Image courtesy of: Mohamed Hassan

Greetings dear members of #ProjectHope, in this opportunities we will be addressing the behavior of Bitcoin in the face of speculations related to the price movement, which in my understanding is something more of manipulation of large investors that move the price of crypto assets.

At this point for no one it is a secret that the Bitcoin price range is well defined in the exchanges, but there is still room for new breaks and current projections are in function of mimicking the behavior of gold according to analysts who follow has both assets.

So if we analyze the charts, we realize that Bitcoin rose to new multi-month highs on January 20 when analysts predicted a new trading range above $18 000 and according to Cointelegraph Markets Pro and TradingView data show evidence of BTC/USD with supports at $21 000.

However, beyond these price speculations, doubts about the fundamental strength of the current rally continue and warning signs remain latent, although we can observe how Bitcoin continues to avoid major corrections, with analysis of exchange order books showing $23,000 as the next major resistance area to break.

According to expert analyst opinion, BTC is illiquid below $18,000 and above $23,000 as there is currently a lack of sentiment around these levels, likewise some analysts state that this move has not yet confirmed a solid breakout so bullish investors should move with caution.

Consequently, the soundest mechanic is to wait for BTC to break hard through the $21,400 resistance and test the support and at that point evaluate the stock in terms of the bullish scenario to come. Although the scenario is still uncertain, we will continue to evaluate the behavior of the main asset in the world of cryptocurrencies, referring to Bitcoin.

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