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Bitcoin price is appearing towards the end of the correction phase as the bulls are managing to hold above the elevated support levels. While, the token is yet to overcome the loss incurred during the FTX fiasco, a couple of positive movements within the financial world have impacted the BTC price to some extent. Furthermore, the year 2022 is nearing completion, indicating a step closer to the Bitcoin halving event.
The very recent Bitcoin rise was fueled by the latest CPI rates which went lower than expected. Additionally, the Bitcoin fear and greed index rose to the pre-FTX level of 30. Moreover, one of the leading analytical platforms, Cryptoquant suggests, Bitcoin is entering a pre-halving accumulation phase after accomplishing a year-long bear market.
The BTC price formed a double top pattern cycle in 2021, and after experiencing massive sell-offs by whales & miners, BTC price has now reached the multi-year support and the confluence.
Moreover, the experts still believe the selling pressure could have been exhausted and hence only a significant amount of unprotected short positions.
Alongside this, the FOMC meeting is underway, where a slight increase of 50bps is expected. Moreover, the FED chair Jeremy Powell’s speech is also expected to be dovish which appears to be in favorable conditions for the bulls.
Hence a paradigm shift may drop into Strom for the short squeeze that may push the BTC price toward the upper resistance around $19,200 levels, very soon.