Bitcoin (BTC) has kicked off 2023 on a positive note sustaining short-term gains, although the flagship cryptocurrency continues to trade below crucial support levels. Notably, Bitcoin gains in the first week of 2023 can be attributed to the positive macroeconomic data around the United States employment news.
Moving into the second week of 2023, it is worth noting that Bitcoin’s price action is likely to be dictated by more macroeconomic news, with the Consumer Price Index (CPI) and inflation data for December expected to come out.
In this line, crypto trading expert and analyst Michaël van de Poppe has stated that Bitcoin’s odds of breaking out have increased while explaining what traders planning to trade in BTC the following week should be aware of, he said in a YouTube video posted on January 7.
However, according to Poppe, despite the impressive breakout odds, Bitcoin is likely to test sideways trading for a while, noting that the $17,000 target remains possible. Overa
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