After being in the mid-16,000 dollar range since the middle of December, the flagship cryptocurrency began the week close to the $17,000 level. Bitcoin’s price, which is now over $20,750, has increased by more than 20% in the first two weeks of this year. Despite this, Bitcoin’s (BTC) price which reached a high of $65,000 in November 2021, is currently trading around the bottom of a severe bear market.
Crypto Market Rally
Although the crypto market has turned bullish, a prominent crypto analyst who goes by the pseudonym @CryptoCapo on Twitter, predicts that the market will likely take a U-turn and hit newer lows in the nearby future. Considering a higher timeframe, he points out that the price of Bitcoin is still testing significant resistance. Although a weekly closing will be crucial, there hasn’t been any bullish confirmation; which is the same for the second-largest cryptocurrency Ethereum as well.
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