Bitcoin Price Soars 5% In Last 7 Days – More Increases Coming This Week?

Christian Encila

2 years ago

3 mins read

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In recent days, Bitcoin has shown a good degree of bullishness. CoinGecko reports that Bitcoin’s price has increased on a daily and biweekly basis, suggesting that the market may be recovering from FTX’s fall. Investors at large were also optimistic.

The BTC bottom is still in effect, presenting excellent chances for long-term investment. There was little gains with hash ribbon despite the occurrence of a golden cross (chart below), as the price remained unchanged. Also, there is a 50/50 chance of a decline in the market to at least $16.950.

Dan Lim, an analyst at CryptoQuant, has made some recent comments that could signal the beginning of a bull market. First, he pointed out that Bitcoin’s MVRV value is extremely low, almost identical to previous market bottoms.

Next, the price of hash has not increased since the golden cross was supposed to be achieved, hence the hash ribbon has failed. Is BTC’s price about to stage a comeback? If not, is there more suffering in store?

Bitcoin Price: Inconsistent Numbers

The price of bitcoin (BTC) is now displaying highly inconsistent trends. As the RSI rises on the daily time frame, it appears to keep its strong bearish momentum.

The expanding Bollinger band supports the bullish outlook for the future. But the current BTC price candle, which is presently trading at $17,315.01, has met a resistance that has not been breached since the price fall on November 11. In addition, a rising triangle pattern contributes to a fairly restricted trading range.

Chart: TradingView

The token’s RSI is overbought, indicating that bearishness persists on shorter durations. Although the EMA ribbon appears to be sustaining an upward trend, a bearish crossover could occur within the next few hours or days.

As a potential trend reversal looms, BTC investors and traders should closely monitor the present market scenario. Following the recent price fluctuations, the MFI indicates a likely upcoming decline.

If the bearish reversal occurs, a decline to $16,970 is conceivable. Strong bearish momentum can drive the price closer to $16,660 or higher.

Mixed Opinions About Bitcoin

Bitcoin clearly has bullish characteristics. Bitcoin price has been up about 5% in the last week, and some analysts expect it will tally more increases in the coming days.

However, as miners and merchants continue to incur losses and reserve levels remain high, Bitcoin’s path remains challenged.

The next consumper price index (CPI) numbers that will be revealed on December 13 will determine whether or not macroeconomics will boost the price of Bitcoin.

BTC total market cap at $332 billion on the daily chart | Featured image: Unsplash, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.