{"id":13347,"date":"2022-12-05T12:53:59","date_gmt":"2022-12-05T16:53:59","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13347"},"modified":"2022-12-05T12:53:59","modified_gmt":"2022-12-05T16:53:59","slug":"bitcoin-price-soars-5-in-last-7-days-more-increases-coming-this-week","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/05\/bitcoin-price-soars-5-in-last-7-days-more-increases-coming-this-week\/","title":{"rendered":"Bitcoin Price Soars 5% In Last 7 Days \u2013 More Increases Coming This Week?"},"content":{"rendered":"

In recent days, Bitcoin has shown a good degree of bullishness. CoinGecko reports<\/a> that Bitcoin\u2019s price has increased on a daily and biweekly basis, suggesting that the market may be recovering from FTX\u2019s fall<\/a>. Investors at large were also optimistic.<\/p>\n

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.<\/p>\n

Dan Lim, an analyst at CryptoQuant<\/a>, has made some recent comments that could signal the beginning of a bull market. First, he pointed out that Bitcoin\u2019s MVRV value<\/a> is extremely low, almost identical to previous market bottoms.<\/p>\n

Next, the price of hash has not increased since the golden cross was supposed to be achieved, hence the hash ribbon has failed.\u00a0Is BTC\u2019s price about to stage a comeback? If not, is there more suffering in store?<\/p>\n

Bitcoin Price: Inconsistent Numbers<\/h2>\n

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.<\/p>\n

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.<\/p>\n\n

Chart: TradingView<\/p>\n

The token\u2019s 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Mixed Opinions About Bitcoin<\/h2>\n

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.<\/p>\n

However, as miners and merchants continue to incur losses and reserve levels remain high, Bitcoin\u2019s path remains challenged.<\/p>\n

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.<\/p>\n\n

BTC total market cap at $332 billion on the daily chart | Featured image: Unsplash, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In recent days, Bitcoin has shown a good degree of bullishness. CoinGecko reports<\/a> that Bitcoin\u2019s price has increased on a daily and biweekly basis, suggesting that the market may be recovering from FTX\u2019s fall<\/a>. Investors at large were also optimistic.<\/p>\n

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.<\/p>\n

Dan Lim, an analyst at CryptoQuant<\/a>, has made some recent comments that could signal the beginning of a bull market. First, he pointed out that Bitcoin\u2019s MVRV value<\/a> is extremely low, almost identical to previous market bottoms.<\/p>\n

Next, the price of hash has not increased since the golden cross was supposed to be achieved, hence the hash ribbon has failed.\u00a0Is BTC\u2019s price about to stage a comeback? If not, is there more suffering in store?<\/p>\n

Bitcoin Price: Inconsistent Numbers<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Chart: TradingView<\/p>\n

The token\u2019s 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Mixed Opinions About Bitcoin<\/h2>\n

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.<\/p>\n

However, as miners and merchants continue to incur losses and reserve levels remain high, Bitcoin\u2019s path remains challenged.<\/p>\n

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.<\/p>\n

BTC total market cap at $332 billion on the daily chart | Featured image: Unsplash, Chart: TradingView.com<\/a><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-13347","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=13347"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13347\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13347"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}