Bitcoin Has Bounced Back Ten Times, Will It Recover Again?

The Crypto industry and markets have been there many times before, and BTC suffered two major crashes in 2022.

Bitcoin Has Bounced Back Ten Times, Will It Recover Again?

There have been four major bull/bear cycles in Bitcoin's short 12-year history each time. the asset and industry get written off and declared dead by the doomsayers and mainstream media.

Bitcoin has died 467 times the first reported BTC death was in December 2010 and the most recent was on Nov 30, 2022, the most deaths were in 2017 when mainstream media the asst off at least 124 times.

The first collapse of BTC prices was in 2011 when the asset tanked by 99% the fallen of the MT. Gox hack and meltdown sent prices tumbling from $32 to $0.01 on the embattled exchange.

Bitcoin was down 80% in 24 hours after the Chinese government issued a ban on financial institutions using the asset as a form of payment.

The DAO hack in mid-2015 battered both Ethereum and Bitcoin prices at the time. Ethereum was hard forked the existing chain became Ethereum Classic (ETC) and the new blockchain became the Ethereum (ETH) as we know it today there was also a Bitfinex in 2016 resulting in BTC prices crashing.

Bitcoin is attempting an upside break above the $17000 and $17,200 levels.

The price is trading above $16,800 and the 100 hourly simple moving average. 

There was a break above a key bearish trend line with resistance near $16,820 on the hourly graph of the BTC/USD pair.

The pair could attempt a fresh increase if there is a clear move above the $17,200 resistance zone.

Bitcoin price managed to stay above the $16,550 zone a base was formed and the price started a fresh increase above the $16,700 resistance zone BTC even climbed above the $16,800 resistance and the 100 hourly simple moving average.

There was a clear move above the 50% FIB retracement level of the downward move from the $17,067 swing high to the $16,565 low there was a break above a key bearish trend line with resistance near $16820 on the hourly graph of the BTC/USD pair.

Bitcoin price is currently trading above the $16,800 and the 100 hourly simple moving average it is also trading above the 61.8% retracement level of the downward move from the $17,067 swing high to the $16,565 low.

The $17,000 zone's first major resistance is near the $17,200 zone the $17,200 resistance may start a recovery level.

The next major resistance is near $17,500 above which the price climb toward the $18,000 resistance zone.

If Bitcoin fall to $17,200 there could be a fresh downward move the downside is near the $16,800 level and the 100 hourly SMA.

The next major support is near the $16,680 level the $16,680 support may call for a move toward the $16,550 level.

The live Bitcoin price today is $16,887.08 with a 24-hour trading volume of $12,473,405,484. Bitcoin is up 0.33% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $324,964,917,693. It has a circulating supply of 19,243,406 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin Price Statistics the BTC price change in 24h is +$35.81 of 0.21%, BTC's 24-hour low is $16,755.25 and its 24-hour high is $16,908.86 with 40.02% Market Dominance.

BTC 7 day low is $16,054.53 and 7 day high is $17,012.98 with 12381.46% Bitcoin ROI.

Bitcoin is currently Trending in CoinMarketCap. The global crypto market cap is $811.27B, a 0.10% increase over the last day.

The total crypto market volume over the last 24 hours is $22.42B, which makes a 37.47% increase. The total volume in DeFi is currently $1.61B, 7.18% of the total crypto market 24-hour volume. The volume of all Stablecoins is now $20.44B, which is 91.17% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 40.01%, an increase of 0.04% over the day.

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