<p class=“MsoNormal“>Bitcoin has
added 1.4% in the last 24 hours, reaching the 16.7K level. It is a new attempt
to test the 50-day moving average on a general lull and an effort by the bulls
to paint a more optimistic technical picture with less strength while liquidity
remains depressed.</p><p class=“MsoNormal“>Bitcoin Technical
Analysis</p><p class=“MsoNormal“>This tactic
is already successful, as the total capitalisation exceeds 800 billion (+1.6%
in 24 hours).</p><p class=“MsoNormal“>The current
dynamic looks like an attempt to draw a line under a bearish 2022. We also note
that the December lows were higher than the November lows. But to argue for a
reversal, it is more prudent to wait for a renewal of the local highs rather
than relying only on the waning declines.</p><p class=“MsoNormal“>Closing the
day above the 50-day average (around 16750) might give new momentum to the
upside, and consolidation above 17K might be notable news in the quiet
information flow and serve as a decoy for the bulls.</p><p class=“MsoNormal“>At the same
time, we recall that since July 2022, overcoming the 50-day average served as a
trigger for selling on impressive volumes, and bitcoin soon renewed lows.</p><p class=“MsoNormal“>This article was written <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“ rel=“follow“>by FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>

This article was written by FxPro FXPro at www.forexlive.com.