As soon as it found support around the $16K price level, Bitcoin started an incredible rise. Since then, the 100-day and 200-day moving averages of BTC have been surpassed, respectively, at $18K and $19.6K. Over the past few days, a profit-taking pullback has allowed the price of bitcoin to rebound to the $23,000 price range. Analysts have begun charting the course of Bitcoin as the market cools.
According to analyst CrediBULL Crypto, Bitcoin has taken the first set of highs. However, he found a lot of choppiness in Bitcoin’s current trading range.
He said, “Lots of choppiness in this range, looks like rather than a flat we are forming some other more complex structure. Will post another chart shortly with some key levels to watch.”
Another analyst by the name Daan Crypto Trades on Twitter had the same opinion and said that nothing has changed much for Bitcoin. He said that Bitcoin ‘is still stuck between these levels with a lot of choppy price action.’ He marked the resistance levels for Bitcoin at $22,750 and $22,900. According to him, the support levels are at $22,600 and $22,400.
Kaleo also took to his Twitter handle and said :
“Slowly but surely Bitcoin is squeezing back to the highs making late shorts pay.” The analyst also wrote, “I once again am here to remind you that Bitcoin heads straight to $30K from here.”
On Wednesday, cryptocurrency prices were moving sideways as a result of profit-taking following a decent gain in recent days. Ahead of this week’s important inflation statistics, the volatile movement in the other riskier assets put cryptocurrency traders on edge. At the time of writing, Bitcoin is trading at $22,590 and has decreased by more than one percent in the last 24 hours.