Bitcoin Price Prediction as BTC Spikes Into Green – Time to Buy?

The current price of Bitcoin, the largest and most popular digital token in the world, has slightly recovered above $17,000, halting its previous long decline. Bitcoin had lost value over the past seven days due to the FTX bankruptcy, which has impacted the cryptocurrency market. BTC dropped to $15,872.94 before rising to a high of $17,200. However, Bitcoin's recent recovery can be attributed to an improvement in crypto market sentiment, which has helped the leading cryptocurrency regain traction. The global cryptocurrency market capitalization has increased by more than 4% to $843 billion, according to Coinmarketcap.

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Bitcoin Price Now

The good news is that Binance is planning to launch a “relief fund” to help cash-strapped crypto companies in driving the price of the leading cryptocurrency higher. Meanwhile, stronger-than-expected US inflation data is seen as another important factor driving Bitcoin prices.

Binance's Reliable Funds

Binance establishes industry recovery fund to support healthy projects experiencing liquidity issues to mitigate the negative effects of FTX.

Changpeng Zhao, CEO of the world's largest "exchange" tweeted in the early hours of Monday, the 14th. The company stated that more information will be provided soon.

Recovering the Crypto Market

Since the beginning of the day, the global crypto market has been sending mixed signals, indicating that it is a slow day for cryptocurrencies. After a very stressful few days due to the FTX bankruptcy, the market has barely recorded any significant inbound or outbound movements and remains cautious. While Ethereum (ETH) is above $1,250 and has gained less than 0.50% in the last 24 hours, Bitcoin (BTC) has been trading almost flat and is still near $17,000. The collapse of Sam Bankman's exchange, Fried's, which is currently making headlines, has reduced investors' appetite for risk.

Rise in US Dollar

As more Federal Reserve members support tighter monetary policy, the broad US dollar maintained its uptrend early in the day and attracted some additional bids against the euro and pound. Fed Vice Chair Lael Brainard reiterated the statement made by Fed Governor Christopher Waller over the weekend that interest rates must continue to rise to combat inflation, albeit at a slower pace. The dollar rose against the pound and held steady against the euro, holding more than 1% above a two-month low. As a result, the strong US dollar is expected to continue to be the main factor limiting BTC’s upside.

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Bitcoin Price Prediction

The current price of one bitcoin is $16,716, with a 24-hour trading volume of $19 billion. Bitcoin has increased by less than 1% in the last day and currently holds a market cap of $351 billion. There are now 19,208,200 BTC coins in circulation, with a maximum of 21,000,000 BTC coins.

Bitcoin has risen above the $16,000 support level to reclaim the $17,000 level. Currently, gold is consolidating in a narrow trading range of $16,000 to $17,000, and a breakout from this will dictate further price action. On the 4-hour timeframe, Bitcoin has completed the 23.6% Fibonacci retracement at $17,150, and is now stable below it. The 50-Day Moving Average is likely to provide resistance at $17,350, and a cross above this level could lead BTC/USD price towards $18,190.

Bitcoin price action is limited by the formation of Doji and spinning star candles. To determine further price action, let's wait for the $16,000 to $17,000 trading range to be broken. You can now update the current bitcoin price through the GIC Journal every day. Make sure to use an ECN account when trading at GIC to get FXBot 99 premium for free! Don't forget to join the GIC Prize Fest and get a total prize of 1 billion without a draw!