The BTC to USD trading rate increased to 4,100 USD at Coinbase, returning back to the level from which it declined in early December. The trading pair reached its daily high at 4,197 USD on BitFinex during 9-10 a.m. UTC. Ultimately, the bounce back serves as a promise of restoring the bullish optimism in the cryptomarket, which has just seen a drop to a yearly low at around 3,100 USD. From that point, the value has increased by whopping 29 percent, whereas the market cap of the world’s most popular digital asset grew to its peak for the last 14 days at around 70 billion dollars.
There is not any significant proof supporting the current positive movement. Still, the higher it goes, the more chances it has to proclaim 3,127 USD level as the new bottom for the currency. Curiously the growth is attributed to a key macroeconomic event that took place in the United States. Yesterday, the Federal Reserve has lived up to the expectations by increasing the interest rate, making the entire crashing stock market of the United States shiver. BTC was not influenced by this price action, managing to sustain its bullish rally.
From technical standpoint, BTC/USD trading rate is doing what it naturally was supposed to, exercising the recovery from its oversold conditions subsequent to staying in it for quite a long period. As previously forecast by the analysts, an inverse H&S is forming with a chance of many long positions exiting. However, the ones with more bullish BTC prognoses target 4,414 USD, which is the resistance level back from Nov 29.