Bitcoin price finally breakout above the $16.5k level today after struggling near the level for many days. The BTC price hit a high of $17,021, rising almost 3% in the last 24 hours. While on-chain data and crypto analysts expect Bitcoin to record more gains, resistance remains much stronger at $18k.
Moreover, Fed Chair Jerome Powell’s speech to impact the markets today as a hawkish stance could mean pushing the economy into recession. Experts believe the Federal Reserve to continue rate hikes to tame inflation in 2023.
Is Bitcoin Price Really in Bull’s Control?
Bitcoin price saw significant gains on Wednesday, November 30 as a result of short covering by traders at the end of the month. The BTC price tops $17,000 but analysts expect the price action will be slow from here. “It’s just a bear market rally.”
According to Spent Output Profit Ratio (SOPR) on-chain data, short-term participants continue to sell in losses with SOPR of less than 1. The lack of positive sentiments ma
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