BTC/USDT 1-Hour Analysis Chart (Source: TradingView)
Looking at the hourly chart of the first-ever cryptocurrency to become used in real life, Bitcoin has been fluctuating between $16,622 and $17,248 within the past 7 days, according to CoinMarketCap. Since Bitcoin has been trading above the 200-moving average, it is generally thought that the cryptocurrency is now moving in bullish momentum.
While BTC is currently inside an overbought region and has an RSI value of 72.39, we can anticipate a retracement of its recent gains in the near future. If BTC is unable to overcome the weak high it has reached right now, it is likely to revert to its previous order block, which is currently located between $16,957.78 and $16918.63. Another bearish scenario is between $16,771.05 and $16,708.11, which would occur if the bears applied more pressure and forced Bitcoin to move downward.
If Bitcoin bulls and buyers can pull up the price and the current bullish trend keeps on continuing, we can expect Bitcoin to reach $17,760.
Bitcoin is currently valued at $17,200 on CoinMarketCap, with a positive 1.45% 24-hour change in price. The trading volume of Bitcoin currently stands at $13,620,812,969, an increase of 79.18% over the previous day.
A futures trader named Satoshi Flipper noted in a tweet that if the CPI report is less than 7%, which indicates that inflation is declining more quickly than expected, the market may gain momentum and hit multi-month highs above $19,000.
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