Since mid-December, bitcoin had failed to finish a trading day (on a UTC basis) outside of the $16K-$17K range. Now analysts wonder if a market bottom has formed after a horrendous 2022. liqquidity reports.
) decisively pushed past $17,000 on Sunday, breaking out of its recent price range to hit a three-week high.on Friday after data suggesting that U.S. services businesses were slowing – seen by traders in both digital-asset and traditional markets as a sign that the Federal Reserve might soon be able to ease up on its push to tighten financial conditions. But it took a couple more days for bitcoin to cement the move past a threshold that had effectively capped any rallies since mid-December.
According to FundStrat's Sean Farrell, blockchain data suggests there are plenty of ready buyers with"appetite to buy BTC at the very specific level of $16,00-$17,200."
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