The post Has Bitcoin (BTC) Price Already Reached 2023 Highs? appeared on BitcoinEthereumNews.com.

The bulls appear to have lost the plot as the Bitcoin price slides down to nearly $40,000. Besides, the rally is expected to face significant volatility as the market waits for the pivotal decision on the US CPI and FED chair Jerome Powel’s last speech of 2023. Amid this, the bulls seem to have exhausted themselves to a large extent, as the price is failing to recover after a significant pullback. Therefore, it raises concerns about whether the BTC price has reached its highs for the year or not. The bitcoin price dropped by over 7% to mark the interim lows of around $40,200. This move caused nearly $200 million worth of positions—$197 million in longs and $8.23 million in shorts—to be liquidated. This drop also whipped out $1.2 billion in open interest, which currently sits at $17.50 billion. Hence, the question now arises whether Bitcoin will resume its upswing or face the impact of the bearishness that appears to be prevailing at the moment. What’s next? Will the BTC price drop back below $40,000?  One of the popular analysts, Michael van de Poppe, presents the next course of action for the token. According to him, the BTC price is primed to mark the lows around $39,500 before rebounding to $42,000. With the slight drop in momentum, the analyst believes the price could eventually drop below $40,000 anytime from now on. However, a rebound may also follow if the bulls hold the price above the support range between $36,500 and $38,000. After this correction, the price may bounce back to $39,500 to $40,000 and back beyond the interim resistance at $42,000.  Therefore, all eyes are now on the upcoming US CPI rates, which are expected to create ripples across the markets. The bearish sentiments have become high as markets correct…

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Filed under: News - @ December 12, 2023 8:26 am