The last couple of days have been a rollercoaster journey for the entire crypto space, and there is no sign of stopping after FTX’s CEO Sam Bankman-Fried resigned by filing a chapter 11 bankruptcy.
Moreover, the huge fluctuation due to FTX’s collapse and correlation of BTC with the stock market had taken into effect when Bitcoin witnessed its bottom levels this week since its crash in May.
However, positive market sentiments, including the CPI data, are pushing Bitcoin towards its short-term goal, as BTC can soon make a weekly high.
Bitcoin Is Ready To End Bearish Woes!
Following positive CPI numbers, Bitcoin price is gaining pace towards $18K as it is recovering from its bearish situation caused by the FTX’s collapse.
Moreover, on-chain data provider, Santiment, mentioned that whale holders of BTC are rising as they are accumulating the asset in the dip, which is a bullish sign for Bitcoin’s further price momentum.
According to Santiment, BTC holders holding more than 1 BTC have reached a high of 848,082 in the last five months, accumulating 24.8% of the total supply.
Moreover, a crypto analyst, Opsec, predicted that the BTC price might witness a major pump soon as its price can reach a maximum range of $18.2K in the next few days.
According to him, Bitcoin is building a short-term bearish momentum as retail investors are currently shorting positions with a target near its fundamental support level of $15.5K.
However, Opsec highlighted that BTC might not fulfill the target price of retail investors as Bitcoin may retrace downward and make a bullish comeback from $16K.
As a result, he predicted that Bitcoin might consolidate in a bullish range near $17K before skyrocketing to its initial resistance level of $18.2K.
A Bullish Territory For BTC Price
Looking at the daily price chart, BTC is continuously attempting to break its immediate resistance level of $17K to continue its bullish momentum further.
Bitcoin is currently showing signs of bullish vibes as it maintains its price in an initial bullish region of $16.5K. Bitcoin is trading at $16,888 with an uptrend of 1%.
The RSI-14 indicator also trades in a range-bound area near 35-level, indicating a support zone for BTC near $16K.
The MACD line is still trading on the negative side as Bitcoin trades below the 23.6% Fib retracement level from its current value.
Moreover, the Bollinger bands are getting closer as the lower limit is at $15.5K. On the other hand, the Bollinger band’s upper limit is at $21.1K.
If Bitcoin retraces downward and fails to maintain its price above $16K, it can plunge hard below its crucial support level of $15.5K and trade near the bottom level of $13K-$14K. However, a short-term bearish rally is expected as the SMA-14 is declining and trading below 50.
Bitcoin may face a rejection at $17K, which can push BTC to the level of $16K. From this price level, Bitcoin may take support and initiate a smooth bull run with an aim to break its crucial resistance level at $21K.