After Bitcoin (BTC) strike a yearly high of $19,501 on Jan. 13, where is it headed next?

Bitcoin is presently witnessing an uptick in bullish momentum after the favorably viewed Consumer Price Index (CPI) report was followed by a strong rally across the crypto market.

The recent rally in Bitcoin is developing increased volume levels and higher social engagement on whether the price is in a breakout of fakeout mode.

Is the Bitcoin bearish market over?While the marketplace is still technically in a bear market compared to last week, financier belief is improving. According to the Fear and Greed Index, a crypto-specific metric that measures sentiment utilizing five weighted sources, investors’sensations about the market struck a month-to-month high. Bitcoin Fear and Greed index. Source: alternative.me Bitcoin price is now approaching the psychologically important$20,000 level and many experts and traders are issuing their thoughts on where BTC rate might head next. Let’s check out a few of these point of views. Bitcoin trading volumes stay a concern Bitcoin rate has yet to recover from its pre-FTX levels, but reached

above $19,501 on Jan. 13 for the first time considering that

Nov. 8, 2022. In spite of the strength of the recent

rally, some experts think BTC rate requires to reach$21,000 before the present bullish trend can be sustained.According to Glassnode analysis, “A restored bullish trend that started on January 1st drove bitcoin to the$18.6-$18.9 k level, yet a cross over to $19k is essential to claim a new trading channel around $19-$21k.

Resistance is anticipated around these

levels as bitcoin faces a mid-term down trend. If the price stops working to break over the trend line, we anticipate a retrace towards the$ 16-$17k area. ” BTC rate compared to volume. Source: Glassnode The absence of trading volume around$18,000 reveals the weak point in the present on-chain and centralized exchange(CEX)activity. The largest volumes and general activity appear to surround the$16,000 level, recommending that is a more

solid floor than the current cost variety. With less volume surrounding levels greater than$20,000, Bitcoin’s rally could be topped at$20,000. Is it just a bearishness rally?Bitcoin is still dealing with headwinds consisting of huge exchange layoffs in a tightening up macro economy, Gemini and Genesis legal concerns and the potential facility of an US House crypto-focused subcommittee. In addition, Bitcoin’s relative strength index(RSI)is presently revealing BTC as overbought. According to RSI analysis, a sharp sag might form as the rate corrects. Bitcoin RSI. Source: TradingView The macro markets are

likewise at significant resistance levels. The

United States Dollar index (DXY)is at essential assistance which means risk assets like Bitcoin may start to see a sell-off if the index recovers. Bitcoin stays correlated to equities and the SPX mini futures index is likewise showing signs of a pullback. TraderSZ explains listed below:$BTC-big resistance here … dxy at essential support … ES looking like it might pullback abit, eth at macro mid range … been up just all week so might get some profit taking/pullback … arrow would be my trigger IF it follows strategy pic.twitter.com/6JziAmBywH!.?.!— TraderSZ(@trader1sz)January12

, 2023 With Bitcoin financiers taking profits as suggested by TraderSZ, it might be difficult for BTC to reach greaterBitcoin price rally to $19.5K prompts analysts to explore where BTC price might go next

levels.Historical analysis indicate a brand-new Bitcoin bottom Bitcoin is presently below its 200-week moving typical and according to independent market expert Rekt Capital, Bitcoin price might have already hit its macro bottom according to historic data. Historically the “Death Cross”level reveals a$23,500 bottom.Several months later on and #BTC has actually dropped into the Macro Bottoming Area as determined by historic$ BTC Death Cross cost propensities According

to these principles, the basic