Bitcoin on January 9, 2023: What to expect from this crucial week?

Bars or bull trapBitcoin (BTC) price. it continues to rise above $17,000, having bounced back above that level over the weekend. Is a bullish continuation possible this week?

Volatility in Bitcoin price meeting

After retrieving $17,000 a day ago, Bitcoin price rises to $17,399 on Bitfinex today, January 9, 2023. Cryptocurrency trading at $17,216 at the time of writing this article. Its price is currently registering a mini daily gain of 0.45%.

Bitcoin price neared a three-week high at the start of an important week. The merchant Michaël van de Poppe has more recalled they” the main events » of this week, and that should bring instability on the stairs.

Regarding these major events, on January 10 the chairman of the US Federal Reserve, Jerome Powell, will speak, on January 12 the Consumer Price Index (CPI) will be published in the United States, while data on consumer sentiment Americans will be released the next day.

In light of this rally from $17,000 and today’s rally above that level, are markets pricing in words from Jerome Powell or inflation numbers that would confirm another point the size of the next increase in the Fed funds rate?

Data from the CME FedWatch Tool shows the likelihood of a 25 basis point hike at the next FOMC meeting on May 1er February, currently stands at 79.2%versus 20.8% for an increase of 50 basis points.

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A cloud to pass for a start of bullish confirmation?

Bitcoin price closed the first week of 2023 in the green and is back above $17,000. So is it on the way to a sustained upward recovery? for commercial il Capo Of Crypto, “has still not a single bullish confirmation “.

Bitcoin would test supporters who have left the country and are acting as resistance. Markets have seen this pattern many times before this crypto winter.

The Bitcoin price chart on a daily basis also shows that the price of the cryptocurrency is still currently in the kitchenwhich has been acting as resistance for weeks.

BTC USD in daily units

What then would be the key levels to monitor, the passage of which could be interpreted as a significant move? CryptoQuant analyst and contributor, who uses Venturefounder’s Twitter account, pointed to the fact that Bitcoin is stuck in the trading zone. $16,000 – $18,500 for two months.

The price of Bitcoin has remained in the $16,000-$18,500 zone for two months
Publication by Venturefounder – Source: I tweet

He believes that a “break in either direction can lead to volatility 20%. and that such a move could happen “soon”. According to the analyst, if $16,000 were to go away, then the price of Bitcoin could fall to $13,000, while if the cryptocurrency manages to turn this $18,500 into support, its price could reach $22,500.

Currently there is no sign to pronounce in favor of a stable return for bitcoin price. The market’s reaction to Jerome Powell’s intervention and the release of CPI data will likely provide a better assessment of the strength of the bulls.

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