Top Reasons Why Bitcoin Price may Reach the Highs Close to $23,000 Before Finding New Lows
After registering the second largest selling candle of 2022, the Bitcoin price is presently recovering since the early trading hours. A notable buying volume has been accumulated and hence the price is expected to maintain a significant upswing ahead. While the bears are expected to jump at any time but a major hindrance could be around $22,500 or above but below $23,000.
Will Bitcoin drop after reaching these levels or withstand the acute bearish pressure and rebound finely?
While the markets have slightly turned bullish, most of the crypto assets other than Bitcoin have also picked up notably. However, the markets may not remain elevated for a longer time as a drastic drop may be fast approaching. Let’s Check it out
Therefore, the very first confirmation for the upcoming short-term bullish scenario would be a clean breakout of the $19,200 and the second confirmation may be testing & clearing $19,600. Further, a short squeeze may be likely that may uplift the price to $22,500 to $23,000.
However, in case, the Bitcoin(BTC) price drops below $18,500, the entire short-term bullish scenario may be invalidated for a while until the price regains the confirmation levels.Source