Bitcoin price rises to $18,200

Recently, the flagship cryptocurrency has been delighting its investors and continues to grow. After BTC was at $16,800 for a long time, the cryptocurrency asset has finally started its upward movement.

The rise began on January 6 when BTC rose from $16,740 to $17,000 in 6 hours. The next breakthrough was shown by the main cryptocurrency on January 9th. Then, from $17,000 in almost a day, BTC rose by another $380. In the next 2 days, Bitcoin held on to the level and sometimes reached the $14,470 mark. Over the past few hours, the flagship digital asset has exploded and added almost $800 to its price.

At the time of writing, Bitcoin is valued at $18,225, up 8.3% from a week ago.

Earlier, we talked about the fact that BTC could get in the way of resistance levels at $17,570, $17,900 and $18,200, respectively. Although the four-hour candle on the chart has not yet closed above $18,200, we can assume that the level has been broken. In this case, the "fuel" may be enough to reach the next mark of $19,000.

Nevertheless, the price needs to gain a foothold at this level. If the bulls fail to outperform the bears in the market in the coming hours, then the crypto asset could go down again for a while.

It is at $19,000 that there is the next major hurdle that the flagship digital asset may not be able to overcome. At the moment, the asset is consolidating profits, after which, after a short time, we can see new local local records.

BTC was last valued at $18,200 on December 14, a month ago. Then the price of BTC could not overcome a strong resistance level, after which it went to $16,400. It is for this reason that the current moment can be called quite important. The second time, Bitcoin has a much better chance of breaking through the $18,200 level.

The past BTC rush could be explained by the speech of Jerome Powell, the head of the US Federal Reserve, which did not give anything interesting to those who expected shocking news. This time, the price increase can be associated with traders' expectation of the upcoming news.

US consumer price data (CPI) should be released today. It is expected to be 6.5%. If expectations come true or are higher than predicted, then this means the strength of the dollar, which means that the cost of bitcoin may decrease. Otherwise, we may see a new BTC rally.

If earlier the calendar of economic news did not affect the cryptocurrency market in any way, then today the situation has completely changed. Since many professionals from the world of forex and other investors who follow economic news have come to the world of crypto trading, BTC tends to resonate with events taking place in the field of the economy.