Crucial meeting for the bulls – The price of Bitcoin (BTC) continues to rise, but traders still seem to be waiting for the breakout that would really confirm the start of a bullish recovery. At this stage, the cryptocurrency may very well record declines, which would erase recent gains.
Bullish Breakout or Rejection for Bitcoin Price?
Bitcoin price rises as high as $18,300 on Bitfinex today, January 11, 2023. Cryptocurrency is trading to $18,221 at the time of writing this article. Its price is currently recording a solid daily gain of 4.5%.
While U.S. Federal Reserve Chairman Jerome Powell left markets wanting in his January 10 speech, refraining from commenting on the institution’s future policy or the state of the economy. economy, traders and investors are now watching publication of the Consumer Price Index (CPI) in the United States for January 12.
The trader who uses the Johnny account on Twitter has thus underlinethat “the real breakout or dump will take place tomorrow, with the publication of the CPI.
>> You don’t trust the platforms to keep your cryptos? Ledger has the solution (commercial link) <<
The $17,600 as resistance, before a possible reconquest of the $18,500
The founder of the company Eight, Michaël van de Poppe, also issued forecasts based on this CPI publication. He first indicated that Bitcoin should to sustainably stay above $17,300 approximately, for a bullish continuation.
The 5-hour Bitcoin price chart below shows that Ichimoku’s Tenkan Sen acted as support for the cryptocurrency, when its price fell around $17,300. Despite a bearish wick below, Bitcoin has bounced off the Tenkan Sen to reach its intraday high.
For Michaël van de Poppe, a temporary fix “around CPI, before continuing” is likely. He indicated that a rise to $18,500 is possible, if the CPI is supportive of the bulls.
On a daily basis, such an impulse would allow the price of Bitcoin to break out of the Ichimoku cloud that has been acting as resistance for weeks. Nevertheless, this bullish forecast remain optimisticreferring to the Chikou Span which is still currently below this cloud.
The markets could currently experience what looks like a bullish impulse, which would confirm a sustainable rebound. Will the CPI data allow the bulls to continue their run, and make that long-awaited breakout?
In crypto, do not economize on caution! So, to keep your crypto assets safe, the best solution is still a personal hardware wallet. At Ledger, there is something for all profiles and all cryptos. Do not wait to put your capital in safety (commercial link)!