Are we out of the dip yet

Binance

The current price of Bitcoin at $17k+ indicates a significant increase in value compared to its previous price point. This increase can be attributed to a number of factors, including increased demand for the cryptocurrency and a lack of available supply.

One reason for the increased demand for Bitcoin is the growing interest in decentralized finance (DeFi) and non-fiat currencies. As more people become interested in alternative financial systems, the demand for Bitcoin and other cryptocurrencies is likely to increase.

Another factor that may be contributing to the price increase is the limited supply of Bitcoin. There is a fixed number of Bitcoin that can be mined, and as more people become interested in the cryptocurrency, the competition for a limited number of coins may drive up the price.

Additionally, the current economic climate may be contributing to the price increase. As traditional investment options become less reliable due to economic uncertainty, investors may be turning to alternative options like Bitcoin as a hedge against inflation as global inflation numbers keeps increasing.

Overall, the price of Bitcoin at $17k+ reflects a combination of increased demand and limited supply, as well as the current economic climate. It is important to note that the price of Bitcoin is highly volatile and can fluctuate significantly in a short period of time. Therefore, it is important to carefully consider the risks before investing in Bitcoin or any other cryptocurrency.

Relatively the previous weekly high is standing at $17.1k zone which Has been the resistance for Bitcoin over the past few days , a successful break out from that zone on the daily time frame may lead too an extension of price too the 18k zone, on the contrary if there is a rejection on the $18.3k zone there is likely going to be a downtrend for the market too reach a new higher low at around $13k zone, a substantial amount of sell pressure must be trigger too push the price lower and trigger a new global macro low- low if the retracement price maintains above the previous low of the intra weekly time frame candle that which will form a new market structure.

Looking forward to the FA of the week to denote if this little relieve rally can be sustained to kick start the next bull run and denote the begining of a new market circle.

Posted Using LeoFinance ^Beta