Bitcoin price is holding strongly above the $16.8K level and slowly moving upwards to reclaim $17,000. The positive sentiment is also slowly rising as altcoins show upside momentum and traders expect the BTC price monthly close above $17,000.
In fact, Bitcoin price even attempted an upside break above the $17,000 resistance level but struggled to find a bullish momentum.
Can Bitcoin Price Rally Above $17,000?
Bitcoin price is currently trading at $16,877, as per CoinMarketCap. The 24-hour low and high are $16,812 and $16,959, respectively. Thus, the BTC price has increased nearly 1% in the last 24 hours and 2% in a week.
According to on-chain analysis, a spike in redeemed stablecoins was reported recently. In this bear market, redeemed stablecoin movements are often accompanied by every major drop in BTC price.
Bitcoin – Movement of Redeemed Stablecoins By Whales. Source: CryptoQuant
For instance, when Bitcoin price broke the $30,000 support level and fell massively, a big redeemed s
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