After ending 2022 in a sideways trading pattern, the price of Bitcoin (BTC) has kicked off the new year with short-term gains, although the value still languishes below key support levels. Bitcoin is also attempting to build momentum towards new levels while seeking inspiration from elements such as macroeconomic news.
Indeed, by press time on January 6, Bitcoin was valued at $16,758, with gains of about 6.6% over the last week. The weekly chart shows that Bitcoin’s 2023 peak stood at $16,721 on January 4.
Despite the gains, Bitcoin investors are looking for a possible bottom to usher in a new rally for the maiden cryptocurrency. Currently, the $17,000 level remains a key resistance position for BTC.
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