Analyst Believes BTC’s Latest Pump Is Part of a Corrective Wave

The price of the crypto market leader, Bitcoin (BTC), has risen 1.69% over the last 24 hours according to the crypto market tracker, CoinMarketCap. This has also added to its positive weekly performance, taking its gain over the last 7 days to 6.81%. As a result, the price of BTC now stands at $17,323.03 at press time.

The 24-hour trading volume for BTC has also increased over the last 24 hours, as the total trade volume now stands at $21,349,841,284 – a 33.36% increase.

BTC’s total market cap has also risen over the last 24 hours as a result of its price increase over the time period. At press time, the market cap for BTC stands at approximately $333,114,660,427.

It does, however, look like altcoins outperformed BTC slightly as BTC’s dominance has dropped 0.04% over the last day.

Daily chart for BTC/USDT (Source: CoinMarketCap)

Looking at the daily chart for the leading crypto, BTC’s price is currently trading above the daily 9 and 20 EMA lines and is looking to challenge the current resistance level at around $17,350.

In addition, the daily 9 EMA is looking to cross bullishly above the daily 20 EMA line. Should this happen, BTC’s price will have enough bullish momentum to break through the current resistance level to rise to close to $19,000.

The Twitter user, Bluntz (@SmartContracter), believes that the latest move up by BTC’s price is all part of a “corrective abc w4”. The analyst added in the tweet that BTC will make a “new low sub $15k into Q1 2023.”



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