• Bitcoin closed the day close to where it began on Tuesday, hovering around $22,870.
• Investors are curious as to where Bitcoin might head from here, in part affected by the anticipated GDP figures set to be released on Thursday.
• Bitcoin has been on an upward trend since November 21st, breaking out from a long-term declining resistance line on January 13th and pushing the Relative Strength Index (RSI) movement above 70.
It has been an exciting few weeks for the cryptocurrency market, with Bitcoin (BTC) leading the charge and pushing the price to new all-time highs. After closing the day close to where it began on Tuesday, Bitcoin was trading at $22,870 at the time of writing. This hasn’t affected the excitement around the token as investors are more curious than ever as to where Bitcoin might head from here, in part affected by the anticipated Gross Domestic Product (GDP) figures set to be released on Thursday.
The recent surge in Bitcoin’s price has been fueled by a combination of factors, including increased institutional adoption and growing interest from retail investors. Additionally, the demand for Bitcoin has been further bolstered by its finite supply and the upcoming halving event. All of these factors have combined to push Bitcoin’s price up significantly since its November 21st low of $15,476.
On December 30th, the price accelerated its rate of increase and broke out from a long-term declining resistance line in place for nearly six months. This was a strong sign that the correction had ended and the bullish trend was back in full force. Additionally, the fact that the breakout was combined with a Relative Strength Index (RSI) movement above 70 indicated that the uptrend was likely to continue.
As investors eagerly await the release of the GDP figures for Q4 2022, many are speculating that the numbers will further strengthen Bitcoin’s bullish momentum. If the figures reflect a strong economic recovery, it could lead to investors seeking safe-haven assets such as Bitcoin, which could push the price up further.
With the future of Bitcoin still uncertain, one thing is certain – the anticipation around the cryptocurrency is at an all-time high. As investors and traders look to the GDP figures and other economic indicators, the coming days could be crucial for the future of the world’s largest cryptocurrency.
Only time will tell where Bitcoin will go next, though one thing is certain – it’s an exciting time to be in the cryptocurrency market.