Bitcoin On The Way to $20k? Breaks $18,000 Resistance

Man joyous behind Bitcoin's rise Ⓒ 2023 – Crypto Coin Opps
Man joyous behind Bitcoin's rise Ⓒ 2023 – Crypto Coin Opps
Man joyous behind Bitcoin’s rise Ⓒ 2023 – Crypto Coin Opps

Bitcoin continues to pick up wins in 2023.

As talked previously, BTC started off the day above $17,000 for four days in a row. Throughout the day, bitcoin went from being worth $17,200 to $18,219 at this time of writing.

According to CoinMarketCap, bitcoin gained nearly 5% in value in this day alone.

The performance of the largest cryptocurrency by market capitalization has been nothing but outstanding since the turn of the year. Since the end of December, BTC grew by over 10%, in what is proving to be one of the best-performing high trends in months.

BTC Touching the $18,000 Resistance

The market-leading crypto is about to test one of the most important price-action zones in its history.

The first time bitcoin went through that zone was on December 15 of 2017. On that date, the crypto reached $17,760 for the very first time. However, after testing that resistance the token would go back to the $10,00 margin a couple of months prior.

The second time was on November 18 of 2020. This time, bitcoin tested the resistance reaching $17,803. One month later, the asset was worth $39,000.

The zone also served as a support for most of 2022. Throughout the year, the $18,000 margin proved to be the price where bitcoin would touch and bounce back to around $20,000. However, after FTX’s collapse sent the cryptocurrency world into shambles, the resistance line finally gave and BTC reached its lowest price in years.

Since then, that zone has been tested on December 14, and today, for the second time.

What makes this time special is that the asset is testing the waters at the same time a major news report is about to go public. On January 12, the U.S. Government will release the most recent Consumer Price Index.

In the case of a favorable report, Bitcoin will most likely surpass the $18,000 zone with ease.

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