It is interesting that people are forgetting that US dollar has been dumping over the past 6 months and due to the inflation everything including bitcoin should go up against dollar. The only reason why it is still struggling to break $25k is simply due to 2 reasons: weak hand's uncertainty and market manipulation.
For price go lower against dollar, either US economy has to fall apart or dollar has to strengthen (deflation) which is not going to happen considering how much of it they've been printing nonstop.
Who is manipulating the market for God's sake? What is happening with Bitcoin is pure economics and it is good that you know that the USD has to drop for Bitcoin to rise. The whole market atmosphere needs a change of sentiment from being risk averse to risk appetite before it could rise. But inflation will not let this happen for now. Also, the printing in the US is moderate compared to the last 2 years and it won't be a major factor in pulling down the risk-off market like the USD for Bitcoin to rise.
Although we all believe the price will not return to $13k, it still has the possibility of a sharp decline, especially if many bitcoin holders are panicking, seeing the market trend being influenced by negative news.
You are right, a lot of these people crying foul here have converted their BTC into USDT and other stablecoins waiting for the Bitcoin to rise. This is not helping, and as the crypto drops further, more panic withdrawal would happen and it would pressure it further. To further with, no impactful news is holding Bitcoin down, it is mainly the impacts of high inflation, negative speculations and more expectations of the rate hikes by the FED this year. The global economy is not helping either, so it might take time before the bulls shine again.
Lots had been hoping that the price would be shooting up since we've been sitting low for a while now and without any signs or sentiments that might push up the price into higher level.
I always tell people that they should not hope but rather speculate through viable trading analysis. Nothing is hopeful in the buying of Bitcoin as of today, and as a fact, it is more bearish as the daily chart bearishness is agreeing with the weekly chart's overall bearish trend. I'm afraid, this will keep the price of Bitcoin down till next month.
The first range he will try is already between 17 thousand and 18 thousand dollars. Yes, as you said, there is a nice support here. If it breaks, 13 thousand dollars will be inevitable. The market has been stable for a few days now. A sharp move is possible with any news.
Many posters on BTT are peculiar with the $17-18 level, and this might be happening in the outer world as well. So, per virtue of my trading experience, sellers would be building up at that level. To be specific, the main support is at 17,626.00 (June 2022 low), a break below it might not be funny as it might make Bitcoin slip down to below $10,000 if care is not taken.
