For the BTC price, surpassing the $17,500 would be a major bullish move that will set the tone for a potential rally.
Bitcoin (BTC) price recently gained some momentum that saw it break past the $17,000 benchmark. The flagship cryptocurrency surged to a new yearly high of $17,248, per CoinMarketCap data. However, it has since retraced its steps and was seen trading at $17,208, as of press time. Thus, representing an over 4% rise from its yearly low of $16,521 that was recorded on New Year’s day.
What to Look Out For in Bitcoin (BTC) Price Movements
Currently, BTC price appears to be holding its own, consolidating gains as it nears the next $17,250 resistance level. Should it break this barrier, the next resistance will be the $17,500 mark, another major resistance. For the BTC price, surpassing the $17,500 would be a major bullish move. And it will set the tone for a potential rally, albeit for the short term.
But on the other hand, if the BTC price fails to clear the $17,250 resistance, then a downward correction may begin to play out, with the next immediate support expected to be around the $17,150 level.
Following this, the main support would be the $17,000 level, but once the price dips below that, then it might retest the $16,800.
Crypto Crisis Deepens
Without a doubt, the fate of crypto still hangs in the balance, despite the new year holding huge promises for the industry. The uncertainty is mostly a result of the recent controversy around Barry Silbert’s Digital Currency Group (DCG).
As earlier reported by Coinspeaker, the crypto behemoth is currently being investigated by U.S. authorities. That is over allegations of shady business dealings in the way its subsidiary transacted with Gemini. Although Silbert denied those allegations, DCG recently shut down the operations of its wealth management unit. However, the move has further fuelled fears of an impending candal that may yet shock the crypto world in 2023.
As Mark Cuban also recently predicted, a major scandal may yet impact the trajectory of the crypto industry this year. And considering how big of an industry giant DCG is, any scandal involving it would undoubtedly send the industry plunging into the deep once again.