Traders can rejoice now that the price of Bitcoin ventured above $17,400, but it’s been twenty-seven long days since Bitcoin (BTC) last broke through the $17,250 resistance.
On December 13, after a two-week sideways move, Bitcoin recorded a 6.5% rally towards $18,000 and while the current move still lacks strength, traders believe it is possible to retest the $18,250 resistance.
12-hour Bitcoin Price Index, USD. Source: TradingViewTo start the week, the S&P 500 index rose to its highest level in twenty-six days on January 9. Weak economic data had previously fueled investors’ expectations of slower interest rate hikes by the US Federal Reserve (Fed) and on January 1. 12 Consumer Index Report (CPI) could lend some credence to this expectation.