Bitcoin Is Approaching $17000

[Pam beasely]

Despite the BlockFi bankruptcy news and an acute bearish trend, Bitcoin has remained resilient to bearish pressure. Some indicators and crypto prediction experts like coinpedia still point to a possible bearish trend reversal. The BTC price nearly jumped between $16,800 to $15,800 this week.

Bitcoin is having trouble coping with the bearish influences.

The asset could soon experience a major bearish reversal or upswing, until the price rises above $17,000 to reach the critical level of $17,500.

BTC is currently trading just above $16,500, which is the critical resistance. It is trying hard to validate the current upswing. Therefore, a slight pullback close to the previous resistance could be prominent before the price moves up.

[Upgrade00]

If there is something I did not miss about a rising market, it has to be the threads which are opened anytime there is a movement on the charts.

The Wall Observer thread is one place you can discuss intermittent price movements in the Bitcoin market.

[Ben Barubal]

   This I think is following what I learned from understanding the chart here in the bitcoin graph, In my opinion after the scandals that happened in Ftx, we know that the value of Bitcoin in the market has been affected somehow, and we cannot deny it.

   That's why I think, according to my observation the price of Bitcoin will play between 16k$-17k$, in a few months the price value of bitcoin will play for sure in the market. So this is also a good opportunity to get profit in the short term, Just based on my opinion.

[savetheFORUM]

  This I think is following what I learned from understanding the chart here in the bitcoin graph, In my opinion after the scandals that happened in Ftx, we know that the value of Bitcoin in the market has been affected somehow, and we cannot deny it.

   That's why I think, according to my observation the price of Bitcoin will play between 16k$-17k$, in a few months the price value of bitcoin will play for sure in the market. So this is also a good opportunity to get profit in the short term, Just based on my opinion.

What happened with FTX, Blockfi and others are a kind of negative news and that is something that can't be learned by looking at the charts or the graph only. News are a part of fundamental analysis already and we need it as well to predict properly other than the technical analysis.

It's clear that btc is affected because the last price of btc was at $19k if I am not mistaken but after the FTX crash, btc then plunges to $15k but it is now recovering and getting stable at $16k. We are right now above $17k and I am sure that it will be reaching $18k in the next day or two. This is nice but I don't think we will stay on this level for months. I expect something better on the month of December.

[Yatsan]

Indeed, other cryptocurrencies' market value are also in green marks which is a good makret indicator. Probably due to the hype of this last month of the year. But I doubt it would be continuous before this year end but if it will, then that would be good to have a strong start next year. If the market price would be in green marks for a somewhat consistent period (like 2weeks or three), there's a possibility that its market price will be back again at $20k and if it won't then it might stay on $16-$17k price range. Eitherway, holding for now is the best option until there is a clear sign of bullish pattern. Investing would also do so, if you can endure lack of assurance with uprise movement of cryptos' market prices.

[el kaka22]

We should be jubilant about this current situation because at the end of the day we are talking about something that is a lot better than what we expected and that's a great thing. Nobody really focuses on the bright side of things and only love to focus on the FUD, whenever the price drops everyone talks about how terrible that is and they talk about how something needs to be done and how they should run and all kinds of stuff.

But, when there is a big increase like this nobody focuses on the greatness of things and that is horrible and we should be focusing on something much better. I personally would love to see multiple days of something like this.

[bitterguy28]

Despite the BlockFi bankruptcy news and an acute bearish trend, Bitcoin has remained resilient to bearish pressure. Some indicators and crypto prediction experts like coinpedia still point to a possible bearish trend reversal. The BTC price nearly jumped between $16,800 to $15,800 this week.

Bitcoin is having trouble coping with the bearish influences.

The asset could soon experience a major bearish reversal or upswing, until the price rises above $17,000 to reach the critical level of $17,500.

BTC is currently trading just above $16,500, which is the critical resistance. It is trying hard to validate the current upswing. Therefore, a slight pullback close to the previous resistance could be prominent before the price moves up.

couple of hours after you posted this  bitcoin sustain to break 17k but drops back to 16,800  for another hours and now staying and climbing above 17k.

17,190$ is the price now so maybe you are correct that it will be increasing in the coming months or at least maybe 18k before December ends?

[OgNasty]

The bubble up is real. Everything pumped today as it’s starting to look like the Fed is going to pivot on their interest rate increases sooner than later. A great sign for Bitcoin. More evidence that the ultimate bottom for the year may already be in and we could even get a little Christmas rally here. With people starting to eye the end of this economic contraction and the halving, we could be leaving the worst of it.

[Fundamentals Of]

$17,000 is already conquered. But this doesn't probably signal anything bullish. I'm afraid the overall market situation right now is still bearish. The news about FTX has not simmered down completely. The domino effect is still very much active. You mentioned Blockfi's bankruptcy filing. This is still all part of the fall of FTX. So this $17,000 rise is probably short term. It could go back to $16,000 anytime from now. Once the dust of failed companies settles down, that's probably the time for the price to stabilize a bit and prepare for the bull run.

[tabas]

A great sign for Bitcoin. More evidence that the ultimate bottom for the year may already be in and we could even get a little Christmas rally here. With people starting to eye the end of this economic contraction and the halving, we could be leaving the worst of it.

And what's more interesting, we're nearer to the halving and this year is about to end. It's true that we may have already done with the bear market, and we already hit the bottom for bitcoin. The world situation is starting to get better than the previous years because they're the worst and that would impact directly to bitcoin even if we say that it's highly not correlated.

17,190$ is the price now so maybe you are correct that it will be increasing in the coming months or at least maybe 18k before December ends?

$18k at the end of December is possible, more news to come on this month that may affect the price.

[Pam beasely]

The Wall Observer thread is one place you can discuss intermittent price movements in the Bitcoin market.

Okay. thank you for this information.

[Poker Player]

If there is something I did not miss about a rising market, it has to be the threads which are opened anytime there is a movement on the charts.

The Wall Observer thread is one place you can discuss intermittent price movements in the Bitcoin market.

But it is not mandatory. The OP can open a thread if he wants, it's not against the rules, and besides there are many people who don't post in the WO because the signature is not visible.

I don't mind speculative threads about price. After all this is the speculation section. It is normal to talk about price rises and falls here.

Regarding what you say OP, I think we will have kind of sideways for a while. Until I see the price go above 30,000 I will not believe we are over the bear market.

[Pam beasely]

What happened with FTX, Blockfi and others are a kind of negative news and that is something that can't be learned by looking at the charts or the graph only. News are a part of fundamental analysis already and we need it as well to predict properly other than the technical analysis.

It's clear that btc is affected because the last price of btc was at $19k if I am not mistaken but after the FTX crash, btc then plunges to $15k but it is now recovering and getting stable at $16k. We are right now above $17k and I am sure that it will be reaching $18k in the next day or two. This is nice but I don't think we will stay on this level for months. I expect something better on the month of December.

Yes, I am expecting the BTC price to be maximum of $18,954.37.

[DanWalker]

A great sign for Bitcoin. More evidence that the ultimate bottom for the year may already be in and we could even get a little Christmas rally here. With people starting to eye the end of this economic contraction and the halving, we could be leaving the worst of it.

And what's more interesting, we're nearer to the halving and this year is about to end. It's true that we may have already done with the bear market, and we already hit the bottom for bitcoin. The world situation is starting to get better than the previous years because they're the worst and that would impact directly to bitcoin even if we say that it's highly not correlated.

17,190$ is the price now so maybe you are correct that it will be increasing in the coming months or at least maybe 18k before December ends?

$18k at the end of December is possible, more news to come on this month that may affect the price.

We still have over 500 days left until the halving, so it's not a short time. As I understand it, the positive market reaction is a result of the news from the Fed that they will begin to slow down the pace of raising interest rates but interest rates are still high and they say they can extend rate hike until 2024, so I don't think bear season is really over. We shouldn't get too excited as bitcoin is only up slightly and hasn't been able to break through $18k and $20k is an important level for the end of the year.

[hugeblack]

This is because the price took these variables into account when FTX’s bankruptcy application was submitted. The market evaluated all these risks at once in the last price market, and almost everyone knew about Blockfi’s bankruptcy, and there was nothing left but the official announcement that did not surprise many.

Also, the change from 16.1k to 17.1k does not represent a real change in the direction of the market, and 17.1K point are not strong resistance.

[Maestro75]

This is because the price took these variables into account when FTX’s bankruptcy application was submitted. The market evaluated all these risks at once in the last price market, and almost everyone knew about Blockfi’s bankruptcy, and there was nothing left but the official announcement that did not surprise many.

You are right about the Blockfi's bankruptcy not be a surprise as it did not take the market down but am sure there could be other businesses and exchanges that are affected by what happened at FTX which are not speaking out yet. Are you sure when they do go public it will not also affect the market?

From your prediction, we are going to see bitcoin fall further to below the $17.1k level. What level do you think it will fall to?

[btc78]

The bubble up is real. Everything pumped today as it’s starting to look like the Fed is going to pivot on their interest rate increases sooner than later. A great sign for Bitcoin. More evidence that the ultimate bottom for the year may already be in and we could even get a little Christmas rally here. With people starting to eye the end of this economic contraction and the halving, we could be leaving the worst of it.

if this going to happen then I must celebrate early  

the 17k value brings good start for December , will this going to happen continuously in 2023 or will stops this December end?

Yes, I am expecting the BTC price to be maximum of $18,954.37.

lol , why not 19k instead of leaving that 46 dollars behind  

[buwaytress]

Hate to be a downer but I'd wait till the weekend to see if it can hold this level for an entire week first. Nice surprise, of course, as I thought we were headed down farther but this is the resistance line currently and it's got to close more convincingly.

Now the Fed better play nicely heh.

[tabas]

A great sign for Bitcoin. More evidence that the ultimate bottom for the year may already be in and we could even get a little Christmas rally here. With people starting to eye the end of this economic contraction and the halving, we could be leaving the worst of it.

And what's more interesting, we're nearer to the halving and this year is about to end. It's true that we may have already done with the bear market, and we already hit the bottom for bitcoin. The world situation is starting to get better than the previous years because they're the worst and that would impact directly to bitcoin even if we say that it's highly not correlated.

We still have over 500 days left until the halving, so it's not a short time. As I understand it, the positive market reaction is a result of the news from the Fed that they will begin to slow down the pace of raising interest rates but interest rates are still high and they say they can extend rate hike until 2024, so I don't think bear season is really over. We shouldn't get too excited as bitcoin is only up slightly and hasn't been able to break through $18k and $20k is an important level for the end of the year.

Yes, there's likely a connection about the FED and changing the interest rates. But we have to wait for the official announcement which might come within the next few days or even a week or two or more. It's okay to get excited as we're always dealing with the reality, it just seems that we've already dealt the worst of this season and the market is becoming better. Any price that bitcoin goes up is giving us that boost no matter how huge or small it is.

[Lucius]

Hate to be a downer but I'd wait till the weekend to see if it can hold this level for an entire week first. Nice surprise, of course, as I thought we were headed down farther but this is the resistance line currently and it's got to close more convincingly.

Apart from the fact that the OP is trying to promote his website in a bad way or is a paid shill, topics like this are almost completely meaningless because they do not provide any important information, but offer us the cheapest speculations. Now that the price has exceeded $17k, should we expect a new thread in which the key figure will be 18?