After experiencing a drop similar to a monsoon earlier this week, the price of Bitcoin is now seeing a great comeback.
Investors wonder whether a secure market bottom is in as the price rise. In order to predict BTC’s future movement, key levels have already been determined.
Since breaking a new low on November 9, the peer-to-peer digital currency, Bitcoin, has railed impressively, rising by 14%.
BTC still has to do more to convince investors to place bids on shorter time scales. The prospect of more gains should not be completely ruled out, though.
At the time of writing, the price of Bitcoin is $17,390. The market was taken by surprise by the unexpectedly low Consumer Price Index from the Federal Reserve, as most investors had anticipated a higher figure.
The tapering CPI has been an upbeat move in recent times, but the Fed argues that the rate is still too high to stop increasing inflation.
Bitcoin’s next target is $19,899, which would put it back in the $20,000 region.
On the swing low at $15,888, staying untagged, the strength of the uptrend will be determined. There might be a further decline of $14,900 if the bears break through the barrier.