On the hourly chart, Bitcoin (BTC) is trading in the tight range and gathering strength for further movement. The price made a false break above the $16,778 support and is now on the way to the $16,889 resistance.
If the buyers can retain the initiative, the correction could continue tomorrow.
On the broader timeframe, Bitcoin (BTC) price has bounced off the recently formed support level at $16,815. If the bar can close above it, traders have a chance to see a test of the $17,000 zone by the end of the week.
From a medium-term perspective, Bitcoin (BTC) price has not yet decided which direction to go as the price remains in the channel. For now, one should keep an eye on the $17,000 zone, the breakout of which could be the premise for a return to $18,000.
Bitcoin is trading at $16,848 at press time.
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