• Bitcoin price extended its increase and traded towards $17,500.
• BTC is consolidating gains and might aim a move towards the $18,000 resistance.
• Bitcoin is trading above $17,200 and the 100 hourly simple moving average.
The cryptocurrency market continues to be a source of great excitement, with Bitcoin at the forefront. In the past few days, Bitcoin has seen an exponential rise, with the price surpassing the $17,500 mark, and currently trading around $17,400.
The increase in Bitcoin’s price is largely attributed to the positive sentiment in the market. Investors are optimistic about the future of cryptocurrencies, and this has driven the demand for Bitcoin. As a result, the price of Bitcoin has surged.
In addition, Bitcoin has gained support from institutional investors. The recent launch of the Bakkt platform, which allows institutional investors to trade Bitcoin, has further bolstered the confidence of investors in the cryptocurrency market.
At the same time, Bitcoin is consolidating gains and might aim a move towards the $18,000 resistance. There is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair. This suggests that Bitcoin could continue to move up towards the $18,000 resistance zone.
Furthermore, Bitcoin is trading above $17,200 and the 100 hourly simple moving average. This indicates that the bulls are in control of the market and could push the price even higher. Moreover, if Bitcoin breaks past the $18,000 resistance, then it could target the $18,500 level.
Overall, Bitcoin’s price has seen an impressive increase in recent times and this is likely to increase further in the coming days. With institutional investors coming into the market and the positive sentiment in the market, Bitcoin is expected to continue its upward trajectory in the short term.