Bitcoin Almost Reached $17,500

After Jerome Powell, the head of the US Federal Reserve, came forward and did not produce any of the unexpected results that traders and investors expected, Bitcoin will continue to skyrocket in price. Thus, over the past day, the flagship cryptocurrency has already risen from $16,700 to $17,480.

At the time of writing, BTC is worth $17,480. Very soon, BTC will most likely overcome the $17,500 mark.

The performance took place yesterday at 15:00 UTC +0. In it, Powell declined to comment on the central bank's future interest rate plans. He just spoke in a rather abstract manner about how important the independence of the department is.

According to some cryptocurrency analysts, BTC will soon face new resistance levels. For example, a cryptocurrency expert, known under the pseudonym Vagner Crypto, analyzed the chart and determined that at the moment the current resistance levels on the BTC/USD chart are $17,570, $17,900 and $18,200.

Chart: Vagner Crypto

On the four-hour timeframe, the candlestick has already consolidated above the $17,300 mark, and therefore the level can be considered irrelevant. It is worth noting that the $17,570 and $17,900 levels are not as strong as $18,200. This means that if, in the case of $17,570 and $17,930, Bitcoin does not stop its movement and continues to grow, then the $18,200 barrier may become an insurmountable barrier that will force the price of BTC to go down.

According to other experts, if BTC fails to overcome the above marks and is going to go down, then in this case, the accumulated liquidity will be enough to go to $14,000-$14,500.

The next important speech that could have an impact on the world of cryptocurrencies should be the published statistics on consumer prices in the US (CPI). It will be made public on January 12 at 14:30 UTC +0. In the event that the expected forecast of 6.5% is fulfilled or this mark is not reached, the rise of bitcoin may continue. Otherwise, there will be reasons to fear in favor of the fall of the flagship cryptocurrency.